放松卖空管制加剧企业短贷长投了吗

Could Short-selling Deregulation Affect Corporate’s Maturity Mismatch?

探究我国企业“短贷长投之谜”对于防范债务风险以及维护金融系统稳定具有重要意义,但鲜有研究从资本市场制度展开,本文则尝试从卖空制度进行补充。以我国2007-2019年A股非金融上市公司作为研究样本,本文采用双重差分模型,发现放松卖空管制加剧了企业的短贷长投行为。机制分析表明,放松卖空管制带来的潜在风险会减少企业的长期融资,企业为了不放弃好的投资机会,最终被迫选择采用短期资金为长期项目提供支持,即短贷长投加剧。进一步地,这一加剧效应在投资者事前风险调整动机较大以及企业投融资需求较高的样本中更显著。此外,本文还从事后卖空交易进行了检验,得出了类似的结论。本文的研究不仅补充了放松卖空管制经济后果和企业短贷长投影响因素的相关研究,还为监管当局进一步优化两融制度、及时防范微观债务风险提供了新思路。

Exploring the“maturity mismatch”puzzle in Chinese enterprises is crucial for mitigating debt risk and maintaining financial system stability.However,few studies have approached this issue from the perspective of capital market regulations.This paper aims to fill this gap by examining the impact of short-selling deregulation.Using a sample of non-financial listed companies on China’s A-shares from 2007 to 2019 and employing a staggered DID model,we find that deregulation on short-selling restrictions exacerbates maturity mismatch.Mechanism analysis shows that the potential risks associated with relaxed short-selling reduce long-term financing for enterprises.Consequently,to seize good investment opportunities,firms are forced to use short-term funds to support long-term projects.Further,this effect is more pronounced in samples with higher ex-ante risk adjustment motives by investors and higher corporate investment and financing needs.Additionally,an examination of ex post short-selling transactions yielded similar results.This study not only complements existing research,but also offers new insights for regulators to optimize margin trading policies and timely prevent micro-level debt risks.