卖空对公司债券融资成本的溢出效应：来自中国上市公司的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-03-28 DOI:10.1016/j.ememar.2025.101285

Xianzhe Jin , Haitao Si , Dandan Zhu , Yuyan Li

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引用次数: 0

摘要

本研究考察了卖空对公司债券融资成本的影响。利用2007 - 2022年中国a股上市公司的准自然实验和面板数据，我们发现卖空显著降低了公司债券融资成本，主要是通过缓解信息不对称来实现的。进一步的分析表明，这种影响在金融市场发达和法律环境健全的地区尤为明显。在控制了潜在的混杂因素并通过倾向评分匹配差异中的差异（PSM-DID）分析解决了内生性问题后，我们的研究结果仍然稳健。本研究为中国的卖空行为提供了一个新的视角，突出了其在股票和债券市场之间的跨市场溢出效应。

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Spillover effects of short selling on corporate bond financing costs: Evidence from Chinese listed firms

This study examines the impact of short selling on corporate bond financing costs. Using a quasi-natural experiment and panel data from Chinese A-share listed companies from 2007 to 2022, we find that short selling significantly reduces corporate bond financing costs, primarily by mitigating information asymmetry. Further analysis reveals that this effect is particularly pronounced in regions with well-developed financial markets and strong legal environments. Our findings remain robust after controlling for potential confounders and addressing endogeneity through propensity score matched difference-in-differences (PSM-DID) analysis. This study provides a novel perspective on short selling in China, highlighting its cross-market spillover effects between equity and bond markets.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.