融资融券对企业多元化经营的影响研究  

Research on the Impact of Margin Trading System on Firm Diversification

作　　者：张梓瑶 覃家琦 谢雁翔 杨玉晨[1,3] ZHANG Ziyao;QIN Jiaqi;XIE Yanxiang;YANG Yuchen(Nankai University,Tianjin,China;City University of Hong Kong,Hong Kong,China)

机构地区：[1]南开大学商学院 [2]南开大学金融学院 [3]香港城市大学商学院,中国

出　　处：《管理学报》2023年第9期1398-1408,共11页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71772091)。

摘　　要：以2007~2019年非金融上市企业为样本,实证检验融资融券制度对企业多元化经营的影响。研究表明,融资融券制度显著抑制企业多元化经营,尤其是非相关多元化经营;机制分析显示,融资融券制度能发挥外部治理作用和融资作用,通过降低代理成本、缓解高管过度自信和融资约束抑制企业多元化经营。异质性分析发现,融资融券制度的抑制作用对具有较少冗余资源和处于较高市场竞争强度的企业更为明显,且融资机制与融券机制均抑制企业多元化经营。经济后果检验表明,融资融券制度正向调节了企业多元化经营与企业价值之间的关系。Using the data of non-financial listing firms from 2007 to 2019,this study empirically tests the impact of the margin trading system on the firm diversification.This study finds that the margin trading system can inhibit the firm diversification,especially non-related diversification.The mechanism analysis shows that margin trading system can play a role in external governance and financing by reducing agency costs,alleviating executives’overconfidence and financing constraints.Heterogeneity analysis shows that for the firms with less redundant resources and in the higher competition environment,the margin trading system can inhibit the diversification more significantly;both the financing and the securities lending mechanism inhibit the diversification.The economic consequence test finds margin trading system positively regulates the relationship between firms’diversification and their values.

关 键 词：融资融券 多元化经营 代理成本 融资约束 

分 类 号：C93[经济管理—管理学]