融资融券对企业盈余质量的影响——以沪深A股上市公司为例摘要本文通过对国内A股上市公司的数据的分析比较，以实证分析的方式，采用双重差分模型，研究融资融券和企业盈余质量的关系。得出了融资融券后，公司盈余水平将会下降的结论。同时将中国特色社会主义市场经济的制度背景考虑在内，进一步探讨产权性质对融资融券的公司治理效应的影响。通过研究，希望上市公司管理层重视公司信息披露行为，降低盈余管理水平；同时针对中国特色社会主义市场经济，对国有和非国有企业提出建议。证明了在中国银行业融资融券对国有银行的正向激励作用更大。也从一定程度上证明了我国在经济政策上充分发挥市场自身的调节作用，对上市公司起到了高效监督的作用，股票定价也将趋于合理化，股票市场交易也将趋于公平公正化。关键词：融资融券；盈余质量；市场经济；外部性1AbstractBasedontheanalysisandcomparisonofthedataofdomesticA-sharelistedcompanies,thispaperusesthedoubledifferencemodeltostudytherelationshipbetweenmarginfinancingandcorporateearningsquality.Aftertheconclusionofthemarginfinancingandsecuritieslending,thecompany'searningslevelwilldecline.Atthesametime,takingintoaccounttheinstitutionalbackgroundofthesocialistmarketeconomywithChinesecharacteristics,furtherexploretheimpactofthenatureofpropertyrightsonthecorporategovernanceeffectofmarginfinancingandsecuritieslending.Throughresearch,itishopedthatthemanagementoflistedcompanieswillpayattentiontothecompany'sinformationdisclosurebehaviorandreducethelevelofearningsmanagement.Atthesametime,itwillmakerecommendationstostate-ownedandnon-state-ownedenterprisesforthesocialistmarketeconomywithChinesecharacteristics.Itprovesthatthepositiveincentiveeffectofstate-ownedbanksinChina'sbankingindustrymarginfinancingandsecuritieslendingisevengreater.ItalsoprovestoacertainextentthatChinahasfullyexerteditsownregulatoryroleineconomicpolicies,andhasplayedaneffectiveroleinsupervisinglistedcompanies.Stockpricingwillalsoberationalized,andstockmarkettransactionswilltendtobefairandequitable.Keywords:marginfinancingandsecuritieslending;earningsquality;marketeconomy;externalities目录2摘要.................................................................1Abstract.............................................................11.绪论...............................................................11.1研究背景................................................................................................................................11.2研究目的与意义....................................................................................................................21.3研究思路与研究方法............................................................................................................31.4本文的特色与创新点............................................................................................................42.文献综述...........................................................42.1市场信息的透明度以及企业的盈余管理.............................................................................42.2关于卖空市场和卖空者的研究.............................................................................................52.2.1针对卖空交易行为优劣的研究..................................................................................52.2.2针对卖空者行为特征的研究......................................................................................52.2.3关于卖空指标的研究...............................................................
