放松卖空管制与企业投资效率——来自中国资本市场的经验证据  

Deregulation on Short Sale Constraint and Investment Efficiency——Evidence from China Stock Market

作　　者：王仲兵[1] 王攀娜 Wang Zhongbing;Wang Parma

机构地区：[1]北京工商大学商学院,100048 [2]重庆理工大学会计学院,400054

出　　处：《会计研究》2018年第9期80-87,共8页Accounting Research

基　　金：北京市社会科学基金项目(14JGB035);北京工商大学两科基金培育项目(LKJJ2015-05);重庆市教委人文社科项目(17SKG173)资助

摘　　要：利用中国资本市场2010年启动卖空机制的准自然实验,本文构造双重差分模型检验得到,放松卖空管制提升企业投资效率,具体来看抑制企业过度投资、缓解投资不足;大股东持股比例较高和面临市场卖空压力更大样本,放松卖空管制提升企业投资效率更为显著。进一步分析得到,放松卖空管制提升企业投资效率具有正向价值效应。研究发现卖空机制通过股价压力传导增加了大股东监管管理层的动机,降低企业非效率投资。本文对于理解放松卖空管制对企业投资行为的影响以及企业投资效率的影响因素具有意义,所得结论有助于政策制定者和投资者了解和评价中国放松卖空管制的经济后果。Using the quasi-natural experiment of the short selling mechanism launched by the Chinese capital market in 2010, this study constructs the double difference model test to obtain, deregulation on short sale constraint to improve the investment efficiency of the enterprise, specifically to curb the excessive investment of the enterprise and alleviate the insufficient investment ; Deregulation on short sale constraint to improve the efficiency of invest- ment of enterprises is even more remarkable in the higher share of major shareholders and face of the greater short selling pressure in the market. The fur- ther analysis shows that the relaxation of short selling regulation has positive value effect to improve the investment efficiency of enterprises. The study finds that the short selling mechanism increases the motivation of the major shareholders to supervise management through the pressure of stock price, and re- duces the enterprise＇s inefficient investment. This study is meaningful to understand the impact of deregulation on short sale constraint on the investment behavior of enterprises and the factors affecting the investment efficiency of enterprises. The conclusions are helpful for policy makers and investors to un- derstand and evaluate the economic consequences of short selling deregulation in China.

关 键 词：放松卖空管制 投资效率 卖空压力 

分 类 号：F832.51[经济管理—金融学] F275