| Under the general trend of economic development,the important role of corporate innovation activities in enhancing their core competitiveness and promoting the long-term development of enterprises is increasingly evident.How to continuously innovate and maintain their competitiveness in the market of survival of the fittest is invincible.Land is a big challenge for enterprises.Although innovation activities play a key role in the development of enterprises,there are many factors that influence innovation activities.Compared with listed companies in developed countries in Europe and America,listed companies in East Asia,represented by China,have a relatively high concentration of equity,and there are major shareholders who can influence corporate financial decisions and daily business decisions.The innovation activities of enterprises are also a high-risk investment decision in the company's operation.Therefore,the major shareholders of the company have a great decisive role in the development of innovative activities.In recent years,equity pledge,an emerging financing method that can help shareholders ease their financing constraints,is becoming more and more common.Equity pledge brings convenience to major shareholders while hiding certain risks.When the stock price falls to the pledge closing line set by the pledgee,if the major shareholder fails to add the guarantee or release the pledge in time,it will face the risk of transfer of control.In order to avoid the risk of transfer of control rights,major shareholders will tend to adopt a more conservative and stable company management strategy after the equity pledge,which may have a certain impact on the high-risk investment decisions of enterprise innovation.Therefore,this paper starts from the equity pledge behavior of major shareholders,and studies whether major shareholders have influence on corporate innovation activities to find new ideas to improve the performance of enterprises.This paper first introduces the research background of large shareholders' equity pledge and enterprise innovation,expounds the practical significance of the research,and briefly summarizes the research ideas of this paper and proposes innovation points.Secondly,it summarizes the economic consequences of equity pledge and enterprise innovation.In terms of influencing factors,the current research status at home and abroad,the existing literature is reviewed,and the shortcomings in the current research are summarized,and the contribution of this paper is proposed.Then,according to the agency theory,the large shareholders' equity pledge behavior is described to the listed company.The mechanism of influence of innovation activities is based on combing and summarizing the conclusions of previous studies,combining theory with practice to propose the reasons for the hypothesis,and proposing more detailed assumptions according to different situations;then,introducing the source of the data,using the model The main variables,empirically relevant models and methods,illustrate the reasons for choosing these models and methods for empirical analysis;and then,conducting empirical research,this section begins with descriptive statistical analysis and correlation analysis,followed by OLS regression,quantile Return and Heckman The two-stage regression continuously optimizes the research model of this paper,empirically tests the hypothesis conclusions of the influence of the shareholder pledge behavior of large shareholders on the innovation of enterprises,and then further analyzes the impact of the shareholding pledge of large shareholders on the innovation of enterprises under different circumstances.The path analysis of structural equation model discusses in detail the mechanism of the shareholder pledge of large shareholders on enterprise innovation;then,the robustness test is carried out;finally,the research conclusions of this paper are summarized,and the research conclusions are discussed and analyzed,and corresponding suggestions are put forward.Based on the research sample of listed companies in China's A-share listed companies from 2011 to 2017,this paper explores the impact of large shareholders'equity pledge on corporate innovation from two dimensions:innovation input and output.The conclusions of the study indicate that:(1)The equity pledge behavior of major shareholders reduces the input of enterprise innovation and the quantity and quality of innovation output.A listed company with a large shareholder pledge behavior has a lower level of innovation than a listed company that does not have a large shareholder pledge,and the shareholding pledge ratio of the major shareholder is negatively correlated with the level of innovation of the enterprise.(2)Compared with strategic innovation,the negative relationship between the shareholder pledge behavior of the major shareholder and the substantial innovation of the listed company is stronger.Further research shows that:(3)Compared with state-owned enterprises,the negative impact of non-state-owned large-share shareholder pledge behavior on corporate innovation is more significant.(4)Compared with listed companies in the central and western regions,the large shareholder pledge behavior of listed companies in the eastern region has a greater negative impact on the innovative activities of listed companies.(5)The negative impact of the equity pledge of major shareholders in the bear market year on the innovation activities of listed companies is greater than the negative impact of the pledge of large shareholders in the bull market year on the innovation activities of listed companies.(6)The path of the shareholder pledge behavior of the major shareholder has the risk of controlling the transfer of the listed company's innovation activities.After the shareholder pledges,the major shareholder may evade the transfer risk of control due to the falling price of the pledged stock.Enterprises should not bear too high a risk,so the ability to bear the risk of the enterprise is weakened,which in turn reduces the innovation activities of the enterprise.The research in this paper first broadens the relevant research on the consequences of the equity pledge of major shareholders.At present,the research on the pledge of large shareholder equity focuses on the impact of listed company value,company performance,auditor decision-making and stock price collapse risk.Through the combination of theory and empirical analysis,this paper expands the consequences of the shareholder pledge behavior of large shareholders to the field of innovation activities of listed companies,and understands the role of major shareholders in corporate governance from a new perspective.In addition,based on the agency theory,this paper also studies the mechanism of the equity pledge behavior on the innovation activities of listed companies through structural equation modeling,and deepens the economic consequences of the equity pledge behavior of large shareholders.Secondly,I was deeply aware of the negative economic consequences brought about by the pledge of the shareholder's equity.Through theoretical analysis and empirical test,this paper finds that the individual behavior of equity pledge is closely related to the innovation activities of enterprises.The pledge of equity of large shareholders inhibits the innovation activities of listed companies.In addition,once the major shareholder of the equity pledge fails to make up the guarantee or redeem the pledge of equity in time when the stock price falls to the closing line,these shareholders will face the risk of being closed and the transfer of control,which will lead to capital.Fluctuations in market stock prices,exacerbating the risk of stock price crashes and affecting the stability of the financial system.Therefore,it is of great significance to fully understand the negative impact of equity pledge behavior.Finally,there is a significant reference value for how external regulators can protect investors.The risks brought by equity pledge financing will have a significant impact on financial institutions and financial institutions.The relevant equity pledge laws and the continuous improvement of China's capital market are of great significance for the protection of investors. |
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