中国式卖空机制与公司创新——基于融资融券分步扩容的自然实验

发布时间：2018-02-24 08:33

本文关键词： 融资融券制度卖空机制公司创新企业价值　出处：《管理世界》2017年01期 　论文类型：期刊论文

【摘要】：本文基于双重差分模型,以我国融资融券标的股票分步扩容为自然实验事件,系统考察了卖空机制对公司创新行为的影响效应及其价值机理。研究发现,融资融券制度的实施并没有显著影响公司的创新投入,却显著提升了公司的创新产出,表明融资融券制度具有"创新激励效应",能够显著提升公司的创新效率。其次,融资融券制度的"创新激励效应"在信息不透明公司、低管理层权力公司及垄断程度强行业表现地更加显著。最后,融资融券制度的实施能够通过创新渠道产生滞后的"价值提升效应"。本文结论总体证实,中国式卖空机制(融资融券制度)的实施符合"约束假说"而非"压力假说",卖空机制具有显著的创新激励效应和价值提升效应。
[Abstract]:Based on the double difference model, this paper systematically studies the effect of short selling mechanism on the innovation behavior of companies and its value mechanism, taking the gradual expansion of the underlying stocks of margin and margin in China as the natural experimental event. The implementation of margin and margin system has no significant impact on the innovation input of the company, but has significantly promoted the innovation output of the company, which indicates that the margin and margin system has the "innovation incentive effect", which can significantly improve the innovation efficiency of the company. The "innovation incentive effect" of margin financing system is more significant in information opaque companies, low management power companies and strong monopoly industries. The implementation of margin and margin system can produce a lagging "value enhancement effect" through innovative channels. The implementation of Chinese short selling mechanism (margin and short selling system) accords with "constraint hypothesis" rather than "pressure hypothesis", and short selling mechanism has significant innovative incentive effect and value enhancement effect.
【作者单位】：苏州大学东吴商学院;
【基金】：国家自然科学基金重点项目(71132004)、国家自然科学基金青年项目(71302121、71402120) 江苏省社会科学基金项目(14EYC007) 江苏省软科学基金项目(BR2016014) 财政部“全国会计领军(后备)人才(学术类)培养项目” 江苏省首届“青年社科英才” 江苏省高校“青蓝工程”优秀青年骨干教师人才项目的资助
【分类号】：F832.51

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