卖空压力对企业债券期限选择的影响——来自中国放松卖空管制准自然实验的证据

The Impact of Short Selling Pressure on the Choice of Corporate Bond Term ——Evidence from Quasi-natural Experiments in China's Deregulation of Short Selling

中文关键词:  卖空压力  企业债券期限选择  信号传递  外部治理  债券契约

英文关键词:pressure of short sale  choice of corporate bond term  signal transmission  external governance  bond contract

中文摘要:

      放松卖空管制后,投资者可通过挖掘公司“坏消息”在资本市场投资获利,在允许被卖空情境中,公司内部股东和管理层面临股价下行压力增大,会积极采取行动以规避被卖空的风险。借助中国证券市场2010年开始逐步放松卖空管制的准自然实验,以2007—2015年上市公司为样本,考察卖空压力对企业债券契约的影响。研究发现:放松卖空管制与企业债券期限显著负相关,特别是在大股东持股比例较高和管理层市场压力更大时。进一步分析发现,放松卖空管制与企业债务期限结构显著负相关,表明放松卖空管制会促使企业缩短发行债券的期限。研究结果显示,面对放松卖空管制引起的股价下行压力,公司大股东和管理层为了规避被卖空风险,会积极选择缩短发行债券期限以传递信号,证实了卖空机制对改善市场信息环境的积极作用。政府可以通过加强卖空机制制度建设和监管,推动企业调整行为决策,降低信息不对称。

英文摘要:

      After deregulation of short sales, investors can profit from investing in the capital market by mining the company's “bad news”,in the situation where short sales are allowed, the company's internal shareholders and management face increasing downward pressure on stock prices and will actively take action to avoid risk of being shorted. With the help of quasi-natural experiments in China's securities market that began to gradually relax short-selling controls in 2010, using listed companies from 2007 to 2015 as sample, the impact of short-selling pressure on corporate bond contracts. The study finds that:deregulation of short sales is significantly negatively relates to the maturity of corporate bonds, especially when the proportion of large shareholders' holdings is higher and the management market is under greater pressure. Further analysis find that, deregulation of short sales is significantly negatively relates to the corporate debt maturity structure, indicating that deregulation of short sales will prompt companies to shorten the maturity of issuing bonds.The results of the study show that, in the face of downward pressure on stock prices caused by deregulation of short sales, in order to avoid the risk of short sales, the company's major shareholders and management will actively choose to shorten the bond issuance period to transmit signals, confirming that the short sales mechanism can improve market information environment positive effect.The government can strengthen the construction and supervision of the short-selling mechanism, promote the adjustment of corporate decision-making behaviors, and reduce information asymmetry. 