Equity Concentration?equity Pledge Of Major Shareholders And R&D Investment

Innovation can drive a country's economy to achieve sustained and efficient growth and enable an enterprise to dominate the market.In recent years,China has attached strategic importance to the improvement of innovation capacity.The 17 th national congress of the communist party of China,the 18 th national congress of the communist party of China,the sino-us trade war and the zte incident all stressed the importance of improving the level of innovation input to the country and enterprises.According to the global innovation index 2018 released by the world intellectual property organization,China ranks 17 th in the innovation index.Compared with the25 th in the innovation index of 2017,China has made a breakthrough.While making gratifying achievements,we must realize that China is still a long way from being a truly innovative country.On the way from relying on economy to relying on science and technology,our country must constantly increase the level of research and development investment at the national and enterprise level.However,innovation activities have the characteristics of high investment cost,high probability of failure,long periodicity and lagging benefit,and the influencing factors of innovation activities have always been one of the hotspots of scholars' research.However,from the current research,these influencing factors mainly include the macro aspect of tax incentive,political system and micro aspect of executive characteristics,compensation equity incentive,risk preference of shareholders,etc.Few scholars have included the behavior equity incentive of major shareholders in the scope of research.With the tightening of financing environment,stricter regulation,and the specification of the equity pledge system,low cost of financing,financing speed,risk control of large shareholder equity pledge gradually developed into one of the main channels of the listed company financing,but the big shareholder's equity pledge,if fails to repay money,will face the risk of losing control in be forced to unwind,and big shareholder equity pledge has become one of the problems must be carefully treated in the corporate governance.From the perspective of pledge of major shareholders' equity,this paper studies the relationship among equity concentration,pledge of major shareholders' equity and r&d investment on the basis of principal-agent theory,signal transmission theory and technology innovation theory.From macroscopic and microscopic two angles of the influence factors of r&d and big shareholder equity pledge affects corporate performance and r&d to review and summarize literature,this article put forward twohypothesis,the big shareholders equity pledge will inhibit the development of enterprise investment,the higher the ownership concentration,the more likely they were to restrain large shareholders equity is negatively related to the r&d of relations.Shanghai and shenzhen two city by selecting 2012-2017 a-share market non-financial insurance class listed companies as the research object,build the OLS model to carry on the empirical analysis,proves the hypothesis of accuracy,considering the big shareholder equity pledge to r&d with hysteresis and avoid the influence of company size on the influence of r&d input,this article on the index selection,select r&d spending next year/revenue to measure r&d level.The robustness test was carried out through the fixed effect model and the measurement method of replacing the explained variables.Finally,some policy Suggestions are obtained through the analysis of the conclusions of this paper,and the deficiencies and future research directions of this paper are pointed out.Through the research of this paper,the influence factors of research and development investment and the economic consequences of pledge of major shareholders' equity are enriched,which also provides a reference for corporate governance.When the shareholding ratio of major shareholders is low,in order to increase the enterprise's r&d expenditure,the company can take measures to effectively avoid the pledge of major shareholders' equity.When the shareholding ratio of major shareholders is high,the company can properly relax the supervision on the pledge of major shareholders' equity.Secondly,the government should improve the construction of the equity pledge system,strengthen the supervision of the behavior of major shareholders,expand the company's financing channels,and alleviate the financing pressure of enterprises,especially private enterprises.