摘要
卖空机制的存在不仅影响上市公司治理结构,对企业生产行为也产生深远影响。本文通过手工整理2011—2021年A股国有上市公司企业安全生产数据,从事前威慑效应视角考察了卖空机制对国企安全生产的影响及其作用机制。研究发现,卖空机制有助于减少国有企业员工死亡和伤亡人数,促进国有企业安全生产,且该影响在市场化程度较低以及政府对安全注意力度较低的地区中更加凸显。进一步分析发现,卖空机制能够通过内部公司治理渠道助力国有企业安全生产。本文结论不仅有助于深化对卖空机制影响后果的理解,也为相关部门和国有企业治理和防范安全生产事故提供了有益启示。
The existence of a short selling mechanism not only affects the governance structure of listed companies but also has a profound impact on the production behavior of enterprises.In this study,the impact of the short selling mechanism on the safety production of state-owned enterprises and its mechanism were investigated from the perspective of a pre-deterrent effect through the manual sorting of safety production data of A-share state-owned listed companies from 2011 to 2021.The study found that the short selling mechanism helps reduce the number of deaths and injuries among state-owned enterprise employees,promotes safe production in state-owned enterprises,and that the impact is more pronounced in enterprises in regions with lower marketization and lower government attention to safety.Further analysis reveals that the short selling mechanism can contribute to the safe production of state-owned enterprises through internal corporate governance channels.The conclusion of this paper not only helps deepen the understanding of the consequences of the short selling mechanism but also provides useful insights for relevant departments and state-owned enterprises to manage and prevent production safety accidents.
作者
苏梽芳
王婷伟
李嘉政
SU Zhifang;WANG Tingwei;LI Jiazheng(School of Economics and Finance,Huaqiao University,Quanzhou,362021)
出处
《中国经济问题》
北大核心
2025年第4期182-196,共15页
China Economic Studies
关键词
卖空机制
企业安全生产
内部公司治理
国有企业
short selling
enterprise production safety
internal corporate governance
state-owned enterprise
