融资融券对企业全要素生产率影响的研究--来自我国上市公司的实证研究

Research on the Impact of Margin Trading on Total Factor Productivity of Enterprises:Empirical Study of Listed Companies in China

本文以我国上市公司企业为样本,研究了融资融券对企业全要素生产率的影响。实证结果显示,企业进入融资融券标的名单后,其全要素生产率得到显著上升,表明融资融券作为企业外部治理机制,显著提高了企业全要素生产率。进一步研究表明,融资融券机制对非国有企业、高科技企业和资金约束较小的企业的生产率的促进作用较大,并通过对融资机制和融券机制的区分研究,显示两种机制均促进了企业生产率的提高。研究结果说明了融资融券机制会改善企业内部信息不对称,加强资本市场对企业的监督,从而提升其全要素生产率。

The impact of margin trading on total factor productivity has been researched,which is based on the sample of listed companies in China.The empirical results show that the total factor productivity of enterprises has increased significantly after they become the subject of margin trading,which shows that margin trading,as an external governance mechanism,has promoted the total factor productivity(TFP)of enterprises significantly.Further research shows that the margin trading mechanism promote the TFP of non-state-owned enterprises,high-tech enterprises and less capital constraints enterprises more significantly.And through the study of the difference between financing mechanism and short-selling stocks,it shows that both mechanisms promote the TFP of enterprises.The results show as follows.The margin trading mechanism can reduce the information asymmetry within the enterprise,strengthen the supervision of the capital market,and improve the total factor productivity of companies.