融资融券能抑制企业费用粘性吗——基于中国上市公司的经验证据

Could Margin Trading Restrain Firm's Cost Stickiness?——Empirical Evidence from China's Listed Companies

以2010—2015年我国沪深两市A股上市公司为研究样本,实证检验融资融券对企业费用粘性的影响。研究发现:融资融券对上市公司费用粘性具有显著的抑制作用,且分样本组回归结果表明,在所在地区投资者保护环境较差的企业、代理问题更为严重的国有企业及外部审计质量较低的企业中上述抑制效果更为明显。进一步分析发现:融资融券抑制费用粘性的效用主要出现在不包含企业研发支出的费用中。

Using A-share listed companies in China from 2010 to 2015, we exam the effect of shortselling and margin trading program on firm's cost stickiness. Main results show that shortselling and margin trading can restrain firm's cost stickiness, and the sub group tests show that the restriction on cost stickiness are more pronounced in firms located in regions with less investor protection level, in the state-owned enterprises featured by more serious agency problems, or the enterprises with lower external audit quality. Further test shows that the restriction on cost stickiness mainly appears in the cost excluding the enterprise R&D expenditure.