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文章以近年来我国融资融券交易机制施行为背景,研究融资融券对上市企业过度投资行为的影响。在定性分析融资融券机制与企业过度投资关系的基础上,以2007-2014年间沪深A股上市公司数据为样本,构建Logistic模型进行了实证检验。研究发现,我国有相当一部分上市企业的确存在过度投资现象,但企业在进入融资融券标的范围后,过度投资程度显著下降。因而,融资融券的推出在治理企业过度投资方面发挥了积极的作用。
Based on the implementation of China’s margin trading mechanism in recent years, the article studies the impact of margin financing and securities lending on overinvestment behavior of listed companies. On the basis of qualitative analysis of the relationship between margin financing mechanism and overinvestment of enterprises, this paper uses the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2014 as a sample to construct a Logistic model and conducts an empirical test. The study finds that a considerable part of listed companies in our country do exist overinvestment phenomenon, but the degree of overinvestment of enterprises dropped significantly after they entered the scope of margin financing and securities lending. As a result, the introduction of margin financing and securities lending has played a positive role in over-investing in enterprises.