摘要
文章利用自然实验的方法,分析我国实施融资融券制度对创业板上市公司企业绩效的影响。研究发现相比于没有进入融资融券名单的公司,进入融资融券名单的公司在实验期总资产收益率和净资产收益率都显著提高且在内部治理水平较差的公司,这种正向作用更加明显。由于我国融资交易与融券交易共存,进一步研究发现融资交易与融券交易对企业绩效的影响不同,对影响机制分析发现融资融券制度的实施使得管理者薪酬与股价之间的敏感性提高,在一定程度上缓解了股东和管理层之间的代理问题。为了控制内生性问题,使用PSM配对后的样本进行回归,研究结论依然成立。
By using the method of natural experiment,this paper analyzes the effect of margin financing system on the performance of listed companies in GEM.The study found that the total return on assets and the return on net assets increased significantly in the experimental period compared with those not listed on the margin list,and the companies with poor internal governance were also found to have a significant increase in the total return on assets and the return on net assets in the experimental period.This positive effect is more obvious,which shows that the implementation of margin and margin system obviously improves the performance of enterprises.Financing transaction and margin trading coexist in our country,and the scale of financing transaction is much larger than the scale of margin trading.The study finds that the impact of the two on enterprise performance is different,which shows that the scale of financing transaction is negatively related to enterprise performance.The scale of margin trading is positively related to corporate performance,and the impact of margin trading is greater,which ultimately promotes the improvement of corporate performance.The further implementation of margin and margin system makes the sensitivity between manager's compensation and stock price more sensitive,and then alleviates the agency problem between shareholders and management to a certain extent.In order to control the endogenous problem,we use PSM matched samples to regression,and the main results are still valid.
作者
魏阿欣
Wei Axin(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生学报》
2018年第6期30-38,共9页
Journal of the Postgraduate of Zhongnan University of Economics and Law
基金
2017年中南财经政法大学研究生创新教育计划基金项目(项目编号:201710565)
关键词
融资融券制度
代理理论
信息不对称
企业绩效
Financing Margin System
Agency Theory
Information Asymmetry
Enterprise Performance
