摘要
文章采用多时点双重差分模型,以2007-2023年中国A股上市公司为样本,考察了卖空机制对超额商誉的影响,研究发现卖空机制的引入能够显著抑制超额商誉的产生。作用机制检验发现,信息不对称是卖空机制影响超额商誉的重要渠道。基于此,文章提出应完善融资融券制度,有效发挥卖空机制挤压商誉泡沫的作用,从而促进上市公司高质量发展。
With a multi-period difference-in-differences model and a sample of China’s A-share listed companies from 2007 to 2023,the study analyzes the impact of short selling mechanisms on excess goodwill.The findings reveal that the introduction of short selling mechanisms significantly curbs the generation of excess goodwill.Mechanism analysis indicates that information asymmetry serves as an important channel through which short selling affects excess goodwill.Based on these results,the study proposes improving the margin trading system to effectively leverage the role of short selling in mitigating goodwill bubbles,thereby promoting high-quality development of listed companies.
作者
黄元浩
刘琨
HUANG Yuan-hao;LIU Kun(Xiamen Ocean Vocational College,Xiamen 361101,China;Fuzhou University,Fuzhou 350116,China)
出处
《哈尔滨学院学报》
2025年第11期66-70,共5页
Journal of Harbin University
基金
国家社会科学基金后期资助一般项目,项目编号:23FGLB004
福建省社科重大课题,课题编号:FJ2023TWCZ003。
关键词
卖空机制
超额商誉
信息不对称
short selling mechanism
excess goodwill
information asymmetry
