卖空约束放松与内部控制质量改善——基于中国融资融券制度的证据

Relaxation of Short Selling Constraint and Improvement of Internal Control Quality:Evidence from Margin Trading and Short Selling Program in China

如何改善公司内部控制质量是公司治理领域研究的重要话题。考察2010年开始施行的融资融券制度对标的公司内部控制质量的影响,结果发现,卖空约束放松后,标的公司内部控制质量明显改善,并且卖空机制的这一治理效应主要体现在卖空威胁更为可信、大股东因卖空可能遭受的损失更大、内部人控制问题更加严重的情形下。进一步研究显示,卖空约束放松后,公司经营管理真实性、有效性和合法性的内部控制目标得以实现,说明内部控制质量的确得到了改善;并且,管理层提升内部控制质量的举措最终确实会缓解卖空威胁形成的股价下行压力。研究对于评估和改进中国企业的内部控制有效性以及融资融券制度的政策效果具有重要的参考价值。

How to improve internal control quality is one of most important topics in corporate governance research field,and this paper studies the effect of implementation of margin trading and short selling system in 2010 on firms’internal control quality.The research indicates that the implementation of short selling system improves internal control quality and this relation is more significant when short threat is more credible,or large shareholders’losses caused by short selling are bigger,or insider control problem is more severe.Further analysis indicates that the implementation of short selling system promotes firms achieving the goals of internal control,including authenticity,effectiveness and legality,which shows that the quality of internal control has been improved.Management’s efforts to improve internal control quality eventually do relieve downward pressure on share prices from threat of short selling.The paper is of great reference value for evaluating and improving the effectiveness of internal control and margin trading and short selling system in China.