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
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.

Copyright
© 2019, 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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Volume Title
Proceedings of the 4th International Conference on Economy, Judicature, Administration and Humanitarian Projects (JAHP 2019)
Series
Advances in Economics, Business and Management Research
Publication Date
September 2019
ISBN
978-94-6252-789-8
ISSN
2352-5428
DOI
10.2991/jahp-19.2019.66How to use a DOI?
Copyright
© 2019, 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/).

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  - Proceedings of the 4th International Conference on Economy, Judicature, Administration and Humanitarian Projects (JAHP 2019)
PB  - Atlantis Press
SP  - 307
EP  - 312
SN  - 2352-5428
UR  - https://doi.org/10.2991/jahp-19.2019.66
DO  - 10.2991/jahp-19.2019.66
ID  - Shi2019/09
ER  -