Releasing Short Selling Regulation and Corporate R&D Manipulation:A Quasi-Natural Experiment Based on Margin Trading System
In 2010,the China Securities Regulatory Commission introduced the short selling mechanism into the capital market.So,will the short selling mechanism affect the R&D manipulation behavior of enterprises?Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as the re-search objects,this paper makes use of a multi period DID model to examine the impact of short selling mechanism on corporate R&D manipulation behavior.The findings show that the short selling mechanism can effectively suppress the R&D manipulation behavior of enterprises.The mechanism analysis reveals that short selling mechanisms can improve the governance levels of companies and re-duce the degree of information asymmetry between internal and external factors,thus the short selling mechanism can inhibit the R&D manipulation behaviors of enterprises.The heterogeneity analysis re-veals that the inhibitory effect of short selling mechanism on corporate R&D manipulation is more significant in highly competitive industries,regions with lower levels of rule of law,enterprises with greater financing constraints,and enterprises with higher internal quality control.The economic conse-quence analysis reveals that the short selling mechanism has suppressed the R&D manipulation behav-ior of enterprises,thus the short selling mechanism can improve the innovation ability of enterprises.To this end,it is necessary to further improve laws and regulations and enhance the governance of corporate R&D manipulation behaviors.
万方数据
