融资融券能够促进企业绿色创新吗?  

Can Margin Trading and Short Selling Promote Green Innovation of Enterprises?

作　　者：伍格致 游达明[1] WU Gezhi;YOU Darning(School of Business,Central South University,Changsha 410083,China)

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《中国软科学》2022年第4期172-182,共11页China Soft Science

基　　金：国家自然科学基金项目(71974209)。

摘　　要：使用2007—2019年中国上市公司的面板数据,以中国的融资融券限制放宽为准实验研究的基础,构建双重差分模型来分析融资融券交易是否会鼓励企业进行绿色技术创新活动。首先,研究表明在实施融资融券交易制度后,标的公司的绿色技术创新数量将显著增加,而标的企业绿色创新的质量并无显著变化。其次,认为卖空威胁是标的企业提升绿色技术创新数量的主要原因,而代理问题和激励与动力机制存在缺陷是融资融券机制没有显著促进标的企业绿色技术创新质量的主要原因。最后,研究发现多个政策环境因素将影响政策在促进标的企业绿色技术创新数量中的作用。Based on the panel data of Chinese listed companies from 2007 to 2019 and the relaxation of margin trading and short selling restrictions in China, this paper constructs a double difference model to analyze whether margin trading and short selling will encourage enterprises to carry out green technology innovation activities. Firstly, the research shows that after the implementation of the margin trading and short selling, the number of green technology innovation of the target company will increase significantly, while the quality of green innovation of the target enterprise will not change significantly. Secondly, we believe that the short selling threat is the main reason for the target enterprise to improve the number of green technology innovation, and the agency problem and the defects of incentive and motivation mechanism are the main reasons why the margin trading and short selling mechanism does not significantly promote the quality of green technology innovation of the target enterprise. Finally, we found that multiple policy environmental factors will affect the role of policies in promoting the number of green technology innovation of target enterprises.

关 键 词：融资 绿色创新数量 绿色创新质量 卖空 企业绿色创新 

分 类 号：F832.0[经济管理—金融学]