股东股权质押对企业创新能力的影响研究

Research on the Impact of Shareholders’ Equity Pledge on Enterprise Innovation Ability

为研究上市公司股东股权质押比例对企业创新能力的影响,根据文献研究以2010至2018年中国A股发生股权质押行为的非金融类上市公司数据为分析对象,通过OLS模型和门槛模型进行实证研究,研究表明,上市公司股东股权质押行为与企业创新能力之间呈倒U型关系,存在门槛值19.87%,随着质押比例的上升,创新能力先增加后减少,根据结论,应加强企业股权质押行为的信息披露,加强监管部门监督力度,加大国家对企业创新行为的资金支持。

In order to study the impact of the shareholding pledge ratio of listed company shareholders on the innovation ability of the company,the empirical research was conducted through the OLS model and the threshold model according to the literature study on the data of non-financial listed companies with shareholding pledge behavior in China A shares from 2010 to 2018.The research shows that there is an inverted U-shaped relationship between the equity pledge behavior of listed company shareholders and the enterprise's innovation ability.There is a threshold of 19.87%.With the increase in the pledge ratio,the innovation ability increases first and then decreases.According to the conclusion,the enterprise's equity pledge behavioral information disclosure,strengthen supervision by regulatory authorities,and increase state financial support for corporate innovation behavior.