摘要
以2011-2020年沪深两市A股钢铁行业上市公司为样本,基于风险缓释探究数字金融发展下股权质押对企业创新的影响。研究发现股权质押与企业创新投资之间显著负相关,数字金融的创新效应表现为正向促进;数字金融的深化有助于缓解股权质押对企业创新的抑制作用,在股权质押对企业创新投资的影响关系中发挥显著的调节效应。建议钢铁企业应适当降低股权质押,强化数字金融的发展水平,借此提高企业创新水平。
This paper selects the data of A-share listed companies in the steel industry in Shanghai and Shenzhen from 2011 to 2020 as samples to discuss the mechanism of equity pledge on enterprise innovation from the perspective of digital finance.The results show that there is a negative correlation between equity pledge and innovation investment.Digital finance plays a positive role in promoting enterprise innovation;With the deepening of digital finance,it can alleviate the inhibition effect of equity pledge on enterprise innovation,and play a significant moderating effect on the influence of equity pledge on enterprise innovation investment.Therefore,it is suggested that iron and steel enterprises should appropriately reduce equity pledge,and strengthen the use of digital finance,so as to improve the level of enterprise innovation.
作者
张江朋
梁宇
曹慧
Zhang Jiangpeng;Liang Yu;Cao Hui
出处
《工程经济》
2023年第7期4-14,共11页
ENGINEERING ECONOMY
基金
内蒙古自治区高等学校青年科技英才支持计划(NJYT22059)
2023年内蒙古自治区直属高校基本科研业务费项目
内蒙古自治区高等学校科学研究项目人文社科重点项目(NJSZ23027)。
关键词
股权质押
企业创新
数字金融
钢铁行业
Equity Pledge
Enterprise Innovation
Digital Finance
Iron and Steel Industry
