融券卖空机制、内控管理能力与资本结构动态调整  

Short selling mechanism of securities lending,internal control management capability and dynamic adjustment of capital structure

作　　者：王晓艳[1] 宋志文 

机构地区：[1]天津商业大学

出　　处：《价格理论与实践》2021年第9期137-141,共5页Price:Theory & Practice

基　　金：国家社会科学一般项目“混业经营下中国交叉性金融风险的识别、度量及预防研究”(项目编号:20BJY240)。

摘　　要：股票市场的融券卖空机制,作为信用交易的一种,对增加股票市场流动性、防范风险、稳杠杆至关重要。本文以2007-2019年我国A股上市公司为样本,研究股票市场的融券卖空机制对上市公司资本结构动态调整的作用机理。采用双重差分模型和面板固定效应方法研究发现,融券卖空机制的引入加快了上市公司实际资本结构向其目标资本结构调整的速度;进一步利用分布回归法和Bootstrap中介效应检验方法,发现内控管理能力在股票市场的融券卖空机制与资本结构动态调整之间发挥显著的中介效应。本文通过内控管理能力将融券卖空机制与上市公司资本结构有机联系起来,从资本结构动态调整视角考察融券卖空机制的价值效应,进一步研究其影响路径,对于理解资本市场监督机制对上市公司资本结构调整的影响路径方面有重要意义。The short selling mechanism of securities lending in the stock market, as a type of credit transaction, is crucial to increasing the liquidity of the stock market, preventing risks and stabilizing leverage. This paper takes my country’s A-share listed companies from 2007 to2019 as a sample to study the mechanism of the short selling mechanism of securities lending in the stock market on the dynamic adjustment of the capital structure of listed companies. Using the double-difference model and panel fixed effect method, it is found that the introduction of the short selling mechanism of securities lending accelerates the adjustment of the actual capital structure of the listed company to its target capital structure;further using the distribution regression method and the Bootstrap intermediary effect test method, it is found that the internal control management Capability plays a significant mediating effect between the short selling mechanism of stock market and the dynamic adjustment of capital structure. This paper organically links the short-selling mechanism of securities lending and the capital structure of listed companies through the ability of internal control management, examines the value effect of the short-selling mechanism of securities lending from the perspective of dynamic adjustment of capital structure, and further studies its influence path. The impact path of the company’s capital structure adjustment is of great significance.

关 键 词：融券卖空机制 资本结构动态调整 内部控制 

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