控股股东股权质押对企业创新效率影响的实证研究——基于税收优惠调节效应的分析

The Influence of Equity Pledge of Controlling Shareholders on Enterprise Innovation Efficiency—Analysis Based on the Adjustment Effect of Tax Incentives

文章以2018“质押新规”颁布为政策冲击点,以2015—2021年我国A股上市公司数据为样本,探究该政策背景下控股股东股权质押对企业创新效率的影响。经研究发现:质押新规发布后,控股股东股权质押对企业创新效率存在抑制作用;与高科技行业相比,控股股东股权质押对企业创新效率的抑制作用在非高科技行业中更显著;在其他条件相同的情况下,税收优惠可在控股股东股权质押与创新效率之间起到对冲作用;进一步研究发现,质押新规会导致企业经营业绩下降,从而出现控股股东股权质押抑制企业创新效率的现象。

Taking the promulgation of the New Regulation on Pledge in 2018 as the policy impact point,based on the data of China's A-share listed companies from 2015 to 2021 as the sample,this paper explores the influence of equity pledge of controlling shareholders on enterprise innovation efficiency under the background of the policy.The results show that:after the release of the new regulation of pledge,the equity pledge of controlling shareholders has a inhibitory effect on the innovation efficiency of enterprises;compared with high-tech industries,the controlling shareholders'equity pledge has a more significant inhibitory effect on innovation efficiency in non-high-tech industries.Under other conditions being equal,tax incentives can play a hedging role between equity pledge of controlling shareholders and innovation efficiency.