Research On The Impact Of Controlling Shareholder Pledge On R&D Investment Of High-tech Enterprises

Innovation is the source power of national economic development and the driver of enterprise development.The output of innovative R&D achievements can not only help enterprises maintain a leading position in the fierce industry competition,but also accelerate the pace of innovation in the whole economy.R&D investment plays an important role in enterprise innovation.Only sufficient capital guarantee can enable enterprises to allocate innovative resources more efficiently,and maintain innovation vitality and enthusiasm forever.High-tech enterprises have contributed a great deal to the country's innovation and creation,which is of great importance to the rapid and healthy development of the country's society and economy.The vigorous development of enterprises can not be separated from adequate capital guarantee.Internal surplus funds alone can no longer sustainably support the development and growth of enterprises.However,enterprises often face financing difficulties when financing from outside.A new financing method,the pledge of controlling shareholders' equity,emerges at the historic moment.However,it is worth pondering whether the pledge of shares by controlling shareholders can really help many enterprises to get rid of the financing difficulties,stimulate the development potential and enhance the overall innovation competitiveness.Therefore,this paper takes 253 high-tech listed companies of A-share in Shanghai and Shenzhen Stock Exchanges as research samples,using principal-agent theory,private benefits of control,Schumpeter innovation theory,and makes an empirical analysis of the internal relationship between the pledge of controlling shareholders' equity and the R&D investment intensity of high-tech enterprises,as well as the regulatory role of equity checks and balances between them.The results show that:(1)the overall R&D investment level of China's high-tech listed companies is uneven and unbalanced;(2)controlling shareholders' equity pledge will reduce the intensity of R&D investment of high-tech enterprises and affect the level of R&D;(3)equity checks and balances can significantly reduce the negative effect of controlling shareholders' equity pledge on R&D investment of enterprises.According to the research conclusion and the actual situation of our country,this paper puts forward the following suggestions:(1)create a good financing environment and improve the efficiency of resource allocation;(2)improve the information disclosure system for equity pledge financing and regulatethe equity pledge behavior of controlling shareholders;(3)improve the governance mechanism of equity checks and balances.The results of this study not only help the theoretical circles to further understand the serious consequences of the pledge of the controlling shareholders' equity,clarify the internal relationship between the pledge of the controlling shareholders' equity and R&D investment,but also have a certain reference value for standardizing the behavior of the controlling shareholders of China's high-tech enterprises,improving R&D innovation ability,and promoting the coordinated development of capital financing and innovation investment.