The Relationship Research Of Market Value Management?Controlling Shareholders' Equity Collateral And Enterprise' Innovation Investment

The Innovation ability is the core competitiveness of an enterprise,In the important period of the industrial structure optimizing and upgrading,the ability of innovation not only determines whether the enterprise can develop or not,and even determine the survival and death of the enterprise.And increasing enterprise innovation investment can improve the innovation ability of an enterprises to a great extent.But there are many factors affecting the investment of enterprise innovation.Today,In the capital market of our country,the phenomenon of independence is very common.The will of the controlling shareholders can often be about the financial decisions and management decisions of the company.The equity collateral financing is an important way for the shareholders to carry out indirect financing.It is also an important signal for its funding gap.The controlling shareholders who have carried out the equity collateral will attach great importance to the performance of the company's stock in the capital market.Because the stock price slump will lead to the transfer risk of their control,they tend to adopt a more conservative and robust corporate strategy.With the implementation of the split share structure reform,the market value management is booming,the controlling shareholders and managers will pay more attention to the impact of decision-making on the company's market capitalization when undertaking the business operation.Of course,the ultimate goal of market value management is to achieve a steady increase in the market value of a company.Under the market value management,the stock price of the company tends to grow steadily,and the risk of falling is small.This is undoubtedly the controlling shareholder equity collateral to eat a reassurance.As a result,will the market value management affect the behavior decision of the controlling shareholders? Will it affect the attitude of thecontrolling shareholder to the enterprise's innovation investment after the equity collateral?From the perspective of principal-agent,this paper studies whether controlling shareholder's equity collateral affects enterprise's innovation activities,and then introduces market value management to study its role in controlling shareholder's equity collateral,and enriches the connotation of market value management.Based on the sample of the manufacturing enterprises in Shanghai and Shenzhen A-share listed companies from 2007 to 2015,this paper finds that:(1)Other conditions remain unchanged,the controlling shareholder equity collateral and corporate R&D investment present significantly negative correlation;(2)Under the condition of the market value management,this situation will be relieved about controlling shareholder equity collateral will reduce the level of R&D investment.Finally,according to the conclusion of this paper,the relevant policy suggestions for enterprises to strengthen the selection of innovative projects and market value management are put forward.