Research On Equity Pledge Of Large Shareholders,Ownership Structure And Enterprise R&D Investment

In recent years,China has paid more and more attention to technological innovation.The strength of R&D investment has been increasing year by year.The R&D activities of enterprises have become an important strategic layout.However,compared with developed countries,R&D investment in China is still relatively weak.Due to the characteristics of high risk,the high yield and benefit lags of innovation activities,the research on the influencing factors of R&D investment has been paid more attention by academics.The existing literature on R&D investment impact factors are more abundant,mainly in tax incentives,political environment,ownership structure and senior management features and so on.However,few scholars have included the equity pledge of large shareholders into the research scope.Based on principal-agent theory,signal transmission theory and technological innovation theory,this paper focuses on the impact of the large shareholders’ equity pledge on R&D investment,and examines the impact of the large shareholders’ equity pledge on R&D investment by adopting a combination of normative research and empirical research,And examines the differences of the large shareholders’ equity pledge on R&D investment between the different ownership structure.This article is divided into five chapters.The first chapter is an introduction,which mainly introduces the significance,ideas and methods of this study in the current context.It also analyzes and review the influencing factors of R&D investment,the economic consequences of equity pledge of large shareholder and the ownership structure.The second chapter is the definition of concepts and the theoretical basis,mainly defines the related concepts of the research object,and expounds the related theories of principal-agent theory,signal transmission theory and innovation theory as the theoretical basis of this article.The third chapter is theoretical analysis and research hypotheses.Firstly,the author describes the innovation activities of listed companies in China and the current situation of equity pledge,and then demonstrates the mechanism of the large shareholders’ equity pledge and the ownership structure to the R&D investment of enterprises.This is research hypothesis.The fourth chapter is the empirical test.This paper selects 2434 observations of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2016 as the research samples,and conducts empirical tests by means of descriptive statistics,correlation analysis and regression analysis.The fifth chapter is the conclusion and suggestion.The findings are as follows:(1)There is a significant negative correlation between the equity pledge of large shareholder and the R&D investment of the enterprise.At the same time,this kind of effect has a lag effect.When the R&D investment lags behind the first-period data and the second-lag data,the two still have negative correlations.When the third period lags behind,the equity pledge of large shareholders will no longer affect the R&D investment of enterprises.(2)Divided into state-owned enterprises and non-state-owned enterprises according to the nature of the share equity,and compared with the non-state-owned enterprises,the negative correlation between the equity pledge of state-owned enterprises and the intensity of R&D investment is more significant.(3)According to the comparison between the two groups,we find that in the enterprises with high concentration of ownership,there is a significant negative correlation between the equity pledge of large shareholders and the R&D investment of enterprises.This article expands the economic consequences of the pledge of ownership by large shareholders,provides suggestions for improving the laws and regulations on equity pledge,and at the same time,this article also enriches the influencing factors of R&D investment and provides reference value for enterprises to carry out innovative R&D activities more rationally.