Research On The Impact Of Holding Shareholder’s Equity Pledge On Innovation Performance Under The Intermediary Of Charitable Donation

In recent years,with the continuous introduction of supportive policies on innovation and the vigorous economic development,consumers have increasingly accepted innovative products.Under this background,enterprises’ innovative activities have increasingly become the main source of competitive advantage,and the improvement of innovation performance has also become a research focus.The innovation of enterprises needs a large amount of capital input.As one of the important financing methods of enterprises,equity pledge provides financial support for enterprises,but also increases the risk.Due to the high risk,high cost,long recovery cycle and other disadvantages of innovation activities,it is uncertain whether the fund will be used to improve the innovation performance.Based on this,the purpose of this study is to verify the influence of equity pledge of controlling shareholders on innovation performance,as well as the intermediary role of charitable donation in the influencing mechanism,and finally to put forward suggestions for improving innovation performance.Firstly,the research background and significance are introduced,and the relevant research results at home and abroad are sorted out and summarized,and literature research method,deductive reasoning method and empirical research method are mainly adopted.Based on the existing literature,the literature review is carried out.Secondly,the concepts of controlling shareholder,equity pledge,charitable donation and innovation performance are defined,and the principal-agent theory,signal transmission theory,information asymmetry theory and innovation theory are expounded,which provides theoretical support for the research of this paper.Thirdly,the research hypothesis is proposed through theoretical analysis,and the listed companies with equity pledge of controlling shareholders from 2014 to 2021 are selected as samples to design and explain the main variables,and the influence model of equity pledge of controlling shareholders on innovation performance is constructed,as well as the intermediary effect model of charitable donation in the influence mechanism.The empirical results indicate that controlling shareholder equity pledge inhibits corporate innovation performance;Controlling shareholder equity pledge has a significant inhibitory effect on charitable donations,with low-level charitable donations leading to low-level innovation performance.Controlling shareholder equity pledge suppresses innovation performance through charitable donations.Finally,based on the empirical research results,suggestions are proposed to improve the innovation performance of enterprises from three perspectives:regulatory agencies,enterprises,and investors.