报告题目：Do Short Sales Affect a Firm’s Financial Constraints?

报 告 人：李昕宇博士

时    间：2019年10月14日上午10点

地    点：西安交大财经校区教学楼8楼国际交流厅

报告人简介：李昕宇，男，2014年本科毕业于中国人民大学信息学院数学系，2017年硕士毕业于中国人民大学商学院财务与金融系，现为中国人民大学商学院财务与金融系博士研究生。主要研究方向为战略与公司财务、卖空与公司财务以及僵尸企业的成因与经济后果等。在《管理世界》（已录用）、《中国工业经济》、《南开管理评论》、《中国会计评论》、《中国软科学》等期刊发表过论文。

摘  要：Using a sample of Chinese A-share listed firms from 2007-2017, we examine the impact of short sales on a firm’s financial constraints. We develop three conceptual frameworks, the negative information effect, the undervaluation effect, and the deterrent effect, based on the prevailing theories and conduct an in-depth empirical analysis using the difference-in-differences, propensity score matching, and instrumental variable methods. Our findings suggest that: (1) Short sales generally worsen a firm’s financial constraints. (2) A shortable firm’s financial constraints deteriorate more seriously in the case of higher credit risk or information asymmetry. (3) When a firm becomes shortable, its negative media coverage increases, external financing cost rises, and the amount of new external financing decreases. (4) The adverse impact of short sales on financial constraints is more pronounced for inefficient state-owned firms and mainly concentrates in the short term. Collectively, these results support the underlying logic of the negative information effect. However, further analysis shows that: (1) The deterrent effect also exists but is much weaker than the negative information effect. (2) The strength of the two effects will “wan and wax” with time or circumstances. Thus, the deterrent effect may outweigh the negative information effect by easing a firm’s financial constraints in a few cases, such as in the long term after short sales deregulation and when short sales magnitude is low or the managers are more sensitive to the decline of stock price. Our paper provides new insights into the impact of shorts sales on financial constraints, revealing some unique Chinese features compared to the US market and offering valuable lessons to other emerging markets.

经金学院

2019年10月9日