卖空管制放松能够抑制企业商誉泡沫吗?

Can Deregulation of Short Selling Inhibit Corporate Goodwill Bubbles?

选取2007—2018年我国A股上市公司为研究样本,采用双重差分法,考察卖空管制放松对企业商誉泡沫的影响。研究发现,卖空管制放松可以有效抑制商誉泡沫,且这一抑制效应在非国有企业中更为显著。作用机制检验表明,卖空机制主要通过降低企业代理成本与提高企业信息透明对商誉泡沫产生抑制作用。异质性检验结果显示,在高管权力低、内控质量高的企业中,卖空管制放松对商誉泡沫的抑制效应更为明显。

Using data of A-share listed firms from 2007 to 2018 in China,this paper empirically investigates the effect of short selling on corporate goodwill bubble by a difference-in-difference approach.The results show that short selling can reduce goodwill and decrease the excess goodwill,which is more significant in non-state-owned enterprises.The test of the mechanism shows that short selling mechanism restrains goodwill bubbles mainly by reducing agency cost and improving information transparency.The heterogeneity test shows that short selling has a more significant positive impact on goodwill bubble among the samples of high quality of internal control,and low executive power.