融资交易对企业实际外部融资能力的影响——基于沪深A股的实证研究
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摘要
本文实证研究股票市场融资交易对于企业实际外部融资能力的影响及金融市场与企业实体发展的关系。实证结果表明,股市融资交易状况越好的企业,有着更好的外部债务融资能力;融资交易对于企业外部股权融资能力的改善效果并不明显;融券交易对企业外部融资有着抑制作用;稳健性检验表明,企业的管理者越自信,融资交易对于企业外部融资能力的改善作用越显著;融资约束越大的企业,融资交易对其外部融资情况的改善越显著。
This paper presents an empirical analysis of the impact of the financing trading of stock markets on the actual external financing ability of enterprises and the relationship between financial markets and the development of enterprises. The empirical results show that the better the stock market financing trading of the enterprises, the better the external debt financing ability is; the financing trading has no obvious effect on the improvement in external equity financing ability, and margin trading has an inhibitory effect on the external financing of enterprises; the robust test shows that the more confident the manager of the enterprise is, the more significant the effect of financing trading on the improvement in the external financing ability of enterprises; the more financing constraints the enterprises have, the more significant the effect of financing trading improving external financing is.
This paper presents an empirical analysis of the impact of the financing trading of stock markets on the actual external financing ability of enterprises and the relationship between financial markets and the development of enterprises. The empirical results show that the better the stock market financing trading of the enterprises, the better the external debt financing ability is; the financing trading has no obvious effect on the improvement in external equity financing ability, and margin trading has an inhibitory effect on the external financing of enterprises; the robust test shows that the more confident the manager of the enterprise is, the more significant the effect of financing trading on the improvement in the external financing ability of enterprises; the more financing constraints the enterprises have, the more significant the effect of financing trading improving external financing is.
引文
陈海强、范云菲,2015.融资融券交易制度对中国股市波动率的影响——基于面板数据政策评估方法的分析[J].金融研究,(6):159-172.
陈辉、陈得文、胡妍,2017.大股东持股、外部融资需求与股票转让方式选择[J].金融论坛,(6):50-60.
邓可斌、曾海舰,2014.中国企业的融资约束:特征现象与成因检验[J].经济研究,(2):47-60.
贾德奎、李瑞海,2018.政策风险指数与中国股市波动[J].金融论坛,(5):66-80.
廖士光、杨朝军,2005a.卖空交易机制对股价的影响——来自台湾股市的经验证据[J].金融研究,(10):131-140.
廖士光、杨朝军,2005b.卖空交易机制、波动性和流动性——一个基于香港股市的经验研究[J].管理世界,(12):6-13.
杨德勇、吴琼,2011.融资融券对上海证券市场影响的实证分析——基于流动性和波动性的视角[J].中央财经大学学报,(5):28-34.
Beber,A.,and Pagano,M.,2013.Short-selling Bans Around the World:Evidence from the 2007-09 Crisis[J].The Journal of Finance,68(1):343-381.
Chang,E.C.,Luo,Y.,and Ren,J.,2014.Short-selling,Margin-trading,and Price Efficiency:Evidence from the Chinese Market[J].Journal of Banking&Finance,48(C):411-424.
Chen,X.,Kim,K.A.,Yao,T.,et al.,2010.On the Predictability of Chinese Stock Returns[J].Pacific-Basin Finance Journal,18(4):403-425.
Erturk,B.,and Nejadmalayeri,A.,2012.Equity Short Selling and the Cost of Debt[R].Working Paper.
Grullon,G.,Michenaud,S.,and Weston,J.P.,2015.The Real Effects of Short-selling Constraints[J].Review of Financial Studies,28(6):1737-1767.
He,J.,and Tian,X.,2014.Short Sellers and Innovation:Evidence from a Quasi-Natural Experiment[R].Working Paper.
Hong,H.,and Stein,J.C.,2003.Differences of Opinion,Short-Sales Constraints,and Market Crashes[J].The Review of Financial Studies,16(2):487-525.
Hubbard,G.,1988.Capital Market Imperfections and Investment[J].Journal of Economic Literature,36:193-225.
Kaplan,S.,and Zingales,L.,1997.Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,112:169-215.
Livdan,Dmitry,Horacio Sapriza,and Lu Zhang,2009.Financially Constrained Stock Returns[J].Journal of Finance,64(4):1827-1862.
Miller,E.M.,1977.Risk,Uncertainty,and Divergence of Opinion[J].Journal of Finance,32(4):1151-1168.
Wang,Z.,2014.Short Sellers,Institutional Investors,and Corporate Cash Holdings[R].Working Paper.
Whited,T.,and Wu,G.,2006.Financial Constraints Risk[J].Review of Financial Studies,19:531-559.
陈辉、陈得文、胡妍,2017.大股东持股、外部融资需求与股票转让方式选择[J].金融论坛,(6):50-60.
邓可斌、曾海舰,2014.中国企业的融资约束:特征现象与成因检验[J].经济研究,(2):47-60.
贾德奎、李瑞海,2018.政策风险指数与中国股市波动[J].金融论坛,(5):66-80.
廖士光、杨朝军,2005a.卖空交易机制对股价的影响——来自台湾股市的经验证据[J].金融研究,(10):131-140.
廖士光、杨朝军,2005b.卖空交易机制、波动性和流动性——一个基于香港股市的经验研究[J].管理世界,(12):6-13.
杨德勇、吴琼,2011.融资融券对上海证券市场影响的实证分析——基于流动性和波动性的视角[J].中央财经大学学报,(5):28-34.
Beber,A.,and Pagano,M.,2013.Short-selling Bans Around the World:Evidence from the 2007-09 Crisis[J].The Journal of Finance,68(1):343-381.
Chang,E.C.,Luo,Y.,and Ren,J.,2014.Short-selling,Margin-trading,and Price Efficiency:Evidence from the Chinese Market[J].Journal of Banking&Finance,48(C):411-424.
Chen,X.,Kim,K.A.,Yao,T.,et al.,2010.On the Predictability of Chinese Stock Returns[J].Pacific-Basin Finance Journal,18(4):403-425.
Erturk,B.,and Nejadmalayeri,A.,2012.Equity Short Selling and the Cost of Debt[R].Working Paper.
Grullon,G.,Michenaud,S.,and Weston,J.P.,2015.The Real Effects of Short-selling Constraints[J].Review of Financial Studies,28(6):1737-1767.
He,J.,and Tian,X.,2014.Short Sellers and Innovation:Evidence from a Quasi-Natural Experiment[R].Working Paper.
Hong,H.,and Stein,J.C.,2003.Differences of Opinion,Short-Sales Constraints,and Market Crashes[J].The Review of Financial Studies,16(2):487-525.
Hubbard,G.,1988.Capital Market Imperfections and Investment[J].Journal of Economic Literature,36:193-225.
Kaplan,S.,and Zingales,L.,1997.Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,112:169-215.
Livdan,Dmitry,Horacio Sapriza,and Lu Zhang,2009.Financially Constrained Stock Returns[J].Journal of Finance,64(4):1827-1862.
Miller,E.M.,1977.Risk,Uncertainty,and Divergence of Opinion[J].Journal of Finance,32(4):1151-1168.
Wang,Z.,2014.Short Sellers,Institutional Investors,and Corporate Cash Holdings[R].Working Paper.
Whited,T.,and Wu,G.,2006.Financial Constraints Risk[J].Review of Financial Studies,19:531-559.