放松卖空管制与企业社会责任——基于融资融券制度的准自然实验  

Deregulation of Short Selling and Corporate Social Responsibility:A Quasi-Natural Experiment Based on the Securities Margin Trading System

作　　者：孙泽宇 齐保垒[1] SUN Ze-yu;QI Bao-lei(Xi'an Jiaotong University,Xi'an 710049,China)

机构地区：[1]西安交通大学管理学院

出　　处：《当代财经》2020年第2期125-137,共13页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“签字注册会计师社会资本与审计行为研究：理论分析与经验证据”(71502134)

摘　　要：基于融资融券制度的准自然实验,以2008—2015年沪深A股上市公司为样本,运用双重差分模型研究了融资融券制度对企业社会责任的影响及其内在机理。研究发现:融资融券制度通过治理机制和信息机制能显著提升标的公司的社会责任绩效;卖空机制对融资融券标的公司社会责任绩效的影响在管理层持股比例高和媒体关注度低的公司中更显著。进一步研究发现:融券制度显著能提升标的公司的社会责任绩效,但融资制度对企业社会责任绩效的影响并不显著。Based on the quasi-natural experiment of the securities margin trading system,taking the 2008-2015 A-share listed companies in Shanghai and Shenzhen as samples,this paper employs the dual difference model to study the impact of the securities margin trading system on corporate social responsibility and its internal mechanism.The findings show that the securities margin trading system can significantly improve the social responsibility performance of the target companies through the governance mechanism and the information mechanism.The impact of the short selling mechanism on the corporate social responsibility performance of the target companies of securities margin trading is more significant in the companies with higher proportion of management shareholding and lower media attention.Further research findings indicate that the margin trading system can significantly improve the social responsibility performance of the tarpet companies,but the impact of the financing system on the corporate social responsibility performance is not significant。

关 键 词：融资融券制度 企业社会责任 治理机制 信息机制 

分 类 号：F275.5[经济管理—企业管理]