Equity Pledge and Total Factor Productivity under the Background of Digital Economy

DOI

10.2991/978-94-6463-042-8_7How to use a DOI?

Keywords

Digital Economy; Equity Pledge; Total Factor Productivity

Abstract

In the process of economic globalization, the digital economy is the only way for China to transform from big to strong. The high-quality development of the digital economy has become an important means of changing the economic and social development model. Under the background of digital economy, this paper takes A-share listed companies in China's capital market from 2011 to 2020 as samples, and empirically tests the relationship between controlling shareholders' equity pledge and total factor productivity by using STATA15.0. It is found that the equity pledge significantly reduces the total factor productivity of the listed companies. The higher the equity pledge of the controlling shareholder, the easier it is to encroach on the interests of the listed company or other shareholders, and reduce the total factor productivity of the company. The conclusion is helpful for the listed companies and regulators to have a more comprehensive understanding of the economic consequences of equity pledge.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Yangyang Tian
PY  - 2022
DA  - 2022/12/29
TI  - Equity Pledge and Total Factor Productivity under the Background of Digital Economy
BT  - Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)
PB  - Atlantis Press
SP  - 34
EP  - 39
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-042-8_7
DO  - 10.2991/978-94-6463-042-8_7
ID  - Tian2022
ER  -