摘 要
股权质押作为一种重要的融资工具，在企业经营中发挥着关键作用，但其对企业创新投入的影响及潜在风险尚未得到充分探讨。本研究以中国A股上市公司为样本，基于2010年至2020年的面板数据，采用固定效应模型和工具变量法，分析股权质押对创新投入的双重效应及其风险防控机制。研究表明，股权质押在短期内能够缓解企业的融资约束，从而促进创新投入；然而，高比例的股权质押可能引发股东短视行为，削弱企业的长期研发投入。此外，研究发现，股权质押的风险传导效应显著，尤其是在市场波动加剧时，可能导致企业被迫削减创新支出以应对流动性压力。本文进一步揭示了公司治理水平和外部监管强度在股权质押与创新投入关系中的调节作用，表明良好的治理结构和严格的监管政策有助于降低股权质押带来的负面效应。本研究的创新点在于同时考察了股权质押的正向激励与负向约束效应，并从动态视角剖析了其对创新投入的长期影响。研究结果为企业优化资本结构、提升创新能力提供了理论依据，也为监管部门完善股权质押制度设计和风险防控体系提供了重要参考。
关键词：股权质押；创新投入；融资约束；风险传导效应；公司治理
Abstract
Equity pledges, as an important financing tool, play a critical role in corporate operations, yet their impact on corporate innovation investment and the associated risks remain underexplored. This study examines Chinese A-share listed companies as a sample, utilizing panel data from 2010 to 2020 and employing a fixed-effects model alongside instrumental variable methods to analyze the dual effects of equity pledges on innovation investment and the mechanisms for risk prevention. The findings indicate that equity pledges can alleviate corporate financing constraints in the short term, thereby promoting innovation investment; however, high levels of equity pledges may induce myopic shareholder behavior, undermining long-term R commitments. Furthermore, the research reveals a significant risk transmission effect of equity pledges, particularly during periods of heightened market volatility, which may force firms to cut innovation expenditures to address liquidity pressures. Additionally, this study highlights the moderating roles of corporate governance quality and external regulatory intensity in the relationship between equity pledges and innovation investment, suggesting that robust governance structures and stringent regulatory policies can mitigate the adverse effects of equity pledges. The novelty of this research lies in its simultaneous examination of both the positive incentives and negative constraints of equity pledges, as well as its dynamic analysis of their long-term impacts on innovation investment. The results provide theoretical support for firms to optimize their capital structures and enhance innovation capabilities, while also offering valuable insights for regulators to refine the design of equity pledge systems and strengthen risk management fr ameworks.
Keywords: Equity Pledge; Innovation Investment; Financing Constraints; Risk Transmission Effect; Corporate Governance
目 录
1绪论 1
1.1股权质押与企业创新投入的研究背景 1
1.2研究股权质押对企业创新影响的意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与技术路线 2
2股权质押对企业创新投入的影响机制分析 2
2.1股权质押的基本概念与特征 2
2.2股权质押对融资能力的促进作用 3
2.3股权质押对企业研发投入的激励效应 3
2.4股权质押可能抑制创新的路径分析 4
2.5影响机制的理论模型构建 4
3股权质押风险对企业创新投入的制约分析 5
3.1股权质押的主要风险类型 5
3.2流动性风险对创新投入的负面影响 5
3.3控制权转移风险对创新战略的干扰 6
3.4市场波动风险对企业研发决策的影响 6
3.5风险因素的综合评估框架 7
4股权质押风险防控与企业创新投入优化策略 7
4.1风险防控的必要性与目标设定 7
4.2完善股权质押的风险管理体系 8
4.3提高企业创新投入的保障措施 8
4.4构建股权质押与创新投入的良性互动机制 9
4.5政策建议与实践路径探索 9
结论 11
参考文献 12
致 谢 13
