| Since March 2010,China has officially started to carry out margin trading,which marks the end of the long-term "unilateral market" in China's stock market.Enterprise innovation is an activity with high investment,high risk and long term,which requires management to reduce self-interest behavior.Due to the existence of principal-agent and information asymmetry,external supervision has little effect on management,so it is difficult to avoid self-interest behavior of management.After becoming the subject of margin trading,the enterprise information is constantly mined by investors and analysts,and the transparency of enterprise information is improved.On the one hand,the external supervision on the management is increased.On the other hand,the stock price and career prospects are related to the self-interest of the managers,increasing the self-restraint of the management.The two aspects of joint supervision and restriction affect the innovation behavior of micro enterprise managers.This paper uses the data of A-share listed companies in 2007-2019,and based on the principal-agent theory and information asymmetry theory,derives the information mechanism that margin trading affects the innovation of enterprises.At the same time,it finds that in 2007-2019,both the number of stock targets and the scale of margin trading have increased,and the innovation of enterprises has obtained invention from the innovation investment of enterprises In view of the increase in the number of patent authorizations,this paper puts forward the hypothesis that margin trading can promote enterprise innovation and conducts empirical tests.Then,the robustness test is carried out with PSM and the explained variables with one lag period,and the conclusion is as follows:After becoming the subject of margin trading,enterprises can alleviate the agency problems of shareholders and managers,as well as the problem of information asymmetry,and improve the innovation of enterprises;After an enterprise becomes the subject of margin trading,it is forced to significantly improve its information transparency due to the mining of the unfavorable information of the enterprise by the margin traders,and after it becomes the subject of margin trading,it influences the innovation of the enterprise by influencing the information transparency of the enterprise;After becoming the subject of margin trading,the enterprise information is constantly mined and the information transparency is improved.On the one hand,the external supervision of the management is increased;on the other hand,the actions of the management are directly related to the stock price and career prospects,which is where the managers' own interests lie and the management's self supervision is increased.As a new system in the capital market,the margin trading system can affect the decision-making of enterprise behavior at the micro level.Specifically,the development of margin trading alleviates the principal-agent problem of shareholders and management,and reduces the information asymmetry among shareholders,management and investors.Therefore,according to the conclusion of this paper,the following suggestions are put forward: continue to increase the promotion of margin trading system,not only limited to the number of stock subject,but also gradually include other financial derivatives into the subject of margin trading,reduce the entry threshold of the stock subject of margin trading;also greatly improve the problem of insufficient margin trading at present,and encourage long-term investment.Listed companies should actively carry out margin trading.Companies that are already the subject of margin trading should actively improve the activity of daily margin trading.Companies that are not the subject of margin trading should actively maintain the stability of stock price and daily turnover,actively expand production and increase the market value of circulation.There is a bias in the selection of thesubject-matter stocks of margin trading.When selecting the subject-matter stocks of margin trading,the index of information transparency can be added,and the stocks with lower information transparency can be properly selected,which can not only better improve the information transparency of the enterprise,but also improve the information transparency of the whole A-share. |
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