Research On The Impact Of Equity Pledge On Enterprise Innovation Investment

In recent years,equity pledge has gradually become an important means for controlling shareholders of listed companies to alleviate financing difficulties,but at the same time that equity pledge solves financing problems for enterprises,it will lead to the transfer of control risks and exacerbate the second type of agency problems;innovative technologies of enterprises The source of the driving force for a country's economic growth is also an inevitable choice to improve the core competitiveness of enterprises.Unlike other investment projects,innovation investment in enterprises requires long-term and sustainable investment,and innovation investment projects have lagging and uncertainty,making innovation investment High risk,resulting in corporate investment projects are often limited by funds.And how to make better use of the role of finance to solve corporate financing difficulties,improve the financing efficiency of financial institutions,and reduce the risk of corporate investment projects has become an important focus in the field of technological innovation and corporate finance.Therefore,studying the impact of corporate equity pledges on investment and innovation projects and how financial deepening will play a role between equity pledges and corporate R & D innovations has certain practical significance for the improvement of the current investment and financing environment and corporate development.This paper selects a-share listed companies from 2010 to 2018 as research samples,and discusses the relationship between equity pledge and enterprise innovation investment,as well as the regulating effect of financial deepening on thisrelationship.From the perspective of corporate innovation behavior,empirically analyze the impact of shareholder equity pledge on corporate innovation investment,consider the different situations of continuous pledge by shareholders,and further analyze the differential impact on corporate innovation investment behavior;combined with the current development of China's financial market Analysis of whether the financial deepening and its degree will have different impacts on equity pledged companies in their investment in corporate innovation;at the same time,consider the different developments of different industries themselves,and combine the differences in equity pledge ratios of each industry to further define high technology Industry and non-high-tech industries,verify the impact of equity pledge on innovation investment behavior in different industries.Through relevant studies,the following conclusions are drawn: The pledge of shareholders' equity has an inhibitory effect on corporate innovation investment.Compared with non-continuous pledged enterprises,continuous pledged enterprises have a significantly stronger inhibitory effect on corporate innovation investment;compared to non-high-tech industries,equity pledges in high-tech industries The restraint effect on corporate innovation investment is more significant;financial deepening can ease the restraint effect of equity pledge on corporate innovation investment.