| The system of margin trading has implemented on March 31,2010.The purpose of this system is to promote the healthy development of capital market,to establish and perfect the trading system of capital market.The existing research either explored the effect of margin trading on the stock price and market stability based on the "by"and "noise trading" hypothesis or analyzed the impact of margin towards such short-term behavior as earnings management and cash holding based on principal-agent theory.The literature about influence on enterprise innovation is rarely dabbled.Innovation is one of the five national development concepts.The reports of 19th National People’s Congress,pointed out that we should firmly implement the strategy of innovation-driven development,adhere to the innovation-oriented,constantly enhance the economic innovative ability,and make our country the top-rank of the innovation-oriented countries.The microcosmic body has high innovation efficiency and low cost,which is the main body of national innovation.Therefore,we viewed the implementation effect of emerging capital market policies from the micro perspective of enterprise innovation,made an link between external institutional change and the enterprise’s long-term behavior.We provided new ways and forms to test the value effect of margin trading,which had an great theoretical contribution for constructing the comprehensive value model of margin trading mechanism and enriched the related research of the company’s innovation.Meanwhile,this study has important practical significance and policy implication on guiding the enterprise’s innovation by macro policies,promoting the financial innovation of the capital market,and driving the sustained and healthy development of the economy by innovation-driven factors.Innovation is a long-term high input and high risk activity.It is needed to overcome the shortsighted behavior of managers and make plans of long-term investment in the process of innovation.The development of stock market will promote the innovation of enterprises.The margin trading in the stock market has the function of external supervision and restriction to the company management.Margin traders have a strong motivation to dig out the enterprise’s negative information and spread them.On one hand,this enables shareholders to better observe the behavior of management layer and reduce the principal-agent problems between the shareholders and the managers.On the other hand,the value of innovation projects can be transferred to the market more objectively,which reduces the degree of information asymmetry.Meanwhile,management layer will strengthen self-regulation because of the deterrent effect of margin trading,which will influence the company’s innovation.In consideration of the progressive expansion of margin trading in our country,this study used the data of 2007-2016 of A shares companies,based on the information asymmetry theory and principal-agent theory,to study influence of margin trading system on enterprise’s innovative investment by means of the difference in differences(DID)model,propensity score matching(PSM)method,data envelopment analysis(DEA).We explored the internal mechanism of margin trading affected innovation investment from the aspects of supervision constraint hypothesis and market pressure hypothesis.In order to have a clearer understanding of the influence of margin trading on enterprise’s innovation investment,based on the characteristics of innovation’s high investment and high risk,and that risk taking and capital allocation are the key to innovation,we considered whether the effect of margin trading on enterprise’s innovative investment would change under heterogeneity of enterprise and management.Innovation will ultimately manifest itself in different forms.First of all,we investigated the real effects of margin trading and analyzed the probability that companies had deficient or excessive investment in innovation to verify whether the incentive system led to hypercorrection.Besides,we discussed the rationality of the innovation investment,that is,whether there was excessive investment.Secondly,we distinguished the innovative behaviors of different motives and divided them into"substantive" and "strategic" innovation from the perspective of motivation.Then we investigated the influence of the margin trading system on the profit degree of innovation investment,that is,the quantity of enterprise patent applications.At the same time,innovation investment or patent output is only one part of the innovation activities.Considerable input does not necessarily have an ideal output,and high output may also be at the expense of resource waste.Therefore,it is necessary to further study the allocation degree of innovative investment and analyze the impact of margin financing on the allocation of innovation investment.The conclusions of this paper are as follows:Firstly,the level of innovation investment has been enhanced after the enterprises become the targets of margin trading.This proves that the supervision and restraint capabilities of the margin trading system and market pressure have no much effect on management layer.Secondly,further empirical tests show that margin trading system play different roles in different enterprise and management.First of all,in view o f the characteristics of the enterprises,there are more information asymmetry in state-owned enterprises,but the managers of non-state-owned enterprises will be influenced at a larger extent by the external supervision mechanism because of the special characteristic of the state-owned enterprise.So margin trading system has more obvious effects on the non-state-owned enterprises.In view of the industry attributes,there are multiple information asymmetries in high-tech enterprise.Margin trading system can play a more important role compared to non high-tech enterprises.Secondly,in view of the enterprise’s management environment,margin trading will play a more active role when the enterprise is audited by four international accounting offices.However,there is no significant effect when analysts tracked a small number of people.Margin trading system has significant effect on the contrary.It’s probably because that enterprises tracked by analysts attract more margin traders.In addition,margin trading play a more important role in strong financing constraint enterprise.In view of the external market environment of the enterprise,more convenience will be provided and make it play a more important role with higher markentization index.Finally,the role of margin trading is investigated from the characteristics of management.It shows that margin trading can play a more significant role because non-overconfident managers have severer shortsighted problems.In view of the tenure of management,the management holds a "steady" attitude when they have obtained a long tenure,which lead to be shortsighted more easily.However,expected tenure has no significant effect on margin trading.Thirdly,margin trading also has a significant influence on the efficiency of innovation investment.In view of the reasonableness of innovation inves tment,margin trading has appropriate promotion effect on innovation investment,because it only significantly reduces the probability of deficient innovation investment,but it does not significantly impact the probability of excessive innovation investment,so it will not lead to hypercorrection.Margin trading system also produced good influence on the profit of innovation investment.The quantity of patent applications and weighted patents applications have not increased significantly.The quantity of patents for utility models and designs has not changed significantly.However,the quantity of invention patents that very year and the next year has increased significantly,and it has a significant promotion effect on the quantity of granted invention patents for the third years.This shows that margin trading system plays an important role on improving the core competence of the enterprise.Because the enterprise will spend more time and energy on the substantive patent activities of the invention patent application,rather than patent application of utility modes and designs that have relatively low technology.In view of the input and output of enterprise innovation,the efficiency of innovation investment has also been effectively enhanced.This shows that the influence of margin trading on innovative investment is real and effective.Management doesn’t increase innovation investment just for handling the work.They put money more into the real need,which makes the enterprise innovation develop in a right direction.Based on previous studies,this paper makes a systematic study on the effect of the margin trading on the innovation investment and efficiency.Possible innovatons of this paper include the following several aspects:Firstly,margin trading adopted the process of gradual release and progressive expansion in China’s capital market.This paper using the reasonably natural experiments can to measure the margin trading’s impact on enterprise innovation investment and efficiency accurately.It provide a new test way and utility model about implement effect of margin trading.Secondly,the existing literature was elaborated and supplemented from multiple perspectives in this study.(1)The importance of margin trading in pr omoting China’s enterprise innovation and the development of the real economy was revealed,and the literature about margin trading was enriched.(2)The way of enhancing enterprise value by margin trading was revealed,and literature about companies’management was enriched from another perspective.Many scholars have carried out empirical studies on the issue of external management of margin trading since the issue was raised.However,they have not showen the way how margin trading influences enterprise innovation.Innovation has a close relationship with the enterprise value.Margin trading can improve the quality of innovation and enhance the enterprise value.(3)Literature about innovation factors was enriched.The influential factors of enterprise innovation were studied from the perspectives of enterprise,market and the national.In view of the late introduction of margin trading system in China,there are few literature about the role played by margin trading that is the capital market intermediary.Meanwhile,the limitation of the homogeneity hypothesis was broke through and the influence of institutional change on innovation investment and efficiency of the company were analyzed combined with the different enterprises and the managers,which enriched the perspective of the researches on enterprise innovation.Finally,it can provide realistic basis for the listed companies,investors and regulators.The development of our stock market is relatively late compared to west countries,because our country has implemented margin trading since March 31,2010.Margin trading,as institutional innovation in capital market is a relatively new thing.Although our country has made a lot of preparatory work for a long time,whether it can play their role or not will need to be further tested.Margin trading system of capital market and decision-making behavior of micro enterprise are combined organically in this paper.It can provide practical experience for the effect of the margin system and the late development.It also can make the work of construction and expansion to proceed steadily,ensure its external governance role to work,improve the quality of micro enterprise’s development and finally achieve the enhancement of the market efficiency. |
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