|
|
|
| Control Shareholder's Share Pledge and Firms' Innovation Investment |
| LI Changqing, LI Yukun, LI Maoliang
|
| School of Management/ Institute for Financial & Accounting Studies, Xiamen University |
|
|
|
|
Abstract In recent years, the controlling shareholder's share pledge of listed companies has become very popular in China capital market. The government encourages firms' innovation, and it has become the inevitable choice for China's economic restructuring and upgrading. This study investigates the impact of the controlling shareholder's share pledge on firms' innovation investment. We find that: (1) the controlling shareholder's share pledge has negative impact on firms' innovation investment. This negative relationship is much stronger in the firms of low share proportion of controlling shareholder and firms which CEO and board chair is the same people. (2) Furthermore, only when the ratio of share pledge is high or stock price near “liquidation line” can controlling shareholder's share pledge reduce innovation investment.
|
|
Received: 12 April 2017
Published: 01 November 2018
|
|
|
|
|
| [1] |
蔡竞和董艳,2016,《银行业竞争与企业创新——来自中国工业企业的经验证据》,《金融研究》第11期,第96～111页。
|
| [2] |
陈安琳、高兰芬、陈怡凯和陈烷钰,2013,《董监事股权质押与公司治理之研究》,《中山管理评论》第2期,第299～335页。
|
| [3] |
郝项超和梁琪,2009,《最终控制人股权质押损害公司价值吗？》,《会计研究》第7期,第57～63页。
|
| [4] |
解维敏和方红星,2011,《金融发展、融资约束与企业研发投入》,《金融研究》第5期,第171～183页。
|
| [5] |
李旎和郑国坚,2015,《市值管理动机下的控股股东股权质押融资与利益侵占》,《会计研究》第5期,第42～49页。
|
| [6] |
李增泉、孙铮和王志伟,2004,《“掏空”与所有权安排——来自我国上市公司控股股东资金占用的经验证据》,《会计研究》第12期,第3～13页。
|
| [7] |
鲁桐和党印,2014,《公司治理与技术创新:分行业比较》,《经济研究》第6期,第115~128页。
|
| [8] |
潘越、潘健平和戴亦一,2016,《专利侵权诉讼与企业创新》,《金融研究》第8期,第191～206页。
|
| [9] |
唐跃军和左晶晶,2014,《所有权性质、大股东治理与公司创新》,《金融研究》第6期,第177～192页。
|
| [10] |
王斌、蔡安辉和冯洋,2013,《大股东股权质押、控制权转移风险与公司业绩》,《系统工程理论与实践》第7期,第1763～1773页。
|
| [11] |
温军和冯根福,2012,《异质机构、企业性质与自主创新》,《经济研究》第3期,第53～64页。
|
| [12] |
谢德仁、郑登津和崔宸瑜,2016,《控股股东股权质押是潜在的“地雷”吗？——基于股价崩盘风险视角的研究》,《管理世界》第5期,第128～140页。
|
| [13] |
郑国坚、林东杰和林斌,2014,《大股东股权质押、占款与企业价值》,《管理科学》第9期,第72～87页。
|
| [14] |
Acharya, V. V., and Subramanian K. V.,2009, “Bankruptcy Codes and Innovation”,Review of Financial Study, 22 (12): 4949~4988.
|
| [15] |
Aghion, P., Reenen J. V., and Zingales L., 2013, “Innovation and Institutional Ownership”, American Economic Review, 103(1): 277~304.
|
| [16] |
Amore, M. D., Schneider C., and Zaldokas A., 2013, “Credit Supply and Corporate Innovation”, Journal of Financial Economics, 109(3): 835~855.
|
| [17] |
Bushee B., 1998, “The Influence of Institutional Investors on Myopic R&D Investment Behavior,” The Accounting Review, 73: 305~333.
|
| [18] |
Fang, L. H., Lerner J., and Wu C., 2017, “Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China”, Review of Financial Study, 30(7): 2446~2477.
|
| [19] |
Gomes A., “Going Public without Governance: Managerial Reputation Effects,” Journal of Finance, 55: 615~646.
|
| [20] |
Kao, L. and Chen A., 2007, “Directors' Share Collateralization, Earnings Management and Firm Performance,” Taiwan Accounting Review, 6: 153~172.
|
| [21] |
Lee, T. S. and Yeh Y. H., 2004, “Corporate Governance and Financial Distress: Evidence from Taiwan,” Corporate Governance: An International Review, 12: 378~388.
|
| [22] |
La Porta, R., Lopez-de-Silanes F., and Shleifer A., 1999, “Corporate Ownership around The World,” Journal of Finance, 54(2): 471~517.
|
| [23] |
La Porta, R., Lopez-de-Silanes F., Shleifer A., and Vishny R., 2000, “Investor Protection and Corporate Governance,” Journal of Financial Economics, 58: 3~27.
|
| [24] |
Porter, M., 1992, “Capital Disadvantage: America's Falling Capital Investment System”, Harvard Business Review, 70(5): 65~82.
|
| [25] |
Solow, RM, 1957, “Technical Change and the Aggregate Production Function”, The Review of Economics and Statistics, 39(3): 312~320.
|
|
|
|
