Pledge Of Controlling Shareholders' Equity, Commercial Credit Financing And Investment Efficiency

Investment decision plays a crucial role in all the decisions of enterprises,which affects the economic development of the country and the value of enterprises.Academic circles have made some achievements on the causes of investment inefficiency.With the deepening of equity concentration,the self-interested behavior of the management has turned into the tunneling behavior of the controlling shareholders,and the agency conflict between the controlling shareholders and other shareholders is an important reason for the inefficient investment of enterprises.Pledge of equity is a financing method favored by the controlling shareholders.Due to the particularity of pledge,the shareholders will pay special attention to the stock price.The decline of the stock price may cause the risk of losing control right,and the controlling shareholders may adjust their behavior tendency and decision purpose.As a.In addition,some studies have shown that commercial credit can effectively alleviate the financial difficulties of enterprises,and the introduction of suppliers as a supervisory role can significantly improve the investment efficiency of enterprises.The long-term cooperation between the supplier and the enterprise has a significant information advantage,and it should be able to identify the potential risks behind the equity pledge.The pledge of controlling shareholders' equity will affect the trust of suppliers and cause them to timely adjust the loan supply,while the change of commercial credit scale is bound to affect the investment efficiency of enterprises.Therefore,based on this line of thought,this paper studies the mediating effect of commercial credit,which is another research focus of this paper.This paper choose the a-share listed companies in Shanghai and Shenzhen two city from 2009 to 2018 data as empirical test samples,the equity pledge to the enterprise investment efficiency and the influence of the commercial credit financing,and verify the commercial credit in equity pledge and play A role of intermediary between investment efficiency,and then compares the under different degree of marketization and monetary policy,the relationship between the similarities and differences.Finally,the following conclusions are drawn: first,equity pledge will aggravate the inefficient investment behavior of enterprises and significantly inhibit the improvement of investment efficiency.Secondly,commercial credit plays an intermediary role in the relationship between pledge of equity and investment efficiency.Thirdly,the adverse effect of the equity pledge rate on the investment efficiency and commercial credit financing of enterprises is effectively restrained in the regions with a high degree of marketization,and the mediating effect of commercial credit in these regions is not significant.Fourthly,the inhibition effect of equity pledge rate on commercial credit financing is more significant in the period of monetary tightening.Commercial credit plays a significant mediating role under different monetary policies and has a stronger effect during the period of monetary policy tightening.The research of this paper can provide reference for different stakeholders on how to prevent the risk of controlling shareholder's equity pledge,so as to give full play to the value of equity pledge.