放松卖空管制的信息披露治理效应研究——基于会计稳健性的视角  

The Information Disclosure Governing Effect of Releasing Short Sale Regulation:Perspective from Accounting Conservatism

作　　者：李晓东[1] 李占领[2] Xiaodong Li;Zhanling Li

机构地区：[1]郑州航空工业管理学院学报编辑部、会计与财务研究中心 [2]郑州航空工业管理学院会计学院

出　　处：《会计论坛》2016年第2期3-19,共17页Accounting Forum

基　　金：教育部人文社会科学青年基金项目(14YJC790085);郑州航院研究生教育创新计划基金项目(2015CX001)

摘　　要：我国自2010年3月31日开始实施融资融券交易制度，分4批共计扩容了近900支融券标的股，本文借助这一良好的准自然实验研究契机，利用双重差分模型，研究了融券交易对上市公司会计稳健性的影响。研究发现：在上市公司股票入选融券标的股后，公司的会计稳健性水平具有显著提高，这意味着，公司管理层为避免卖空交易加剧坏消息对股价的冲击，主动采取了更为及时的坏消息确认策略；进一步研究发现，我国融券交易实践中，拥有较高会计稳健性水平的上市公司，其股票也确实表现出更低的卖空吸引力。以上结论表明，中国资本市场中这项新型交易制度已经传导至上市公司管理层的相关决策，对公司管理层的信息披露行为表现出了明显的外部治理作用。The margin transactions institution has been implemented since March31,2010in China.Almost900securities were added into the stock market successively over four batches.Taking a good quasi-experimental research opportunity and using differencein-difference model,this paper examines how short sale affects accounting conservatism of listed companies.We find that the accounting conservatism level of listed companies has been significantly improved after the stock selection.The managements of company are more active in taking actions to confirm the bad news timely to avoid the shock of stock by the disclosure of bad news during the short sale period.Further research finds that the higher accounting conservatism level a listed company has,the lower short sale attraction their shares have.These conclusions show that the new trading system of Chinese capital market has been an influential factor of relevant decision-making department of listed companies,which plays an obvious external governance part in listed companie's information disclosure.

关 键 词：卖空交易 融资融券 信息披露 会计稳健性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]