控股股东股权质押压力与企业创新粉饰

控股股东股权质押已经成为资本市场的重要现象，如何全面理解股权质押是学术界的焦点。区别于以往研究仅关注质押数量，文章基于手工整理的初始质押股票价格，度量股权质押压力，研究其对创新“粉饰”的影响。以2008—2018年A股上市公司为样本，本文研究发现，股权质押压力越大，企业通过创新粉饰提升股价的现象越严重；在平仓风险更高、企业经营压力越大时，股权质押压力对创新粉饰的影响更强。文章从一个全新的视角分析股权质押的重要影响，为纾解股权质押风险、推动创新强国建设提供政策依据。

Controlling Shareholders‘ Share Pledging Pressure and Corporate Innovation Whitewashing

The controlling shareholders' share pledge has become an important phenomenon in the capital market. How to fully understand the share pledge is the focus of academic circles. Different from the previous studies which only focus on the quantity of pledge, based on the initial pledge stock price collected by hand, this paper measures the pressure of share pledge and conducts researches in its influence on innovation whitewashing. Using listed companies from 2008 to 2018, we conclude the bigger the pressure of share pledge, the more serious the enterprise innovation whitewash. When the risk of closing positions is higher and the pressure of enterprise operation is greater, the impact of share pledge pressure on innovation whitewash is stronger. From a different view, this paper analyzes the important role of share pledge, which provides a policy basis for solving the risk of share pledge and supporting the establishment for an innovative country.