卖空交易机制在我国具有会计信息的外部治理作用吗——基于首批融资融券试点标的股的检验

发布时间：2018-03-18 19:33

本文选题：卖空交易　切入点：融资融券　出处：《会计之友》2013年35期 　论文类型：期刊论文

【摘要】：2011年中国23家海外上市公司因会计信息"瑕疵"受到"卖空袭击",导致股价大跌,这表明在允许卖空的资本市场中,会计信息的市场环境不同于"单边市"市场,"信息瑕疵"本身也是一种投资机会,并且股价往往会放大对负面消息的反应。因此,上市公司管理层应审慎对待市场环境的变化,规范信息披露行为,尽可能避免公司受"卖空袭击"而带来的市值损失。基于中国证券市场首批融资融券试点标的股数据研究发现,我国上市公司信息披露行为并未充分考虑卖空交易机制对市场环境带来的影响,融资融券标的股上市公司会计信息质量与其他上市公司无显著差别。这可能有两个方面的原因:一是我国卖空机制试点期间尚存在较为严格的卖空约束,二是上市公司管理层对卖空风险反应不足。
[Abstract]:In 2011, China's 23 overseas listed companies were hit by "short selling" because of "flaws" in accounting information, leading to a sharp fall in their share prices, indicating that in the capital markets that allow short selling, The market environment of accounting information is different from that of "one-sided market", and "information defect" itself is also an investment opportunity, and the stock price often amplifies the reaction to negative news. Therefore, the management of listed company should treat the change of market environment with caution. To regulate information disclosure and to avoid as much as possible the loss of market value caused by the "short selling attack". Based on the research on the stock data of the first batch of stock financing and short selling target in China's securities market, The information disclosure behavior of listed companies in China has not fully considered the impact of short selling mechanism on the market environment. There is no significant difference between the quality of accounting information of listed companies and other listed companies. There may be two reasons for this: first, during the trial period of short selling mechanism in China, there are still relatively strict short selling constraints. Second, the management of listed companies to short-selling risk response is inadequate.
【作者单位】：郑州航空工业管理学院会计学院;
【基金】：教育部人文社科项目“资本市场中会计信息的定价功能研究”(10YJC790148) 河南省青年骨干教师项目(2010GGJS-144)的阶段性研究成果
【分类号】：F271;F832.51

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