Research On The Impact Of Margin Financing On Enterprise Investment Efficiency

Since 2010,China’s margin financing and securities trading has experienced over eight years.During this period,the aim enterprises has been continuously expanded,market participants have been increasing,and the trading have impact on the capital market and enterprises.Most of the existing research on the influence of market.However,the research on the enterprises still needs to be supplemented,and the investment behavior of enterprises is an important part of enterprise investment and plays an important role.And now in Chinese enterprises,how to improve the efficiency investment and reduce the level of non-efficiency investment has become a concern of scholars and business operators.This paper research on the impact of margin trading on corporate investment efficiency,and distinguishes the different effects of them,and then analyzes the mechanism and influencing factors of this impact.Based on the theory of information asymmetry and principal-agent theory,this paper analyzes and proposes hypotheses.The DID model is used to construct the basic regression model.The mediating effect model is used to test the mediating effect of agency cost,and various methods such as principal component analysis and group regression are used.The empirical results show that margin trading can significantly reduce the level of non-efficiency investment of enterprises.It is also found that there are significant differences in the effect of financing and securities lending.The securities lending transaction plays a more important leading role in suppressing non-efficiency investment.The test further validated this conclusion.The mediation effect test results show that margin financing and securities lending inhibits non-efficiency investment by reducing the agency cost of the enterprise.In addition,the level of corporate governance will also have an impact on this process.In companies with low corporate governance,the suppression of non-efficiency investment by margin financing and securities lending is more obvious,and it also it has certain improvement in corporate governance.Finally,in order to avoid potential endogeneity problems and make the empirical results more robust,this paper adopts three methods of changing variable index,expanding sample size and PSM-DID to test the main conclusions.