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融资融券与企业创新:基于数量与质量视角的分析
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TitleMargin Trading and Short Selling and Firm Innovation:An Analysis based on the Perspective of Both Quantity and Quality  
作者郝项超 梁琪 李政  
AuthorHao Xiangchao,Liang Qi and Li Zheng  
作者单位南开大学经济学院;天津财经大学经济学院 
OrganizationNanKai University; Tianjin University Of Finance & Economics 
作者Emailhaoxiangchao@163.com;liangqi@nankai.edu.cn; 
中文关键词融资融券;创新质量;特质信息;公司治理 
Key WordsMargin trading and short selling; Innovation quality; Idiosyncratic risk; Corporate governance 
内容提要本文实证研究了融资融券对我国上市公司创新数量与质量的影响。为了克服模型的内生性,本文首先采用倾向分数法为每个标的公司按照一比一的比例进行配对,然后再构建双重差分模型。本文发现融券促进了创新数量与质量的同步增加,而融资却导致创新数量与质量同步下降。在融资交易为主的情况下,融资的负面影响超过了融券的正面影响,从而使得融资融券总体上阻碍了企业创新。在控制了配对偏差、所有权性质差异、采用其他创新替代变量以及更长事件窗口的情况下,上述结论依旧成立。本文进一步发现,融资融券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。本文还发现,面对融资融券的复杂影响,标的公司倾向于采取“重申请数量轻质量”的创新策略进行应对,最终导致其创新质量明显下降。 
AbstractThis paper empirically examines the impact of margin trading and short selling on the quantity and quality of firm innovations. To address the endogeneity, this paper first use propensity score matching approach to match an equal number of firms whose stocks are not eligible for credit trading for firms whose stocks are eligible for credit trading, and then construct a general difference-in-differences model. The first main finding is that short selling is associated with the increase of both innovation quantity and quality, while margin trading is associated with the decrease of both of them. In the case of margin trading accounting for almost all the credit trading, the negative impact of margin trading dominates the positive impact of short selling, hence impeding firm innovations. This finding holds for controlling the bias of matching approach, the impact of state ownership, using alternative innovation proxies and expanding the event window. This paper further finds that margin trading and short selling affect innovation not only through corporate governance but also information mechanism. Finally, this paper also finds that firms eligible for credit trading respond to the combined impacts of margin trading and short selling by creating more patent applications but sacrificing patent quality, consequently lowering innovation quality. 
文章编号WP1306 
登载时间2018-11-06 
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