Eauity Pledge Of Controlling Shareholders Of A-share Listed Companies In Pharmaceutical Manufacturing Industry And Enterprise Innovation Investment

In recent years,the pace of national medical and health reform has accelerated,and in the pharmaceutical field,the introduction of a package of policies to encourage innovation has made pharmaceutical innovation an important theme for the transformation and upgrading of domestic pharmaceutical enterprises.To solve the innovation problem,innovation investment is the key move.However,the pharmaceutical manufacturing industry has high input,high output,high risk,long cycle and technology-intensive attributes,resulting in the financing dilemma of insufficient internal financing and high external financing cost.The characteristics of the high number of equity pledges and the market value of pledges in the pharmaceutical manufacturing industry indicate that the phenomenon of using equity pledges to alleviate financing difficulties is common in the industry.So in this industry,does the equity pledge of controlling shareholders affect innovation investment?Radiated by industry policy dividends,do government subsidies play an impact on this?After distinguishing the flow of pledged funds,is this influence relationship different?How does this influence relationship manifest between different segments of the industry?These issues deserve in-depth study.Based on the above background,taking the A-share listed companies in the pharmaceutical manufacturing industry as the research object,the relationship between the equity pledge of the controlling shareholder and the innovation input of the enterprise is studied around the principal-agent theory and the control theory,and on this basis,the government subsidy is added as the regulating variable to explore the impact of the government subsidy on the relationship between the two,and finally,the flow of equity pledge funds and the market segment of the pharmaceutical manufacturing industry are used as the group variables The differences between the flow of equity pledge funds and the sub-sectors in the above relationship were studied.On the theory level,the paper extends the research sample of the pharmaceutical industry,and studies the influence of the controlling shareholder’s share pledge on the innovation investment.In fact,it is helpful for investors to recognize the influence of stock security on innovative inv estment,which can be usedto make different financial policies.In terms of research design and regression analysis,combined with relevant theoretical knowledge and the equity pledge of controlling shareholders in the A-share market of China’s pharmaceutical manufacturing industry,the level of innovation investment and the reality of government subsidies,relevant research hypotheses are put forward on this basis.In terms of sample selection and empirical methods,the unbalanced panel data of A-share listed companies in the pharmaceutical manufacturing industry from 2016 to 2020 were selected for the two-factor fixed effect test of year and company.The conclusion is as follows:(1)While all other conditions are equal,the ownership security ofthe majority shareholderswill restrain the innovative investment;(2)The greater the shareholding retention rate,the greater the inhibition of the dominant shareholder’s innovative investment.(3)Under other conditions being equal,government subsidies promote enterprise innovation investment.(4)Under other conditions being equal,government subsidies can alleviate the inhibitory effect of equity pledge of controlling shareholders on enterprise innovation investment.(5)Under other conditions being equal,compared with the supporting equity pledge,the inhibition effect of the equity pledge of non-supporting controlling shareholders on the innovation investment of enterprises is more significant,and compared with the supporting equity pledge,the government subsidy in the equity pledge of non-supporting controlling shareholders can alleviate this inhibitory effect.(6)There are significant differences in the relationship between the equity pledge of controlling shareholders and the innovation input of enterprises and the regulating effect of government subsidies on the relationship between different sub-industries of the pharmaceutical manufacturing industry.In view of the above conclusions,targeted policy suggestions were put forward from the government,enterprises and investors.