控股股东股权质押、货币政策与企业创新投入

The pledge of the controlling shareholder’s equity,monetary policy and investment in corporate innovation

以2008—2018年我国沪深A股上市公司的数据为研究样本,探讨控股股东股权质押、货币政策与企业创新投入之间的关系,通过构建计量模型对研究假设进行实证检验。研究结果显示:(1)控股股东股权质押对企业创新投入具有挤出效应,且股权质押率越高,企业创新投入越低;(2)宽松的货币政策加剧了控股股东股权质押对企业创新投入的挤出效应。研究结论有助于理解不同货币政策背景下控股股东股权质押与企业创新投入二者之间的关系,对强化股权质押监管、加强货币政策制度建设以及促进企业创新具有一定启示作用。

Based on the data of China’s Shanghai and Shenzhen A-share listed companies from 2008 to 2018,the relationship among the pledge of the controlling shareholder’s equity,monetary policy and investment in corporate innovation are discussed,and the research hypothesis is empirically tested by constructing measurement model.The results show that:(1)The pledge of the controlling shareholder’s equity has a crowding-out effect on investment in corporate innovation,and the higher the equity pledge rate,the lower investment in corporate innovation.(2)The loose monetary policy has aggravated the crowding-out effect of the pledge of the controlling shareholder’s equity on investment in corporate innovation.The conclusions of the study are helpful to understand the relationship between the pledge of the controlling shareholder’s equity and investment in corporate innovation under different monetary policy background.It has a certain enlightenment effect on strengthening the supervision of equity pledge,optimizing the construction of monetary policy system and promoting enterprise innovation.