融资融券交易对中国上市公司研发支出的影响研究

On the Impact of Margin Trading on R&D Expenditure of Chinese Listed Companies

研发活动是一项高风险的长期投资,上市公司从事研发活动面临着股东与经理之间的委托代理问题。选择融资融券半自然实验,采用双重差分DID回归方法和倾向评分匹配PSM-DID方法检验融资融券交易对中国上市公司研发支出的影响,结果表明融资融券交易会提高研发支出;考虑融资融券交易规模的影响,结果依然稳健。最后检验融资融券对研发的影响渠道,结果表明融资融券会通过降低公司股票的信息不对称来提高公司的研发支出。

R&D activity is a high-risk and long-term investment, which is faced with the principal-agent problem between shareholders and managers of the listed companies. Based on the semi-natural experiment of margin trader,using DID regression method and PSM-DID method, this paper examines the effect of margin trading on the R&D expenditure of Chinese listed companies, the results show that margin trading will raise R&D expenditure;the results are still stable when considering the size of margin trading. Finally, the paper further tests the influence channel of financing margin on R&D, and the result shows that the financing margin will improve the company’s R&D expenditure by reducing the information asymmetry of the listed firms’ stock.