卖空机制、盈余管理与公司投资效率

本文针对我国证券市场引入融资融券交易制度这一特殊的自然实验,以2006~2015年我国A股上市公司为样本,通过建立双重差分模型研究放松卖空管制对上市公司非效率投资的治理效应及其影响机制.结果发现:卖空机制通过抑制公司的盈余管理提高了公司的投资效率;相对于治理质量较高的公司,卖空机制对治理质量较低公司投资效率的影响更为显著.本文研究对进一步深化我国证券交易市场改革,提高公司投资效率,实现金融资源的优化配置具有借鉴意义.

Short Selling,Earnings Management and Investment Efficiency

Based on the special natural experiment of the Securities Margin Trading and margin program in China, this paper studies the governance effect of short selling on companies'investment efficiency and its influencing mechanism by estab-lishing difference-in-difference model and using the data from Chinese securities market and annual reports of listed companies from 2006 to 2015. The result shows that short selling will increase the investment efficiency by reducing earnings manage-ment. At the same time, short selling has a more significant impact on the investment efficiency in companies with lower gov-ernance quality than the ones with higher governance quality. This paper will help to deepen the reform of Chinese securities market, improve the efficiency of corporate investment,and realize the optimal allocation of financial resources.