賣空機制的引入加劇了上市企業財富縮水和聲譽損失的風險。動態博弈的視角下,企業有動機通過調整企業社會責任戰略來應對賣空機制帶來的風險。本文以2008-2017年滬深A股非金融類企業為樣本,采用雙重差分法檢驗了中國融券賣空機制對企業社會責任的影響。研究發現:(1)試點企業在賣空壓力下既可能基于價值保護動機減少社會責任活動,又可能基于負面事件預防動機增加社會責任活動,而后者占據主導作用。(2)試點企業在賣空壓力下會如何調整社會責任投資取決于代理成本的大小,故其本質是代理沖突的產物。(3)試點企業在賣空機制影響下增加社會責任活動的行為降低了股價對負面信息的反應速度,進而削弱了賣空機制的治理效應。

Short selling may have a negative impact on the short-term performance and social reputation of a company.In order to resist the short-selling mechanism,managers may lower the CSR to improve the short-term performance or promote the CSR to cover up their misconducts.Accordingly,the association between Short selling and CSR remains uncertainty.Considering the endogeneity problems,we use DID method to examine the impact of short selling mechanism on corporate social responsibility,taking Chinese nonfinancial A-stock firms listed in Shanghai and Shenzhen Security Exchanges from 2008 to 2017 as researching samples.Our results demonstrate that the short selling mechanism will promote managers to shoulder more social responsibilities based on disguised motivation,which increase the risk of stock price crash,thereby weakening the effect of short selling mechanism.