融资融券制度与公司内部人减持——一种市场化治理机制的探索  

Margin Trading Program and Insiders’ Stock Selling:Exploration of Market-Oriented Governance Mechanism

作　　者：黄俊威 Huang Junwei

机构地区：[1]清华大学经济管理学院

出　　处：《管理世界》2020年第11期143-159,232,共18页Journal of Management World

摘　　要：内部人减持一直是市场关注的焦点,由此产生的市场波动和财富转移更是引发社会各界的广泛热议。出于保护投资者权益、维护市场稳定的需要,有关部门出台相应法律法规来监管内部人减持,虽有成效,但问题仍旧严重。为此,本文立足我国融资融券制度实施这一标志性事件,尝试探寻一种市场化的治理机制,为监管内部人减持提供新的视角。研究发现:融资融券制度的实施能够显著抑制内部人的减持行为,且具有较高的经济显著性。在经过一系列稳健性测试后,该结论依然成立。机制检验证实,融资融券制度会通过增大内部人减持成本和降低内部人自利倾向,对内部人减持产生抑制作用。进一步研究发现,该制度在治理清仓式减持方面具有显著效果,且不同的市场行情并不会影响该制度治理效应的发挥。在区分减持动机的检验中发现,融资融券制度一方面会对自利动机的减持行为产生显著的治理作用,而另一方面也可能制约一些非自利的减持活动。此外,本文发现该制度在减持大年依然具有显著的治理效果。综上表明,融资融券制度是一种有效应对内部人减持的市场化治理机制,这为进一步深化金融改革、完善资本市场交易体系提供了证据支持,也对国家在优化减持制度方面具有一定的启示意义和参考价值。The behavior of insiders's tock selling has always been the focus of China's capital market,and the resulting mar­ket fluctuations and wealth transfers have caused widespread heated discussion in all sectors of society.Out of the need to protect the rights and interests of investors and maintain market stability,relevant departments have issued corresponding laws and regulations to supervise the behavior of insiders'slock selling.Although effective,the prob­lem is still serious.Therefore,based on the landmark event of the implementation of China's Margin Trading Pro­gram,tfiis paper attempts to explore a market-oriented governance mechanism for the supervision of insiders'stock selling.The study found that the implementation of the Margin Trading Program can signifirantly suppress the behav­ior of insiders'stock selling of the target enterprises,and has a high economic'significanre.The result is robust after a series of tests.Channel inspection confirms that the Margin Trading Program has an inhibitory effect on insiders'stock selling by improving the cost of stock selling and reducing the self-interest tendency of insiders.Further analy­sis found that the Margin Trading Program has a significant effect on the management of clearance reduction,and dif­ferent market conditions will not affect the play of the governance role of the Margin Trading Program.When investi­gating the motivation of insiders'stock selling,it is found that the Margin Trading Program has a governance role on the behavior of insiders'stock selling with self-interested motives,hut it may also restrict some non-self-interested behaviors.In addition,the paper found that the Margin Trading Program has a significant governance effect in the year of insiders selling stock frequently.In conclusion,the Margin Trading Program is a market-oriented governance mechanism to effectively deal with insiders'stock selling,which provides evidence support for further deepening the financial reform and improving the trading system of the capital market,an

关 键 词：融资融券 内部人减持 市场化治理 减持成本 自利倾向 

分 类 号：F832.51[经济管理—金融学]