企业战略激进度与融券卖空规模

Corporate Strategic Radicalization and Short Selling Scale

自2010年融资融券交易制度启动以来,这一新兴做空机制受到了实务界与理论界的广泛关注。本文以我国沪深两市2006—2016年A股上市公司为研究样本,基于信息不对称的视角,研究了不同内外部环境下企业战略激进度对公司被融券卖空规模的影响。实证检验结果表明,企业战略激进对融券卖空规模具有显著的正向影响,相比于防御型企业战略,进攻型企业战略被融券卖空的规模更大。进一步地,本文发现企业所属行业的创新导向和企业内部的代理动机显著地影响企业战略与融券卖空规模之间的关系。在高新技术企业中,公司战略激进对融券卖空规模的正向影响不显著;在代理成本高的企业中,公司战略激进对融券卖空规模的正向影响更显著。本文的研究结论丰富了公司战略的经济后果、融券卖空的影响因素等领域的研究;同时,对于企业防范被融券卖空风险、投资者进行理性投资决策也具有重要的启示意义。

Since the launch of the margin trading system in 2010,this new short-selling mechanism has received wide attention from the practical and theoretical fields.Based on the sample of China s A-stock listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2016 and the prospective of information asymmetry,this paper studied the impact of corporate strategies on the short-selling scale of firms in different internal and external environments.The empirical results suggest that the radical corporate strategy has a significant positive impact on the short-selling scale.Compared to the defensive corporate strategy,firms with offensive corporate strategy are short sold at a higher scale.Further,this paper finds that the innovation orientation of the industry in which the firm belongs and the firm s internal agency motivation significantly affect the relationship between the corporate strategy and the scale of short selling.In the high-tech enterprises,the positive impact of radical corporate strategy on the short-selling scale is not significant.In the firms with high agency cost,the positive impact of radical corporate strategy on the short-selling scale is more significant.The conclusion of this paper enriches the research on the economic consequences of corporate strategy and factors influencing the short selling scale.The paper also has significance for firms to prevent the risk of short selling and investors to make rational investment decisions.