Proceedings of the 4th International Conference on Economy, Judicature, Administration and Humanitarian Projects (JAHP 2019)

Controlling Shareholder's Equity Pledge and Corporate R&D Investment

Authors
Houxue Shi, Wen Mou
Corresponding Author
Houxue Shi
Available Online September 2019.
DOI
https://doi.org/10.2991/jahp-19.2019.66How to use a DOI?
Keywords
controlling shareholder; equity pledge; earnings management; R&D investment
Abstract
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.

Download article (PDF)

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  -