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管理学报
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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.
Key wordsstock pledge      corporate innovation      innovative industries      property rights      monetary policy     
Received: 05 May 2017     
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WEN Wen
CHEN Yinmo
HUANG Yuting
Cite this article:   
WEN Wen,CHEN Yinmo,HUANG Yuting.  
The Impact of Controlling Shareholders’ Pledge of Stocks on Corporate Innovation
[J]. Chinese Journal of Management, 2018, 15(7): 998-.
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http://manu68.magtech.com.cn/Jwk_glxb/EN/     OR     http://manu68.magtech.com.cn/Jwk_glxb/EN/Y2018/V15/I7/998
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