放松卖空约束、现金持有水平及其市场价值 ——基于公司治理角度研究
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引用本文:冯 科,胡亚峰.放松卖空约束、现金持有水平及其市场价值 ——基于公司治理角度研究[J].财经理论与实践,2019,(1):59-69
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作者单位
冯 科,胡亚峰 (北京大学 经济学院,北京 海淀区 100871) 
中文摘要:基于放松卖空约束的政策实施,运用双重差分法考量放松卖空约束对现金持有行为影响及其产生的经济后果。结果显示:放松卖空约束增加了公司现金持有量,同时也增加了公司现金持有的边际市场价值;按照公司内部代理成本分组来看,内部代理成本越大的公司,放松卖空约束的治理效果越明显;进一步检验中,通过一系列稳健性检验发现主要结论依然成立;机制性检验表明放松卖空约束通过抑制公司过度投资行为增加了现金持有及其市场价值。结果表明:放松卖空约束作为一项重要的金融创新工具,可以通过外部治理监督作用缓解公司内部代理问题,从而影响上市公司现金持有行为。
中文关键词:卖空约束  现金持有水平  现金市场价值
 
Lifting of Shortseller Constraints, Cash Holdings and Market Value——Based on the Perspective of Corporate Governance
Abstract:In 2010, China's capital market began to relax its short selling constraints, and investors could arbitrage through selling borrowed securities. The authors take the policy of relaxing short selling constraints as a quasi-natural experiment and uses a dual differential method to systematically examine the impact of relaxation of short selling constraints on cash holding and its economic consequences. The results show that:(1)The relaxation of short selling constraints increases the company's cash holdings and also increases the marginal market value of the company's cash holdings;(2)According to the internal agency costs grouping, the greater internal agency costs, the more obvious corporate governance effect by relaxing short selling;(3)Further tests: through a series of robustness tests, we find the main conclusions are still valid; the mechanism test shows that relaxation of short-sale constraints increases cash holdings and their market value by suppressing the company's excessive investor behavior. The above results show that the relaxation of short selling constraints, as an important financial innovation tool, alleviates internal agency problems of the company through external governance supervision, thus affecting cash holding behavior of listed companies.
keywords:Short selling constraints  Cash holdings  Cash market value
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