Short Selling and Total-Factor Productivity: Evidence from a Quasi-Natural Experiment in China

被引：0
|
作者：
Kuang, Xuewen [1 ]
Jiang, Jing [1 ]
Luo, Chenyu [1 ]
Lin, He [2 ,3 ]
机构：
[1] Nanchang Univ, Res Ctr Cent China Econ & Social Dev, Sch Econ & Management, Nanchang, Peoples R China
[2] Sichuan Univ, Sch Business, Chengdu, Peoples R China
[3] Sichuan Univ, Business Sch, 29 Wangjiang Rd, Chengdu 610064, Sichuan, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2024年
基金：
中国国家自然科学基金;
关键词：
Short selling; total-factor productivity; innovation; resource allocation; corporate governance; INNOVATION; GROWTH;
D O I：
10.1080/1540496X.2023.2284309
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the effect of short selling on total-factor productivity (TFP) using China's short-selling pilot program as a quasi-natural experiment. Short-selling significantly improves TFP, and this positive effect is mainly driven by improvements in firms' innovation ability and resource-allocation efficiency. The results are robust to potential endogeneity using propensity-score matching, a placebo test, and exogenous shocks. Further, the positive effect is more pronounced when external governance mechanisms (i.e. market competition and institutional investor supervision) are weak.
引用
收藏
页数：15
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