Controlling Shareholder's Equity Pledge and Corporate R&D Investment
Houxue Shi, Wen Mou
Available Online September 2019.
- https://doi.org/10.2991/jahp-19.2019.66How to use a DOI?
- controlling shareholder; equity pledge; earnings management; R&D investment
- In recent years, the controlling shareholder pledge of listed companies has become a common phenomenon in China's capital market. This paper taking the non-financial enterprises listed on Shanghai and Shenzhen A-share markets as samples from 2013 to 2017, studies the influence of the controlling shareholders' equity pledge on the R&D investment level of enterprises, and adds earnings management as a moderating variable. The empirical research shows that the controlling shareholder's equity pledge behavior will significantly reduce the level of R&D investment; the higher the quality of earnings management as a regulatory variable, the greater the negative effect of the large shareholder equity pledge on the R&D investment level of the enterprise. The article, expanding the existing research perspective, is of great significance for controlling company risks and promoting the long-term development of listed companies.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Houxue Shi AU - Wen Mou PY - 2019/09 DA - 2019/09 TI - Controlling Shareholder's Equity Pledge and Corporate R&D Investment BT - The 4th International Conference on Economy, Judicature, Administration and Humanitarian Projects (JAHP 2019) PB - Atlantis Press SN - 2352-5428 UR - https://doi.org/10.2991/jahp-19.2019.66 DO - https://doi.org/10.2991/jahp-19.2019.66 ID - Shi2019/09 ER -