摘要
卖空机制是资本市场影响微观经济主体行为的重要制度设计,对新时代下企业数字化转型有着重要影响。文章基于中国企业数字化转型的现实要求,借助2007—2019年沪深两市A股上市企业数据样本,实证检验卖空机制对企业数字化转型的影响。研究发现,卖空机制能够显著推动企业数字化转型,这种影响随着企业数字化水平差异和属性差异展现出较强的异质性特征。机制研究发现,卖空机制有效提升了分析师关注度并优化了企业内部控制信息披露,同时能够从“研发投入—创新产出”层面提振企业的创新积极性,这些都有利于企业数字化转型。特别地,股票流动性是影响“卖空机制—企业数字化转型”范式的重要因素,高股票流动性是机制发挥效力的基础。有鉴于此,当下证券市场制度改革过程中,在完善卖空机制制度设计的同时,还应当充分考虑股票流动性对证券市场制度效用的影响,这也是数字化时代下市场制度改革的必由之路。
Short selling mechanism is an important institutional design for capital market to affect the behavior of microeconomic entities,and has an important impact on the enterprise digital transformation in the new era.Based on the practical requirements of Chinese enterprises’digital transformation,this paper empirically tests the impact of short selling mechanism on enterprises’digital transformation with the help of data samples of A-share listed enterprises in Shanghai and Shenzhen stock exchanges from 2007 to 2019.It is found that the short selling mechanism can significantly promote the enterprise digital transformation,which shows a strong heterogeneity with the difference of digital level and attribute.The mechanism study found that the short selling mechanism can effectively enhance the analysts’attention and optimize the internal control information disclosure of enterprises.At the same time,it can boost the innovation enthusiasm of enterprises from the level of“R&D input-innovation output”,which are conducive to enterprise digital transformation.In particular,stock liquidity is an important factor affecting the paradigm of“short selling mechanism-enterprise digital transformation”,and high stock liquidity is the basis of the effectiveness of the mechanism.In view of this,in the current process of the reform of the securities market system,while improving the design of the short selling mechanism,we should also fully consider the impact of stock liquidity on the effectiveness of the securities market system,which is also the only way for the reform of the market system in the digital era.
作者
车德欣
谢志锋
吴非
Che Dexin;Xie Zhifeng;Wu Fei
出处
《兰州学刊》
CSSCI
2022年第4期47-63,共17页
基金
国家自然科学基金面上项目“利率市场化结构效应的分层传导与区域金融异质性风险防范研究”(项目编号:71874038)
广东省哲学社会科学规划青年项目“高质量发展背景下粤港澳大湾区金融科技创新的空间效应及其监管研究——基于广东省案例”(项目编号:GD19YYJ06)
广州市哲学社会科学规划羊城青年学人项目“企业金融化影响技术创新的异质特征、影响机制与治理——基于粤港澳大湾区案例”(项目编号:2020GZQN44)。
关键词
卖空机制
企业数字化转型
股票流动性
机制检验
short selling mechanism
digital transformation of enterprises
liquidity of stock
mechanism test
