共查询到19条相似文献,搜索用时 47 毫秒
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不同于以往基于制度监管或内部治理视角的研究,本文从市场化治理视角探讨了卖空机制对公司违规行为的影响效应.采用部分可观测Bivariable Probit模型和双重差分模型实证发现,卖空机制显著降低了标的公司的违规倾向,提升了违规稽查概率,且缩短了违规稽查时间.同时,标的公司违规发生年份的融券力度明显增加,这表明卖空者确实具有信息优势且对违规行为更为敏感.机制检验揭示,卖空机制通过治理效率和信息效率两条路径对违规行为发挥双重治理作用,即卖空机制强化了内部治理中大股东和独立董事对违规行为的监督干预,从而抑制了事前违规倾向;同时也增加了资本市场中的分析师关注及违规负面信息传播效率,进而提升了事后违规稽查概率.本文还发现,卖空机制的违规治理效果受到违规监管环境(法制监管、内部控制和行业违规)和标的公司个体特征(公司成长性、市值规模和股价波动性)的调节作用影响. 相似文献
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基于中国2010年实施融资融券制度的背景,利用分批扩容的准自然实验环境,检验卖空制度对企业融资的影响。结果发现:卖空制度的引入对企业外源融资能够起到抑制作用,这来源于外部治理作用所带来的过度融资的减少、市场信息反馈效应所带来的企业融资——股票价格敏感度的提升,以及融资成本的提高。进一步分析发现,企业外源融资的减少是有效率的,能够提高企业资源配置效率,促进资本结构动态调整。因此,卖空制度有助于抑制企业的过度融资,提高企业资源配置效率,对资本市场的稳定运转和完善大有裨益。 相似文献
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公司财务管理的目标是实现股东财富最大化,股东财富在很大程度上体现为资本市场中股票的价格。在资本市场成为上市公司的主要融资渠道的今天,资本市场的反映功能和纠正功能在公司治理体系中扮演着重要的角色。以下主要从卖空机制与公司治理间的关系进行探讨。 相似文献
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公司财务管理的目标是实现股东财富最大化,股东财富在很大程度上体现为资本市场中股票的价格。在资本市场成为上市公司的主要融资渠道的今天,资本市场的反映功能和纠正功能在公司治理体系中扮演着重要的角色。以下主要从卖空机制与公司治理间的关系进行探讨。 相似文献
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中国资本市场于2010年3月31日正式放开卖空管制,投资者可以对特定的股票进行卖空。放松卖空管制后,大股东如果继续侵占公司利益,投资者可通过卖空公司股票对大股东进行制衡。当卖空导致的股价下跌损失大于大股东侵占现金的收益时,现金资产被侵占的可能性降低,现金价值会有所提升。本文采用2007-2014年的中国上市公司为样本,借助放松卖空管制这一外生事件检验了这一问题,研究发现,放松卖空管制提高了公司的现金价值,并且这一影响主要体现在第一大股东持股比例较高的民营企业样本。 相似文献
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在缺乏股票卖空机制的情况下,能否推出股指朔货?本文着重分析全球主要市场推出股指期货和建立股票卖空机制的时间关系,认为不应夸大股票卖空机制的实际作用,强调股票卖空机制不是推出股指期货的前提条件,并且可以考虑先推出股指期货再建立股票卖空机制。 相似文献
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Short Selling Pressure,Stock Price Behavior,and Management Forecast Precision: Evidence from a Natural Experiment 下载免费PDF全文
Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining the current level of stock prices is an important consideration in managers’ strategic disclosure decisions. 相似文献
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This article provides empirical evidence on the relevance of structures central to Western models of corporate governance in mitigating management misconduct in Thailand. We find no evidence supporting the effectiveness of Western-based corporate governance structures such as board independence, audit committee effectiveness, and separating the roles of CEO and Board Chair in limiting management misconduct. However, we do find evidence supportive of independent directors with more experience and longer tenure, the presence of institutional ownership, and concentrated controlling ownership in limiting management misconduct. This provides some support for the validity of resource dependency theory in an emerging economy setting. 相似文献
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Despite its sizeable compliance costs, we are unable to document any clear benefits of SEC Rule 201 in ensuring fair valuations and price stability, promoting higher liquidity and execution quality, or preventing a sudden flash crash or prolonged market crises. Our daily and intraday analysis of data both before and after Rule 201 finds that short sellers are naturally more active before the occurrence of negative returns, not after significant price declines. Our simulation results show that Rule 201 further curtails short selling during normal periods, but is not binding on short sellers during the volatile period of the 2008 financial crisis. 相似文献
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We examine whether more effective boards in terms of size, experience, shareholding and independence, as discussed in the 2010 UK Corporate Governance Code, limit excessive short‐term risk taking or short‐termism. We use a state‐of‐the‐art asset pricing model that enables the disentangling of short‐term risk (related to short‐term returns) and long‐term risk (related to long‐term returns), and use the former as a proxy for short‐termism, where the short‐term component not only represents the time horizon for which we are interested but also the risk that is not related to fundamentals. We examine 916 firms in the UK over a possible horizon of 18 years, January 1992–December 2010, and find that more effective boards are associated with lower levels of short‐term risk and this result is robust to various types of short‐term risk (overall, downside) and specifications. 相似文献
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关于建立融券卖空机制对股市影响的分析 总被引:2,自引:0,他引:2
通过对股价涨跌、波动幅度和成交量的对比分析,可以发现融券卖空机制的引入有利于完善证券市场的价格发现机制,增强证券公司的盈利能力,丰富投资者的投资选择。在进一步增强证券的可融性,降低中国股市的系统性风险和控制监管漏洞与异常交易的基础上,中国股市建立融券卖空机制的现实条件已基本具备。 相似文献
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Brickman David M. Hendershott Patric H. 《The Journal of Real Estate Finance and Economics》2000,21(2):153-174
When interest rates decline, borrowers whose houses have appreciated significantly refinance out of FHA, while those whose houses have not do not. We provide evidence of the negative impact of regular (nonstreamline) refinancing in the mid-1980s on the average quality of FHA's surviving business. We demonstrate this adverse selection both informally and econometrically. We also argue that the sharp reduction in the cost of streamline refinancing (limited documentation, no required appraisal, and so on) in FHA's streamline refinance program in 1992 likely reduced the level of adverse selection in the FHA portfolio during the 1993 to 1994 refinancing boom, and we provide quantitative estimates of the resultant reduction in claim rates. While this reduction in cost almost certainly increased the financial viability of FHA during the middle 1990s, it may not in the long run. 相似文献
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Earnings quality and short selling: Evidence from real earnings management in the United States 下载免费PDF全文
KoEun Park 《Journal of Business Finance & Accounting》2017,44(9-10):1214-1240
Prior research provides evidence consistent with managers using real earnings management (REM) to increase earnings. This study examines whether short sellers exploit the overvaluation of firms employing REM. I find that firms with more REM have higher subsequent short interest. The positive relation between REM and short interest is more pronounced in settings where the costs associated with accrual‐based earnings management are high, such as when a firm has low accounting flexibility or faces greater scrutiny from a high quality auditor. I also find some evidence that short sellers respond to REM more than to other fundamental signals of firm overvaluation. My inferences are robust to the use of propensity score matching. Collectively, my evidence suggests that short sellers not only trade on REM information, but they also trade as if they understand the substitutive nature of alternative earnings management methods. This study provides additional insight into the important role that short sellers play in monitoring managerial operating decisions and overall earnings quality. 相似文献
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Financial systems of industrialised countries are usually classified as being either capital market- or bank-dominated. This paper tries to shed some light on the validity of this distinction. In order to do this, it analyses two specific roles of the financial sector vis-à-vis the enterprise sector: the role of financing or funding business and the role of capital markets and banks, respectively, in the context of corporate governance. Our analysis of the relevant findings in the literature shows that financing patterns are quite similar between countries, while corporate governance systems are quite dissimilar. The paper discusses how these divergent findings could be made compatible with existing theories and what implications they may have for the question of whether there is a tendency for corporate governance systems in different countries to become as similar as corporate financing patterns seem to be. 相似文献