控股股东股权质押对企业创新的影响——基于经济政策不确定性调节效应的分析

Impact of Equity Pledge on Enterprise Innovation:Analysis of the Regulating Effect of Economic Policy Uncertainty

选取2010-2022年沪深A股上市公司的相关数据,研究了控股股东股权质押对企业创新的影响以及经济政策不确定性对二者关系的调节作用。研究结果表明,控股股东股权质押对企业创新有显著的抑制作用,但这种抑制作用在经济政策不确定性的调节作用下会被显著削弱。进一步研究发现,与非国有企业相比,国有企业控股股东股权质押对企业创新的抑制作用更强;控股股东持股比例越高,控股股东股权质押对企业创新的抑制作用越弱。因此,企业要加强股权质押的监督与管理,提高创新驱动力以及判断和决策等能力,以应对在经济政策不确定性环境下经营管理和创新过程中潜在的风险;国家要完善股权质押方面的法律法规,监管机构要及时出台相关政策,以加大监管力度。

Relevant data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 are selected to study the impact of controlling shareholders’equity pledges on corporate innovation and the moderating effect of economic policy uncertainty on the relationship between the two.The results show that controlling shareholders’equity pledges have a significant inhibitory effect on corporate innovation,but this inhibitory effect is significantly weakened by the moderating effect of economic policy uncertainty.It is further found that the inhibitory effect of controlling shareholders’equity pledges on corporate innovation is stronger in state-owned enterprises compared to non-state-owned enterprises;the higher the percentage of controlling shareholders’shareholding,the weaker the inhibitory effect of controlling shareholders’equity pledges on corporate innovation.Based on the results of the study,relevant suggestions are made on equity pledges and corporate innovation,enterprises should strengthen the management and supervision of equity pledges,and reasonably constrain the controlling shareholders’equity pledge behaviour;enterprises should pay attention to the innovation driving force,adopt new technologies and improve the efficiency of innovation;the relevant governmental departments should improve the laws and regulations on equity pledges,and the relevant regulators should introduce the policy of information disclosure.