Research On The Impact Of Margin Trading On Innovation Investment Of Listed Companies In China

China’s margin trading started relatively late,but in the past nine years,China’s margin trading has developed very rapidly,which is reflected in the increase in the number of margin trading transactions.At present,the domestic and foreign literature research on the margin trading system mainly focuses on two aspects.On the one hand,it studies the impact of margin trading on the stock price,volatility and liquidity of listed companies;The impact of margin trading on the company’s earnings management,information disclosure,and equity incentives.China’s stock exchanges predicted its four basic functions,but margin trading gradually produced some other functions in the process of its development.This paper studies the impact of margin trading on corporate innovation investment.In this paper,the data of China’s listed companies from 2007 to 2017 is taken as a sample.The sample is matched by PSM tendency score matching method,and then the DID double difference model is used for empirical analysis.The following conclusions are drawn:(1)financing The implementation of the securities lending trading system will promote the innovation investment of enterprises;(2)the greater the promotion effect of the margin trading system on corporate innovation investment in the context of weaker market competitiveness;(3)in the analysts Under the circumstances of a large number of people,the effect of the margin financing and securities trading system on the innovation investment of enterprises is more obvious;(4)Under the condition that the free cash flow of enterprises is relatively abundant,the margin financing and securities trading system has a great effect on the innovation investment of enterprises;(5)The nature of enterprise ownership is different.The impact of margin trading system on corporate innovation investment is different.The promotion of non-state-owned enterprises’ margin trading targets to enterprises’ innovative investment is more obvious.This paper has repeatedly demonstrated through some other methods and found that the above conclusions are still valid by transforming explanatory variables,interpreted variables,late-stage control variables,and Tobit models.The innovation of this paper is the first time to analyze the impact of margin trading transactions on innovative investment from the perspective of information governance and corporate governance mechanism.It is the first time to classify and analyze the samples from the free cash flow adequacy and the nature of enterpriseownership.The relationship between the bond trading system and corporate innovation investment has created a new framework.The promotion of the margin trading system to the innovation investment of enterprises is a potential or derivative function.In response to several conclusions drawn from this paper,we further found that in order to better play the positive significance of margin trading transactions to corporate innovation investment,we must put these "bridges" in the middle,we must encourage analysts to objectively The disclosure of information,combating illegal enterprise competition in the market,increasing the support for corporate cash flow for research and development expenditures,and reforming the institutional mechanism of state-owned enterprises in China.This paper expects more scholars to explore more potential functions of the margin trading system and reveal the margin trading.The law of economic development of the trading system.