| 摘要: |
| 绿色创新是企业转型升级、实现高质量发展的重要突破口。采用2010—2019年我国沪深两市A股上市公司的数据,研究我国上市公司中大股东的股权质押行为对绿色创新的影响,发现大股东的股权质押行为会抑制企业进行绿色创新；进一步考虑企业异质性特征,发现抑制作用在大规模企业和制造业企业中更显著。究其影响机制,真实盈余管理在股权质押对绿色创新的抑制过程中起到部分中介作用；内部控制对股权质押与绿色创新之间的负相关关系产生显著负向调节作用。 |
| 关键词: 股权质押 上市公司 绿色创新 企业异质性 |
| DOI：10.13216/j.cnki.upcjess.2022.04.0008 |
| 分类号:F272;F275 |
| 基金项目: |
|
| Research on the Impact and Mechanism of Equity Pledge on Green Innovation of Chinese Listed Companies |
|
ZHANG Yongmei, LIU Xue, ZHAO Jinkai
|
|
(School of Economics and Management, Shandong University of Science and Technology, Qingdao 266590, Shandong, China)
|
| Abstract: |
| Green innovation is an important breakthrough for the transformation and upgrading of enterprises and the realization of high-quality development. In accordance with the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2019, this paper studies the impact of equity pledge behavior of major shareholders on green innovation, suggesting that their behavior will inhibit green innovation of enterprises with the inhibition effects more conspicuous in large-sized and manufacturing enterprises, taking their heterogeneity into account. As for the impact mechanism, real earnings management plays a partial mediating role in the inhibition process of equity pledge on green innovation and the internal control has a significant negative moderating effect on the negative correlation between equity pledge and green innovation. |
| Key words: equity pledge listed companies green innovation enterprise heterogeneity |
