Equity Pledge and Innovation Performance

Grouping Research Based On Equity Structure

DOI

10.2991/assehr.k.201012.008How to use a DOI?

Keywords

Innovation transformation, equity pledge, ownership structure, r&d investment

Abstract

Innovation transformation, as a major issue for Chinese enterprises at present, is a key issue that the China continues to pay attention to and attach importance to. This paper tries to take the individual behavior—equity pledge as an entry point, pays attention to the impact of shareholder’s equity pledge on the investment of enterprise research and development after the equity pledge, and also examines how the impact of equity pledge on enterprise research and development investment is different under different equity structures. In this paper, the A-share manufacturing listed companies were selected for 2014-2018 as a research sample, the empirical research are carried out by the method of multiple linear regression. It is found that equity pledge has a negative impact on the research and development of enterprises, compared with non-state-owned enterprises, the r&d investment of state-owned enterprises is more affected by equity pledge, and If the enterprise’s equity concentration is higher, the less its research and development investment is affected by the equity pledge.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Zhiwu Xiao
AU  - Mengqiu Lu
AU  - Ligang Liu
PY  - 2020
DA  - 2020/10/12
TI  - Equity Pledge and Innovation Performance
BT  - Proceedings of the 1st Africa-Asia Dialogue Network (AADN) International Conference (AADNIC 2019)
PB  - Atlantis Press
SP  - 51
EP  - 57
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.201012.008
DO  - 10.2991/assehr.k.201012.008
ID  - Xiao2020
ER  -