摘要
卖空机制如何影响公司行为是学术界近年来探讨的热点话题。现有文献主要考察了卖空机制与公司具体行为之间的联系,而本文将研究视角上升到整体战略层面,考察了卖空机制对公司战略选择的影响。本文基于中国A股市场推出卖空机制这一准自然实验事件,以2006—2016年A股上市公司为样本,发现卖空机制推出后,融券标的公司的战略激进度显著下降。进一步研究表明,公司战略之所以趋于稳健,是由于卖空机制改变了资本市场环境,提升了管理层所面临的资本市场压力,包括监督压力、融资压力和业绩压力。在上述压力下,管理层通过削减研发创新和市场扩张业务的资源投入、提升主营业务集中度、增强组织结构稳定性等具体路径调整公司战略。此外,战略激进度下降后,公司的风险水平得以降低,但损失了部分盈利性和成长性。在稳健性检验中,本文缓解了样本的组间特征差异、测试了回归模型的敏感性、考察了卖空交易量对公司战略选择的影响、排除了市场关注度和管理层职责的干扰,结论均保持不变。本文的研究揭示了卖空机制与公司战略选择之间的内在联系,丰富了卖空机制经济后果和战略管理领域的文献,对促进中国资本市场的制度建设和公司战略管理实践的发展具有重要的现实意义。
Short selling’s impact on corporate behavior has attracted the attention of many scholars. The existing literature mainly examines the relationship between short selling and specific corporate behavior, while this paper focuses on the overall strategic level and examines the impact of short selling on the corporate strategic choice. Based on the quasi-natural experiment of short selling mechanism implementation in China, using A-share listed companies from 2006 to 2016 as sample, this paper find short selling significantly reduces the corporate strategic radicalization. Further study indicates that it is the increasing pressure from capital market on managers resulting from short selling, including supervisory pressure, funding pressure and performance pressure, leads the corporate strategy to be moderate. When facing capital market pressure, the managers adjust the corporate strategy by reducing the resource input of R&D and market expansion, increasing the concentration degree of main business and improving the stability of organizational structure. After the corporate strategic radicalization declines, its risk level could be reduced significantly but its profitability and growth are lost to some extent. For robustness, this paper alleviates the characteristic differences between target and non-target companies, tests the sensitivity of regression model, examines the relationship between short selling volume and corporate strategy, excludes the impact of market attention and managers’ responsibility, and finds the conclusions remain consistent. This paper reveals the internal relation between short selling and corporate behavior from a deeper level, enriches the literature of short selling’s economic consequences and strategic management, and has important practical significance in capital market system construction and strategic management practice in China.
作者
孟庆斌
李昕宇
张修平
MENG Qing-bin;LI Xin-yu;ZHANG Xiu-ping(Business School, Renmin University of China,Beijing 100872, China;School of Banking & Finance, University of International Business and Economics, Beijing 100029, China)
出处
《中国工业经济》
CSSCI
北大核心
2019年第8期155-173,共19页
China Industrial Economics
基金
中国人民大学决策咨询及预研委托项目“卖空机制、资本结构与资产结构——金融摩擦视角”（批准号2019030220）
关键词
卖空机制
公司战略选择
资本市场压力
short selling
corporate strategic choice
capital market pressure
