Internal Control,Media Supervision And Enterprise Shorting Level

Shorting is a high-selling low-buy operation,investors expect the share price will fall,borrow securities from the stock exchange to sell,pending confirmation of the fall after buying and returning.Lifting the short limit prompts the capital market to fully reflect the information of multiple and short parties,improve the content of stock price information,and speed up the pricing efficiency of capital market.However,due to the development of shorting mechanism in China is not perfect,the lifting of short selling constraints increases the risk of stock market crash.Therefore,how to maintain the long-term stable development of enterprises under the short mechanism has become a key issue.From the point of view of shorting enterprises,this paper examines the influence of media supervision and internal control on shorting level.Media supervision through the reputation mechanism and administrative intervention mechanism to form an external binding force,strengthen the enterprise's own reputation and management level of promotion.On the one hand,internal control can improve the quality of enterprise accounting information,which is of great significance for investors to predict the future operation status of enterprises and evaluate the value of enterprises,and directly affects the decision of investors.On the other hand,it can strengthen the inhibitory effect of media supervision on the level of business being shorted,strengthen the influence of media supervision on the reputation and management ability of enterprises,and also deal with the role of malicious shorting,media supervision can not play an effective role,replace media supervision,by enhancing the ability of enterprise risk response,reduce the level of enterprise shorting.Therefore,this paper selects the listed companies with the qualification of the securities standard in 2013-2017 as the research object,and uses the multivariate linear regression model to test the relationship between media supervision,internal control and enterprise shorting level empirically.It is found that:media supervision and internal control are significantly negatively correlated with the level of enterprise being shorted,enterprises with low internal control level are easy to be short,and media supervision can significantly reduce the level of enterprise shorting,and in enterprises with high internal control level,media supervision is more effective in the governance of shorting enterprises.Further,this paper finds that the influence of internal control on the level of shorting of state-owned enterprises is limited,and the effect on non-state-owned enterprises is obvious.Media supervision has a significant impact on the shorting level of state-owned enterprises and non-state-owned enterprises,but it has a greater impact on non-state-owned enterprises.The results of this paper show that under the short mechanism,internal control and media supervision can effectively reduce the level of shorting enterprises,but also show that the short mechanism can effectively identify poorly governed enterprises,urge enterprises to improve the level of internal control,strengthen the enterprise values and internal management ability,at the same time improve the enterprise's understanding of media supervision,attach importance to the impact of media supervision on the reputation of the enterprise,strengthen its own reputation management,and Reduce the risk of companies being shorted.