卖空机制对上市公司创新的影响研究——基于我国融资融券制度的自然实验  

The Effect of Short Selling Mechanism on Listed Firms' Innovation: A Natural Experiment on the Chinese Margin Trading Program

作　　者：陈怡欣[1] 张俊瑞[1] 汪方军[1] Chen Yixin;Zhang Junrui;Wang Fangjun(School of Management, Xi ＇an Jiaotong Universit)

机构地区：[1]西安交通大学管理学院

出　　处：《南开管理评论》2018年第2期62-74,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71472148);财政部会计名家培养工程项目(财政部财会【2015】14号)资助

摘　　要：资本市场如何影响实体经济,卖空机制对公司创新是否具有影响、如何影响?这是一个具有理论价值和现实意义的课题。本文以我国融资融券交易试点为背景,采用双重差分(DI D)模型,研究卖空机制对上市公司创新的影响。使用专利申请量作为公司创新的代理变量,以2006-2014年中国A股上市公司为样本,通过对比卖空机制实施前后,融资融券标的公司与非标的公司专利申请量变化的差异发现,融资融券标的公司在卖空机制实施后专利申请量显著提高;进一步分析发现,这一现象在行业产品市场竞争度较低、分析师跟进较少的公司中更为显著。实证结果表明,卖空机制具有公司治理和降低信息不对称的功能,能够增强管理层的创新动机,有效地提高标的公司的创新水平。依据研究结果,本文提出了相关的政策建议。As an important step to perfect the stock market trading mechanism, short selling was formally introduced into the Chinese stock market in March 31, 2010. Empirical evidence suggests that, as a trading mechanism that is universally implemented in developed capital markets, short selling mechanism has the function of corporate governance and mitigating information asymmetry between companies and investors. How does the capital market affect real economy？ Will short selling mechanism affect corporate innovation？ Answers to these questions have theoretical and practical significance. Based on Chinese margin trading program, this paper exploits difference-in-differences method and investigates the real effect of short selling mechanism on listed firms＇ innovation. Using the number of patent application as a proxy for innovation level and Chinese A-share listed firms＇ data during 2006-2014, we compare the difference in the change of patents application by pilot firms before and after the short selling mechanism was implemented and that of the non-pilot firms, and find that the innovation level of pilot firms increases significantly after the short selling mechanism was implemented. Further analysis reveals that this effect is more pronounced when pilot firms are in industries with lower level of product market competition, illustrating that through the function of corporate governance, the short selling mechanism can more significantly improve the innovation performance of pilot firms with higher level of agency costs. Furthermore, the effect of short selling mechanism on corporate innovation is more pronounced when pilot firms have few analysts following suit, suggesting that through the function of mitigating information asymmetry, the short selling mechanism can improve innovation performance of pilot firms with higher level of information asymmetry between investors. These results are robust to endogeneity and robustness tests. Taken together, our findings suggest that, through the function of corporate go

关 键 词：卖空机制 融资融券 上市公司 创新 

分 类 号：F279.2[经济管理—企业管理] F832.51[经济管理—国民经济]