文献类型：期刊文献

中文题名：卖空与过度投资——基于融资融券分步扩容的自然实验

英文题名：Short Selling and Over-investment——A Natural Experiment from Chinese Margin Trading Program

作者：孙文晶[1];王明伟[2];叶建华[3]

第一作者：孙文晶

机构：[1]西南财经大学会计学院,四川成都611130;[2]河南财经政法大学金融学院,河南郑州450000;[3]河南财经政法大学会计学院,河南郑州450000

第一机构：西南财经大学会计学院,四川成都611130

年份：2018

卷号：40

期号：8

起止页码：27-41

中文期刊名：山西财经大学学报

外文期刊名：Journal of Shanxi University of Finance and Economics

收录：CSTPCD;;北大核心:【北大核心2017】；CSSCI:【CSSCI2017_2018】；

基金：国家自然科学基金项目(71602049);河南省高等学校重点科研项目(17A630003)

语种：中文

中文关键词：卖空;过度投资;事前威慑;过度自信

外文关键词：short selling;over-investment;pre-deterrence;over-confidence

摘要：基于我国2007—2016年上市公司数据,实证检验了卖空机制的引入对于公司过度投资的影响及作用机理,研究发现,卖空机制可以显著抑制公司过度投资。分批次检验显示,卖空的抑制作用逐批递减,且卖空规模对过度投资无显著影响,说明卖空主要发挥事前威慑而非事后惩罚作用。此外,卖空对过度投资的抑制作用在市场化进程较高的地区更加显著。作用机制检验发现,卖空主要通过降低管理层过度自信影响公司投资,且当信息不对称程度较低时效果更加显著。
Based on the data of Chinese listed companies from 2007 to 2016, this paper investigates the impact and action mechanism of the introduction of short selling mechanism on over-investment of the company. It finds that short selling mechanism can significantly inhibit the over-investment behavior in companies. However, the results of batch test show that the suppression effect of short selling decrease lot by lot, and the short selling scale doesn＇t exert significant influence on over-investment, which indicates that short selling mainly plays an active pre-deterrence role rather than a post-punishment role. The paper also finds that the inhibitory effect of short selling on over-investment is even more pronounced in areas with higher marketization. In addition, the action mechanism test finds that short selling affects companies＇ investment mainly through lowering management over-confidence, which effect is more significant in the state of lower information asymmetry.