股权质押、内部控制与企业创新

Stock Pledge,Internal Control and Enterprise Innovation

本文以2011-2018年A股上市公司为样本,研究了股权质押对企业创新的影响,并进一步探讨了产权性质的调节作用和企业内部控制的中介作用。研究结论表明:(1)股权质押对企业创新有抑制作用,且质押率越高抑制作用越强。(2)产权性质在股权质押对企业创新的影响中起到调节作用,民营企业股权质押会抑制企业创新,国有企业股权质押却会促进企业创新。(3)企业内部控制在股权质押对企业创新的影响中存在中介作用,在区分产权性质后,内部控制的中介作用在民营企业中显著,但在国有企业中不显著。本文研究丰富了股权质押对创新影响机制的研究,对促进企业创新发展和完善内部治理机制亦具有启示意义。

Based on the samples of A-share listed companies from 2011 to 2018,this paper examines the impact of stock pledge on enterprise innovation,then further explores the regulatory role of property rights and the intermediary role of internal control.The results show that:(1)The stock pledge has inhibitory effect on enterprise innovation,and the inhibition becomes stronger with the higher of pledge rate.(2)The property rights plays a moderating role in the impact of stock pledge on enterprise innovation.The stock pledge inhibit enterprise innovation in private enterprise while it promote enterprise innovation in state-owned enterprises.(3)The internal control plays an intermediary role between the stock pledge and the enterprise innovation.This role of internal control is significant in private enterprises,but not significant in state-owned enterprises.The conclusion of this paper enriches the research on the influence mechanism of stock pledge,and has enlightening significance to promote the innovative development of enterprises and improve the internal governance mechanism.