卖空机制能促进企业全要素生产率增长吗?  

Can Short Selling Promote the Growth of Total Factor Productivity in Firms?

作　　者：李春霞 张伟 沈小波[3] Li Chunxia;Zhang Wei;Shen Xiaobo

机构地区：[1]天津财经大学金融学院 [2]天津财经大学金融科技与风险管理实验室 [3]厦门大学经济学院

出　　处：《统计研究》2020年第9期34-43,共10页Statistical Research

基　　金：国家社会科学基金一般项目“创新驱动战略下我国工业污染防治理论与政策研究”(18BJL057)。

摘　　要：提高企业全要素生产率是实现我国经济高质量发展的关键。本文在理论提出卖空机制"信息增益效应"和"压力减损效应"的基础上,采用双重差分方法实证检验卖空机制与全要素生产率增长之间的关系。研究发现,卖空交易机制显著促进了企业全要素生产率增长,具体表现为放松卖空管制后上市公司的技术、技术效率、规模效率和配置效率的变化率均有显著提升。渠道检验发现,卖空机制对全要素生产率增长的提升效应主要通过畅通信息传递、优化市场资源配置和提高公司治理水平发挥作用。此外,较之于国有企业,民营企业中卖空机制对生产率增长的促进效应表现得更为强烈。本研究推动了微观金融和宏观经济增长的融合,并为资本市场改革助力经济高质量发展战略提供了微观经验证据。To promote the growth of TFP in firms is crucial to realizing the high-quality development of China’s economy.Based on the theory of"information gain effect"and"pressure loss effect"of short-selling mechanism,we use the method of DID to explore how short selling affects the growth of TFP.The results show that short selling significantly promotes the growth of TFP.To be specific,technology change,technical efficiency change,scale efficiency change and allocation efficiency change are significantly improved after shortselling deregulation.That promotion effect is mainly ascribed to unblocking information transmission,optimizing resource allocation and improving corporate governance.Furthermore,the promotion effect of short selling on TFP growth is higher in the private firms than that in the state-owned firms.This paper consolidates the integration of micro-finance and macro-economic growth,and provides micro empirical evidence for the capital market reform fueling the strategy of high-quality economic development.

关 键 词：卖空机制 全要素生产率增长 随机前沿分析 

分 类 号：C812[社会学—统计学]