Research On The Impact Of Margin Trading On Enterprise Innovation

Can the securities exchange market affect the real economy? And how does it affect the real economy? In 2010,China implemented the margin trading system,and in 2019,the margin trading target carried out the sixth super expansion,and margin trading and securities lending entered the fast lane development range,which is not only conducive to adding new vitality to the stock market,but also conducive to the rapid development of the real economy.Combined with the current situation of China’s financial market development,this paper explores how the securities trading market under the margin trading system affects the real economy,which is helpful to enrich the empirical evidence of how the external governance environment of enterprises affects the effectiveness of internal governance of enterprises.Enterprise innovation is in a very important position in the process of corporate governance,and our party and national leaders have repeatedly proposed to take innovation as the core driving force of national development,promote the innovation-driven development model with Chinese characteristics,and accelerate the implementation of the strategy of rejuvenating the country with science and technology and strengthening the country with innovation with the goal of domestic autonomy and control.The margin trading mode allows short trading on margin trading,which can effectively optimize the external governance environment of enterprises,while the scale advantage of institutional investors helps strengthen external regulatory governance and can help optimize the level of enterprise innovation? Firstly,this paper studies the relationship between margin lending and enterprise innovation,and secondly,the moderating effect model takes institutional investors,types of institutional investors and different internal governance factors of enterprises as regulating variables,and examines how they affect the relationship between margin trading and enterprise innovation through heterogeneity.Finally,this paper concludes that the introduction of margin trading mode greatly improves the efficiency and quality of external information communication of enterprises,alleviates the problem of entrusted agency in enterprise operation and management,improves the corporate governance environment,and helps to optimize the innovative decision-making scheme of management and improve the level of enterprise innovation.In this paper,by constructing a multi-temporal double difference model for empirical analysis,the sample is selected for A-share listed companies from 2007 to 2021,which confirms that the margin trading mode is conducive to improving the level of enterprise innovation,that is,the enterprise innovation enhancement effect of margin trading.First of all,the study shows that after being selected as a margin and securities lending target,it will force listed companies to carry out value management,stimulate the management to enhance the motivation of corporate value,and the management will pay more attention to scientific and reasonable innovative investment decisions and improve the level of enterprise innovation in order to avoid damage to shareholders and their own interests.Secondly,from the perspective of institutional investors,this paper studies the mechanism and mechanism of the transaction mode of financing and financing system on the innovation level of enterprises,and analyzes the role of institutional investors’ shareholding in influencing its path.The results show that the corporate innovation enhancement effect of margin trading and securities lending will be affected by the shareholding ratio of institutional investors,specifically,the shareholding ratio of institutional investors will further stimulate the corporate innovation and upgrading effect of margin trading.In addition,compared with pressure-sensitive institutional investors,pressure-resistant institutional investors have a greater stimulating effect on corporate innovation and enhancement in margin trading.Then,from the perspective of corporate governance factors,the mechanism and mechanism of financing system transaction mode affecting the innovation level of enterprises are studied,and the role of corporate governance factors in influencing its path is analyzed.Further analysis shows that the innovation enhancement effect of margin lending will be affected by the company’s internal governance environment.Specifically,the corporate innovation enhancement effect of margin lending is more significant in listed companies with a lower proportion of independent directors and the chairman concurrently serving as the general manager.Finally,the relationship between margin lending and enterprise innovation level is tested by robustness,and the prolinity score matching method(PSM-DID),changing the enterprise innovation measurement method,retaining the data of margin and securities lending in the year,and testing the robustness of the basic research is carried out by four methods: the virtual variable of margin lending is lagged by one period and the missing variable test,and the conclusion is basically unchanged,and margin lending will still produce the effect of enterprise innovation improvement,which enhances the robustness of the benchmark regression conclusion.