Impact of share pledging by controlling shareholders on firm value in the context of China's tightened regulatory reforms

被引：0
|
作者：
Su, Zili [1 ,2 ]
Alexiou, Constantinos [3 ]
机构：
[1] Cent Univ Finance & Econ, Sch Finance, Beijing 100081, Peoples R China
[2] Tilburg Univ, TIAS Sch Business & Soc, Tilburg, Netherlands
[3] Cranfield Univ, Cranfield Sch Management, Cranfield, Beds, England
来源：
ACCOUNTING AND FINANCE | 2023年 / 63卷
关键词：
firm value; R&D; regulatory reforms; share pledging; CASH FLOW; STOCK; INNOVATION; OWNERSHIP; EQUITY; RISK;
D O I：
10.1111/acfi.12997
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effect of the 2018 regulatory reforms of share pledging by a controlling shareholder on firm value in China. Using a dataset spanning the period 2015 to 2020, we provide robust results suggesting that tighter regulations effectively reduce firms' crash risk, relax financial constraints, reduce bankruptcy risk, and mitigate the controlling shareholder expropriation of minority shareholders' wealth via tunnelling. Additionally, controlling shareholders, by investing more pledged funds in the listed firm after reforms, foster capital investment and R&D expenditure, which benefit firm growth and competitiveness and ultimately increase firm long-term value.
引用
收藏
页码：2847 / 2874
页数：28
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