本文關(guān)鍵詞： 融資融券制度 賣空機(jī)制 公司創(chuàng)新 企業(yè)價(jià)值　出處：《管理世界》2017年01期 　論文類型：期刊論文

【摘要】：本文基于雙重差分模型,以我國(guó)融資融券標(biāo)的股票分步擴(kuò)容為自然實(shí)驗(yàn)事件,系統(tǒng)考察了賣空機(jī)制對(duì)公司創(chuàng)新行為的影響效應(yīng)及其價(jià)值機(jī)理。研究發(fā)現(xiàn),融資融券制度的實(shí)施并沒有顯著影響公司的創(chuàng)新投入,卻顯著提升了公司的創(chuàng)新產(chǎn)出,表明融資融券制度具有"創(chuàng)新激勵(lì)效應(yīng)",能夠顯著提升公司的創(chuàng)新效率。其次,融資融券制度的"創(chuàng)新激勵(lì)效應(yīng)"在信息不透明公司、低管理層權(quán)力公司及壟斷程度強(qiáng)行業(yè)表現(xiàn)地更加顯著。最后,融資融券制度的實(shí)施能夠通過創(chuàng)新渠道產(chǎn)生滯后的"價(jià)值提升效應(yīng)"。本文結(jié)論總體證實(shí),中國(guó)式賣空機(jī)制(融資融券制度)的實(shí)施符合"約束假說"而非"壓力假說",賣空機(jī)制具有顯著的創(chuàng)新激勵(lì)效應(yīng)和價(jià)值提升效應(yīng)。
[Abstract]:Based on the double difference model, this paper systematically studies the effect of short selling mechanism on the innovation behavior of companies and its value mechanism, taking the gradual expansion of the underlying stocks of margin and margin in China as the natural experimental event. The implementation of margin and margin system has no significant impact on the innovation input of the company, but has significantly promoted the innovation output of the company, which indicates that the margin and margin system has the "innovation incentive effect", which can significantly improve the innovation efficiency of the company. The "innovation incentive effect" of margin financing system is more significant in information opaque companies, low management power companies and strong monopoly industries. The implementation of margin and margin system can produce a lagging "value enhancement effect" through innovative channels. The implementation of Chinese short selling mechanism (margin and short selling system) accords with "constraint hypothesis" rather than "pressure hypothesis", and short selling mechanism has significant innovative incentive effect and value enhancement effect.
【作者單位】： 蘇州大學(xué)東吳商學(xué)院;
【基金】：國(guó)家自然科學(xué)基金重點(diǎn)項(xiàng)目(71132004)、國(guó)家自然科學(xué)基金青年項(xiàng)目(71302121、71402120) 江蘇省社會(huì)科學(xué)基金項(xiàng)目(14EYC007) 江蘇省軟科學(xué)基金項(xiàng)目(BR2016014) 財(cái)政部“全國(guó)會(huì)計(jì)領(lǐng)軍(后備)人才(學(xué)術(shù)類)培養(yǎng)項(xiàng)目” 江蘇省首屆“青年社科英才” 江蘇省高�！扒嗨{(lán)工程”優(yōu)秀青年骨干教師人才項(xiàng)目的資助
【分類號(hào)】：F832.51

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本文編號(hào)：1529571