大股东股权质押对企业绿色技术创新的影响研究

Research on Impact of Large Shareholders’ Equity Pledge on Green Technology Innovation of Enterprises

绿色技术创新是企业实现可持续发展的必要途径.本文通过对2011-2018年A股上市公司数据回归,首先分析了企业大股东股权质押行为对绿色技术创新水平是否产生影响,然后深入探讨了企业规模和大股东持股比例的调节效应.本文认为,大股东股权质押会显著降低企业绿色技术创新水平,且质押率越高抑制作用越强,进一步研究发现,这种抑制作用在规模较小和大股东持股比例较高的企业中表现的更加显著.

Green technology innovation is a necessary way for enterprises to realize sustainable development.Based on the data regression of A-share listed enterprises from 2011 to 2018,this paper first analyzes whether the equity pledge behavior of major shareholders has an impact on the level of green technology innovation,and then deeply discusses the regulatory effect of enterprise scale and the shareholding proportion of major shareholders.This paper argues that the large shareholder's equity pledge will significantly reduce the level of green technology innovation,and the higher the pledge rate is,the stronger the inhibition effect will be.Further research finds that this inhibition effect is more significant in enterprises with small scale and high shareholding proportion of large shareholders.