Controlling Shareholder Equity Pledge, Financing Constraint and Enterprise Innovation
黄华继 HUANG Hua-ji；王杰 WANG Jie
（安徽财经大学金融学院，蚌埠 233030）
（School of Finance，Anhui University of Finance and Economics，Bengbu 233030，China）
摘要：基于2012-2020年我国A股非金融上市企业样本，考察了控股股东股权质押、融资约束与企业创新三者之间的关系。研究表明，控股股东股权质押阻碍了企业创新，融资约束在其中具有部分中介作用。融资约束会抑制企业创新，并且对非国有企业创新的抑制作用更大。
Abstract: Based on the sample of my country's A-share non-financial listed companies from 2012 to 2020, this paper examines the relationship between the controlling shareholder's equity pledge, financing constraints and corporate innovation. Research shows that equity pledge by controlling shareholders hinders corporate innovation, and financing constraints play a partial intermediary role. Financing constraints will inhibit enterprise innovation, and the inhibition of non-state-owned enterprises' innovation will be greater.
关键词：控股股东；股权质押；企业创新；融资约束
Key words: controlling shareholder；equity pledge；corporate innovation；financing constraints
中图分类号：F832.5 文献标识码：A 文章编号：1006-4311（2022）23-041-03
DOI:10.3969/j.issn.1006-4311.2022.23.014.
文章出处：黄华继,王杰. 控股股东股权质押、融资约束与企业创新[J]. 价值工程,2022,41(23):41-43.
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