賣空對企業(yè)創(chuàng)新產(chǎn)出影響的實(shí)證檢驗(yàn)
發(fā)布時間:2018-02-24 13:02
本文關(guān)鍵詞: 賣空 企業(yè)創(chuàng)新 公司治理 所有權(quán) 出處:《統(tǒng)計(jì)與決策》2017年09期 論文類型:期刊論文
【摘要】:文章使用2006—2015年的中國上市公司數(shù)據(jù),依托2010年中國資本市場引入的融資融券試點(diǎn),實(shí)證檢驗(yàn)賣空機(jī)制對企業(yè)創(chuàng)新產(chǎn)出的影響以驗(yàn)證賣空的外部治理作用。結(jié)果發(fā)現(xiàn),在加入融券標(biāo)的后,賣空標(biāo)的公司的創(chuàng)新數(shù)量和創(chuàng)新質(zhì)量都有顯著提升;而且這種促進(jìn)作用在國有企業(yè)中表現(xiàn)得更加明顯,證明賣空機(jī)制能有效發(fā)揮外部治理作用并影響企業(yè)行為。逐步放開賣空限制、鼓勵金融創(chuàng)新是增強(qiáng)資本市場和實(shí)體經(jīng)濟(jì)聯(lián)動效應(yīng)的關(guān)鍵。
[Abstract]:Based on the data of Chinese listed companies from 2006 to 2015, this paper empirically tests the effect of short selling mechanism on the innovation output of enterprises to verify the external governance role of short selling, relying on the pilot financing and short selling introduced in China's capital market in 2010. The number and quality of innovation of the short selling companies have improved significantly after joining the short selling bonds, and the promotion effect is more obvious in the state-owned enterprises. It is proved that the short selling mechanism can play an effective role in external governance and affect the behavior of enterprises. Gradually liberalizing the restrictions on short selling and encouraging financial innovation are the key to strengthen the linkage effect between capital market and real economy.
【作者單位】: 中南財經(jīng)政法大學(xué)金融學(xué)院;
【分類號】:F273.1;F832.51
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,本文編號:1530323
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