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The Impact of Controlling Shareholders’ Pledge of Stocks on Corporate Innovation |
| WEN Wen，CHEN Yinmo，HUANG Yuting |
| 1. Beijing Foreign Studies， Beijing， China； 2. Renmin University of China， Beijing， China；3. Beijing Wuzi University， Beijing， China |
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Abstract Using non-financial A-share listed companies’ data from 2003 to 2013, this paper investigates the impact of controlling shareholders’ pledge of stocks on corporate innovation. Our empirical evidence shows that controlling shareholders’ pledge of stocks attenuates corporate innovation. Further analysis shows that the restrain effect of controlling shareholders’ pledge of stocks on corporate innovation is more pronounced in innovative industries and non-state-owned companies. When taking macro monetary policy into consideration, the negative impact of controlling shareholders’ pledge of stocks on corporate innovation is more significant in monetary policy tightening period than easing period.
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Received: 05 May 2017
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