Equity Pledges, Corporate Social Responsibility and R&D Investment

Using the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019, we explore the mechanism of the influence of equity pledges on corporate R&D investment, and further examine the moderating effect of corporate social responsibility and strategic corporate social responsibility on the relationship between the two. The results of the study show that equity pledges inhibit corporate R&D investment; corporate social responsibility can mitigate the negative impact of equity pledges on R&D investment, and this moderating effect of strategic corporate social responsibility is more significant.