Short Pressure Force,Degree Of Marketization And Capitality Structure Adjustment

The dynamic adjustment of capital structure has become a research hotspot in the field of financial management in recent years.The goal of an enterprise is to maximize the value of the enterprise.In the process of its dynamic development,it will inevitably optimize the capital structure and adjust to the target capital structure.The short-selling mechanism(short-selling transaction)launched in March 2010 is an important innovation in my country’s capital market.As a product of the market-oriented reform,whether the short-selling mechanism will promote the adjustment of the optimal capital structure is a question that needs to be discussed.At the same time,the market-oriented reform is constantly advancing,and the market plays an important role in the allocation of resources.What role does the level of marketization play between short selling and the dynamic adjustment of the capital structure? This paper attempts to study the impact of short selling mechanism on the dynamic adjustment of capital structure from the perspective of marketization.In order to solve the above problems,this paper selects my country’s A-share listed companies from 2008 to 2020 as a sample to study the impact of short selling mechanism on the dynamic adjustment of corporate capital structure from the perspective of marketization.First,the research direction is determined.Second,the research hypothesis about the relationship between the three is proposed by using the theory of market timing and dynamic adjustment of capital structure.At the same time,an empirical model on the short-selling mechanism,the degree of marketization and the dynamic adjustment of the capital structure is established,and the double-difference model and the panel fixed effect method are used to conduct sufficient empirical testing and analysis.Finally,the balanced trend test and propensity score matching method are used to exclude the influence of endogeneity,and the robustness test is carried out by combining substitution variables and excluding the impact of the stock market disaster in 2015.The analysis found that the implementation of the short-selling mechanism will affect the risk prediction and judgment of enterprise managers,and then promote the dynamic adjustment of the capital structure.The promotion effect of dynamic adjustment is more significant,and the research provides empirical support for further promoting market-oriented reform.In order to promote the exertion of the external governance effect of the short-selling mechanism and optimize the dynamic adjustment of the company’s capital structure,the thesis proposes that we should focus on improving the system design related to the short-selling transaction mechanism in my country’s capital market,and continue to expand the pilot scope and scope of the margin financing and securities lending business and refinancing business.From the perspective of maintaining the healthy development of the capital market,it puts forward suggestions such as accelerating the construction of relevant laws and regulations related to the short-selling mechanism.