融资融券会影响公司股份回购吗

当代财经 ›› 2023, Vol. 0 ›› Issue (10): 72-84.

融资融券会影响公司股份回购吗

李丽^1,2, 何威风¹

1.中南财经政法大学会计学院,湖北武汉 430073;
2.湖南工学院商学院,湖南衡阳 421001

收稿日期:2023-04-03 修回日期:2023-08-17 出版日期:2023-10-15 发布日期:2023-10-09
通讯作者: 何威风,中南财经政法大学教授,博士生导师,博士,主要从事公司治理与财务行为研究,联系方式hwf2403@163.com。
作者简介:李丽,中南财经政法大学博士研究生,湖南工学院讲师,主要从事公司财务行为研究。
基金资助:
国家自然科学基金面上项目“管理者异质性、企业风险承担与自愿性信息披露研究”（71572195）; 湖南省教育科学规划项目“基于REA模型高校绩效管理和成本控制优化策略研究”（CJ193665）

Will Securities Margin Trading Affect Corporate Share Repurchase?

LI Li^1,2, HE Wei-feng¹

1. Zhongnan University of Economics and Law, Wuhan 430073;
2. Hunan Institute of Technology, Hengyang 421001, China

Received:2023-04-03 Revised:2023-08-17 Online:2023-10-15 Published:2023-10-09

摘要/Abstract

摘要： 2018年修订的《中华人民共和国公司法》放宽了对公司股份回购的限制条件,此后,我国资本市场的股份回购次数和规模都显著增加,股份回购成为公司的一项重要财务活动。融资融券制度作为我国资本市场上一次重要的制度改革,它对资本市场交易模式带来的变化是否会影响公司股份回购行为,是一个值得关注的话题。以2007—2021年我国A股上市公司为研究样本,采用多时点双重差分模型实证检验融资融券制度对公司股份回购的影响后发现,融资融券对公司股份回购具有显著的促进作用,具体表现为融资融券制度实施后,融资融券标的公司的股份回购规模显著大于其他上市公司。异质性分析发现,融资融券对股份回购的促进作用对股票流动性低、产权性质为非国有、处于低市场化程度地区以及熊市市场态势的公司影响较大。因此,监管部门应进一步鼓励和引导融资融券标的公司实施股份回购,政策制定者应立足于公司不同风险特征调整股份回购的限制条件,上市公司应运用好股份回购这一风险管理工具。

关键词: 股份回购, 融资融券, 卖空机制, 信息不对称

Abstract: The number of times and the scale of share repurchases in the Chinese capital markets have multiplied ever since the amended Company Law of 2018 loosened the limits on corporate share repurchases.Share repurchase have become an important financial activity of the companies. As an important institutional reform in China’s capital market, securities margin trading has brought changes to the trading mode of the capital market; will these changes affect the corporate share repurchase behaviors? This is a topic that deserves attention. Taking China’s A-share listed companies from 2007 to 2021 as research samples, this paper adopts the multi-time point difference-in-difference model to empirically test the influence of the margin trading system on corporate share repurchase. The findings show that securities margin trading has a significant promoting effect on corporate share repurchase behaviors. Specifically, after the implementation of the margin trading system, the share repurchase scale of the target company for margin trading is significantly larger than that of other listed companies. The heterogeneity analysis reveals that the promoting effect of margin trading on share repurchase has a significant impact on the companies with low stock liquidity, the companies with non-state-owned property rights, the companies located in areas with lower degree of marketization, and the companies with bear market trends. Therefore, the regulatory authorities should further encourage and guide companies involved in margin trading to implement share repurchases, the policy makers should adjust the restrictions on share repurchases based on the different risk characteristics of the company, and the listed companies should make good use of share repurchases as a kind of risk management tool.

Key words: share repurchase, securities margin trading, short selling mechanism, information asymmetry

中图分类号:

F275

李丽, 何威风. 融资融券会影响公司股份回购吗[J]. 当代财经, 2023, 0(10): 72-84.

LI Li, HE Wei-feng. Will Securities Margin Trading Affect Corporate Share Repurchase?[J]. Contemporary Finance & Economics, 2023, 0(10): 72-84.

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