E3S Web Conf.
Volume 292, 20212021 2nd International Conference on New Energy Technology and Industrial Development (NETID 2021)
|Number of page(s)||4|
|Section||New Energy Economy and Energy Blockchain Application|
|Published online||09 September 2021|
The equity pledge of major shareholders and innovation investment -- Based on the empirical data of GEM listed companies
Scool of Economics and Management, Beijing Jiaotong University, Beijing, China
Corresponding author: firstname.lastname@example.org
This paper takes China’s GEM listed companies from 2007 to 2020 as the research object, and empirically tests the impact of equity pledge of major shareholders on enterprise innovation investment. It is found that the equity pledge of major shareholders will restrain the innovation investment of enterprises. Further research finds that enterprises with high internal control level, the inhibiting effect of equity pledge of major shareholders on innovation investment will be weakened, that is, internal control plays a negative regulating role.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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