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本文以我国融资融券交易试点为背景,研究融资融券对上市公司会计稳健性的影响。采用双重差分方法,我们发现,对比控制组公司,成为融资融券标的证券后,融资融券公司的会计稳健性显著提高;当公司的股权结构缺乏制衡时,融资融券能够显著提高会计稳健性;对于融资受到约束的公司,融资融券对会计稳健性的促进作用更加明显。这些结果表明,融资融券能够对公司的会计行为产生影响,具有公司治理效应。
This paper, based on the pilot of margin trading in China, studies the impact of margin financing and securities lending on the accounting conservatism of listed companies. Using the double difference method, we find that after comparing the control group companies, becoming the subject of securities margin financing and securities lending, the company’s accounting conservatism has been significantly improved. When the ownership structure of the company lacks checks and balances, margin financing and securities lending can significantly improve the accounting conservatism ; For companies with restricted financing, the promotion effect of margin trading on accounting conservatism is more obvious. These results show that margin financing can have an impact on the accounting behavior of the company and have the effect of corporate governance.