卖空威胁能提升企业创新吗?——基于融券交易的准自然实验

Can the Threat of Short Selling Enhance Corporate Innovation? A Quasi-nature Experiment Based on Margin Trading

卖空威胁作为资本市场的压力,对企业创新具有重要影响。本文利用2007-2018年国内上市公司数据,依托融券制度为准自然实验,基于双重差分法探讨卖空威胁与企业创新之间的关系,检验高管团队职能经验异质性和行业市场竞争环境对上述关系的调节效应,并进一步考察卖空威胁的作用机制。研究表明,卖空威胁显著提升企业创新水平;高管团队职能经验异质性会强化卖空威胁与企业创新之间的正向关系,而行业竞争性则会弱化上述关系;卖空威胁影响企业创新的机制不仅包括公司治理机制,还包括信息机制。此外还发现了卖空威胁对提升成熟期的企业和国有企业的创新水平更为明显。本文结论丰富了企业创新前因研究体系,更为企业在卖空威胁下的创新决策提供重要借鉴。

As the capital market pressure,short-selling threat has an important impact on corporate innovation.Based on the data of domestic listed companies from 2007 to 2018,using the introduction of short-selling system as a quasi-natural experiment,and the relationship between short-selling threat and corporate innovation based on the difference in differences model was discussed,and the moderating effect of TMT characteristics(functional experience heterogeneity)and external environment(industry competitiveness)on the above relationship also tested,and the mechanism of short-selling threat was further investigated.The results show that the threat of short selling significantly improves the level of corporate innovation.The heterogeneity of TMT functional experience will strengthen the positive relationship between short-selling threat and corporate innovation,while industry competitiveness will weaken the relationship.It is found that the mechanism of short-selling threat affecting corporate innovation includes not only corporate governance mechanism,but also information mechanism.In addition,this thesis also found that the threat of short selling is more obvious to enhance the level of innovation of mature enterprises and state-owned enterprises.This conclusion not only enriches the research framework of antecedents of corporate innovation,but also provides an important reference for enterprises to make innovative decisions under the threat of short selling.