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Does Accounting Conservatism Restrain Short Selling?
———An Analysis Based on Enterprise Risk and Time Series of Accounting Conservatism

LV Zhaode & LI Shuang
(School of Economics and Business Administration, Beijing Normal University, Beijing 100875, China)

Abstract: Accounting conservatism will make a firm disclose negative information in time, which will restrain the overvalu鄄
ation of stock price and reduce the short selling. Using all the listed companies with short selling on China蒺s A鄄share market dur鄄
ing the years from 2010 to 2016 as sample, this paper analyzes the impact of accounting conservatism on short selling. The re鄄
search finds that the improvement of accounting conservatism can significantly weaken the short selling, and the greater the risk of
the company, the more obvious the inhibitory effect. Further, we consider the impact of the time series characteristic of account鄄
ing conservatism on the relationship between accounting conservatism and short selling. The empirical results show that “persis鄄
tent conservatism (or non鄄conservatism)冶 strengthens (or weakens) the inhibitory effect of accounting conservatism on short sell鄄
ing, while “non鄄persistent conservatism冶 does not show a significant impact. The research conclusion shows that the increase in
accounting conservatism can restrain short selling, especially for the enterprises with high business risk. Moreover, a firm should
keep persistent conservatism in accounting information disclosure and thereby stabilize investors蒺 conservatism expectation so that
accounting conservatism can effectively inhibit short selling.
Key Words: accounting conservatism; time series characteristic of accounting conservatism; enterprise risk; short selling;
persistent conservatism; persistent non鄄conservatism
(本文责编摇 王沈南)

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