卖空制度对企业融资的影响研究——基于融券卖空制度的检验

The Influence of Short Selling System on Enterprise Finance——Empirical Evidence from Short Selling System

基于中国2010年实施融资融券制度的背景,利用分批扩容的准自然实验环境,检验卖空制度对企业融资的影响。结果发现:卖空制度的引入对企业外源融资能够起到抑制作用,这来源于外部治理作用所带来的过度融资的减少、市场信息反馈效应所带来的企业融资——股票价格敏感度的提升,以及融资成本的提高。进一步分析发现,企业外源融资的减少是有效率的,能够提高企业资源配置效率,促进资本结构动态调整。因此,卖空制度有助于抑制企业的过度融资,提高企业资源配置效率,对资本市场的稳定运转和完善大有裨益。

With the margin selling system implemented in China in 2010, a quasi-natural experimental environment of batch expansion was used to test the impact of margin trading system on enterprise financing. The results showed that the introduction of short selling system can inhibit the external financing of enterprises, which leads to the reduction of over-financing caused by the external governance, the improvement of the sensitivity of corporate financing stock price sensitivity caused by the market information feedback effect and the increase of financing cost. Further analysis found that the reduction of enterprise external financing is efficient, which can improve the efficiency of enterprise resource allocation and promote the dynamic adjustment of capital structure. So studying the effect of the short selling system to capital market and micro-enterprises will contribute to the stable operation and perfection of the capital market. Therefore, the short selling system helps to restrain the excessive financing of enterprises, improve the efficiency of enterprise resource allocation, and is of great benefit to the stable operation and improvement of the capital market.