卖空对企业创新产出影响的实证检验

发布时间：2018-02-24 13:02

本文关键词： 卖空企业创新公司治理所有权　出处：《统计与决策》2017年09期 　论文类型：期刊论文

【摘要】：文章使用2006—2015年的中国上市公司数据,依托2010年中国资本市场引入的融资融券试点,实证检验卖空机制对企业创新产出的影响以验证卖空的外部治理作用。结果发现,在加入融券标的后,卖空标的公司的创新数量和创新质量都有显著提升;而且这种促进作用在国有企业中表现得更加明显,证明卖空机制能有效发挥外部治理作用并影响企业行为。逐步放开卖空限制、鼓励金融创新是增强资本市场和实体经济联动效应的关键。
[Abstract]:Based on the data of Chinese listed companies from 2006 to 2015, this paper empirically tests the effect of short selling mechanism on the innovation output of enterprises to verify the external governance role of short selling, relying on the pilot financing and short selling introduced in China's capital market in 2010. The number and quality of innovation of the short selling companies have improved significantly after joining the short selling bonds, and the promotion effect is more obvious in the state-owned enterprises. It is proved that the short selling mechanism can play an effective role in external governance and affect the behavior of enterprises. Gradually liberalizing the restrictions on short selling and encouraging financial innovation are the key to strengthen the linkage effect between capital market and real economy.
【作者单位】：中南财经政法大学金融学院;
【分类号】：F273.1;F832.51

【相似文献】