Can a Chinese-Style Margin Trading Program Curb R&D Manipulation?Empirical Evidence Based on"Quasi-Natural Experiment"
The organic linkage between the capital market trading system and corporate governance is of great significance in promoting high-quality economic development.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2021,this paper ex-amines the governance effect of external supervision of margin trading and short selling on the internal R&D manipulation of enterprises by u-sing the quasi-natural experimental scenarios of China's margin trading program.It is found that margin trading program,a measure to im-prove the capital market trading system,has a significant inhibitory effect on the R&D manipulation of enterprises,and the inhibitory effect is more pronounced in non-state-owned enterprises,companies with higher financing constraints,lower quality of internal controls and less analyst attention.The mechanism test shows that the margin trading program has an impact on R&D manipulation through the information transmission effect and the attention gathering effect.
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