摘要
以2012~2017年A股民营企业为样本,探究管理层过度自信、大股东股权质押以及企业创新三者之间的关系。结果发现:管理层过度自信能显著提升企业的创新水平,促进大股东股权质押效应;在深入探讨管理者与股权质押出质人的关系后发现,出质人是管理者本身或与管理者有亲属关系时,管理层的过度自信行为可显著促进大股东进行股权质押;此外,大股东股权质押会削弱管理层过度自信对企业创新的促进作用。
Based on the sample of A-share private enterprises from 2012 to 2017,this paper explores the relationship among management overconfidence,major shareholder equity pledge and enterprise innovation.Results show that management overconfidence can significantly enhance the level of enterprise innovation and promote the pledge effect of major shareholders'equity.After in-depth discussion of the relationship between managers and the pledgor of the equity pledge,it finds that when the pledgor is the manager himself or has a kinship relationship with the manager,the management's overconfidence behavior can significantly promote the equity pledge of the major shareholders.In addition,the equity pledge of major shareholders will weaken the promotion of management overconfidence to the innovation of enterprises.
作者
黄新建
李孟珂
HUANG Xin-jian;LI Meng-ke(School of Economics and Management,Chongqing University,Chongqing 400044)
出处
《软科学》
CSSCI
北大核心
2020年第3期43-48,共6页
Soft Science
关键词
股权质押
过度自信
企业创新
亲属关系
equity pledge
overconfidence
enterprise innovation
relationship
