卖空制度缓解企业融资约束的效果研究  

The Effects Assessment of the Short-Selling Regime in Relieving Corporate Finance Constraints

作　　者：徐枫[1] 吕纤 屈金丽 XU Feng;LV Qian;QU Jinli

机构地区：[1]中国社会科学院金融研究所 [2]中南民族大学管理学院 [3]新疆大学经济管理学院

出　　处：《金融监管研究》2025年第1期41-58,共18页Financial Regulation Research

基　　金：国家社会科学基金一般项目“银行竞争、卖空机制与企业融资约束研究”(21BGL084)的资助。

摘　　要：缓解企业融资约束对于提升企业技术水平和促进国家科技创新的重要性不言而喻。本文以2010—2022年沪深A股上市公司为研究样本,从卖空交易强度视角实证研究了卖空制度缓解企业融资约束的效果。研究结果发现,随着卖空交易强度的增加,企业融资约束缓解效果更趋显著。机制分析发现,降低银企之间信息不对称和抑制借款企业财务风险是卖空制度缓解企业融资约束的重要路径。异质性检验发现,卖空制度缓解企业融资约束的有效性在外部融资依赖度高的行业和国有企业中更明显。不过,卖空制度的有效性受限于股市运行环境和制度的完善性,仅在非股市异常波动时期和制度较为完善的情况下才能有效缓解企业融资约束。进一步研究表明,卖空制度在扩大企业融资规模和减少企业债务违约方面也具有积极作用。此外,银行业联合授信制度与卖空制度已形成积极的联动效应,也有效增强了卖空交易缓解企业融资约束的效果。The importance of alleviating corporate financing constraints for enhancing corporate technology levels and promoting national technological innovation is self-evident.This paper utilizes China'A-share listed companies from 2010 to 2021 as the research sample to empirically assess the policy effects of short-selling regime in alleviating corporate financing constraints from the perspective of short selling intensity.We find that the greater the intensity of short selling,the more it can alleviate corporate financing constraints.Mechanism analysis indicates that reducing corporate information asymmetry and financial risk are the two important mechanisms for short selling to alleviate corporate financing constraints.Heterogeneity tests show that the policy effect of short selling regime to alleviate corporate financing constraints is more significant in industries with high dependence on external financing and stateowned companies.However,the effectiveness of short selling is limited by the operating environment of the stock market and the sophistication of the system,and only alleviates corporate financing constraints during periods without abnormal market volatility and when the system is more sophisticated.Further research finds that the positive effects of the short selling also exist on companies'loan sizes and the debt default risks.In addition,the joint credit policy of the banking industry has formed positive linkage effects with the short selling,which effectively enhances the effectiveness of short-selling transactions in alleviating corporate financing constraints.

关 键 词：卖空制度 融资融券 企业融资约束 

分 类 号：F832.5[经济管理—金融学] F425