摘要
通过实证检验融资融券制度对上市公司金融化行为的影响,发现与没有进入试点的上市公司相比,融资融券试点公司的金融化水平显著上升,且融资融券对企业金融化的效应在非国有和区域市场化进程较低的样本中更显著。进一步研究发现,融资融券制度是通过提高企业的融资约束和被收购的威胁等因素促使企业更多地进行金融资产配置。因此,证券监管部门需要反思融资融券制度的缺陷,保障股票卖空机制发挥治理效应,激励企业专注于实体经济。同时,合理规范我国金融体系,为企业构建良好的外部融资环境,出台反恶意收购的监管政策,有效化解融资融券制度对企业金融化的影响。
This essay empirically tests the effect of the margin trading system on the financialization behavior of listed companies.The results show that the level of financialization of enterprises with margin trading increased significantly,and the effect of margin trading system is more significant in the sample of non-state-owned and low marketization process.Further analysis shows that margin trading system is to promote enterprises more carry out financial asset allocation through improving the financing constraints of enterprises and the threat of being acquired.Therefore,the securities regulatory authorities need to reflect on the defects of the margin trading system,safeguard the governance effect of the short selling mechanism,safeguard that the stock short selling mechanism plays a governance effect,and motivate enterprises to focus on the real economy.At the same time,the reasonable regulation of China’s financial system,the establishment of a good external financing environment for enterprises,and the introduction of anti-hostile takeover regulatory policies can effectively resolve the impact of the margin trading system on the financialization of enterprises.
作者
刘飞
LIU Fei(School of Economics,Financial and Securities Research Institute,Henan University,Kaifeng 475004,China)
出处
《经济体制改革》
CSSCI
北大核心
2021年第4期140-145,共6页
Reform of Economic System
基金
河南省重点研发与推广专项(软科学研究)“股票卖空机制对河南省实体企业过度金融化的多维影响及治理政策研究:基于融资融券制度的自然实验证据”(212400410278)
河南省哲学社会科学规划项目“‘双支柱’调控框架下河南省非金融企业的过度金融化及其治理研究”(2019BJJ020)。
关键词
融资融券制度
实体经济
金融化
脱实向虚
双重差分模型
margin tading mechanism
real economy
financialization
removing from reality to virtual
multi-period DID model
