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李昕宇博士學術報告

2019年10月09日 09:21  點擊:[]


報告題目:Do Short Sales Affect a Firm’s Financial Constraints?

报 告 人:李昕宇博士

时    间:2019年10月14日上午10點

地    点:西安交大财经校区教学楼8楼國際交流厅

報告人簡介:李昕宇,男,2014年本科畢業于中國人民大學信息學院數學系,2017年碩士畢業于中國人民大學商學院財務與金融系,現爲中國人民大學商學院財務與金融系博士研究生。主要研究方向爲戰略與公司財務、賣空與公司財務以及僵屍企業的成因與經濟後果等。在《管理世界》(已錄用)、《中國工業經濟》、《南開管理評論》、《中國會計評論》、《中國軟科學》等期刊發表過論文。

摘  要:Using a sample of Chinese A-share listed firms from 2007-2017, we examine the impact of short sales on a firm’s financial constraints. We develop three conceptual frameworks, the negative information effect, the undervaluation effect, and the deterrent effect, based on the prevailing theories and conduct an in-depth empirical analysis using the difference-in-differences, propensity score matching, and instrumental variable methods. Our findings suggest that: (1) Short sales generally worsen a firm’s financial constraints. (2) A shortable firm’s financial constraints deteriorate more seriously in the case of higher credit risk or information asymmetry. (3) When a firm becomes shortable, its negative media coverage increases, external financing cost rises, and the amount of new external financing decreases. (4) The adverse impact of short sales on financial constraints is more pronounced for inefficient state-owned firms and mainly concentrates in the short term. Collectively, these results support the underlying logic of the negative information effect. However, further analysis shows that: (1) The deterrent effect also exists but is much weaker than the negative information effect. (2) The strength of the two effects will “wan and wax” with time or circumstances. Thus, the deterrent effect may outweigh the negative information effect by easing a firm’s financial constraints in a few cases, such as in the long term after short sales deregulation and when short sales magnitude is low or the managers are more sensitive to the decline of stock price. Our paper provides new insights into the impact of shorts sales on financial constraints, revealing some unique Chinese features compared to the US market and offering valuable lessons to other emerging markets.

 

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2019年10月9日

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