| On March 31,2010,China officially launched securities margin trading,which is similar to the short selling mechanism in the West.For a long time,China’s securities market does not allow short selling,which makes investors face the dilemma that they can“buy up rather than buy down”.The implementation of margin trading has broken the state of “unilateral city” in China’s securities market.Generally,margin trading plays an important role in China’s capital market.It has farreaching and lasting influence on the listed companies,the securities market and the entire social economy.Based on relevant literature and theory,this paper selects the listed companies that entered the list of margin trading from 2010 to 2017 as the sample group.We use the one-to-one matching principle(a certain standard)to pair the sample groups in the listed companies that have never entered the pool of the two standards.Then we analyze whether the short-selling pressure can affect the risk-taking ability of the company.Finally,we further discuss the relationship between the above two aspects in terms of the level of corporate governance and the quality of the external environment of the company.The conclusion of the study shows that after allowing the listed company short-selling,its risk-taking level significantly reduced.Meanwhile,with the extension of the introduction of margin trading,the degree of information asymmetry of the company gradually reduced.As a kind of effective external force,short-selling pressure can effectively promote the company to regulate governance behaviors and improve the company’s governance mechanism,contributing to restricting managers’ misconduct and improving the company’s risk-taking level.This finding illustrates the short-selling pressure formed by securities lending transactions to enterprises.There are short-term and long-term differences in the impact of risk taking.Further research argued that the negative impact of short selling pressure on corporate risk-taking could be more significant in the sample group with low corporate governance and poor external environment,and when the corporate governance level is high and the external environment of the company is good,the negative impact of short selling on corporate risk-taking is not obvious.It shows that the risk behavior of enterprises could be affected by the pressure of short selling,revealing the pressure of short selling as an external force,which can effectively stimulate and supervise the behavior of enterprises. |
