卖空对创新质量的影响——基于知识产权密集型公司的经验证据

创新驱动发展是“十四五”规划和实现2035年远景目标的主线。本文聚焦于知识产权（专利）密集型公司，基于我国卖空渐进式扩容这一准自然实验，运用多期倍分法考察了卖空对知识产权（专利）密集型公司创新质量的影响。研究发现，卖空会降低知识产权（专利）密集型公司的创新质量，并且此种影响会持续至少一年以上。进一步的渠道检验证实，卖空会加剧上市公司委托代理问题，使得经理人因卖空压力而做出不利于公司研发创新的决策，进而降低创新质量。本文从公司内部治理角度明确了卖空对知识产权（专利）密集型公司创新质量的作用路径，从“卖空压力”这一新的视角为解读我国实体企业创新发展提供了理论参考，也为我国金融改革的制度完善提供了可供参考的本土经验依据。

The Impact of Short Selling on Innovation Quality Base on Empirical Evidence of Intellectual Property-intensive Companies

In the 14th Five-Year Plan and the Long-Range Objectives Through the Year 2035, innovation-driven development is the key point during this period. With the gradual implementation of short selling, the impact of short selling on innovation quality is unclear. To empirically examine this issue, this study is based on using a sample of A-share firms of intellectual property (patent)-intensive industries and used time-varying difference in difference method. This study provides evidence The result indicate that short selling has negative effect on innovation quality, which means short selling would be reduces the innovation quality of intellectual property (patent)-intensive companies, and this effect lasts for at least a year. Moreover, the mediation test shows that short selling could exacerbate the principal-agent issue of those firms. Under the deterrence to be shorted, managers would make decisions that are not conducive to corporate innovation, leading to a reduction in the quality of innovation. This paper Further analysis clarifies the role of short selling on the innovation quality of intellectual property (patent)-intensive companies from the perspective of internal governance, which has theoretical support for analyzing the innovation and development of entity enterprises from the view of short-selling deterrence. More importantly, this study provides a local empirical evidence for the improvement of financial system in China has been provided.