控股股东股权质押、研发投入与企业可持续发展--基于制造业上市公司的经验数据

Equity Pledge of Controlling Shareholders,R&D Investment and Sustainable Development of Enterprises:Based on the Empirical Data of Listed Manufacturing Companies

文章以2012-2019年A股制造业上市公司为研究对象,采用多元回归方法检验控股股东股权质押与企业可持续发展之间的关系,在此基础上构建中介效应模型,按照“控股股东股权质押—研发投入—企业可持续发展”路径,分析控股股东股权质押影响企业可持续发展的作用机制,并根据产权性质的异质性进一步分析该作用机制存在的差异性。研究发现,控股股东股权质押会降低企业可持续发展能力和企业研发投入水平,企业研发投入在控股股东股权质押与企业可持续发展之间发挥了中介作用,且该机制在非国有企业中显著存在。

Using A-share manufacturing listed companies from 2012 to 2019 as the research sample,the authors use multiple regression method to test the relationship between the pledge of controlling shareholders'equity and the sustainable development of enterprises,and then constructs a mediating effect model.According to the path of“controlling shareholder's equity pledge-R&D investment-sustainable development of enterprises”,the authors analyze the mechanism of controlling shareholder's equity pledge affecting sustainable development of enterprises,and further analyzes the differences of the mechanism according to the heterogeneity of property rights.The results show that the controlling shareholder's equity pledge will reduce the enterprise's sustainable development ability and the level of enterprise's R&D investment,and the enterprise's R&D investment plays an intermediary role between the controlling shareholder's equity pledge and the enterprise's sustainable development,and this mechanism exists significantly in non-stateowned enterprises.