Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 61 , 28 December 2023
Open
Access | Article
The Impact of Short Selling on the Quality of Accounting Information Disclosure of Listed Companies
* Author to whom correspondence should be addressed.
Abstract
As the capital market develops and matures, the requirements for the quality of accounting information of listed companies gradually increase. Under these circumstances, it is essential to verify whether implementing this system can improve the quality of accounting information and realize the effective allocation of resources. In order to empirically test the governance effect of short selling on the accounting information disclosure of listed companies, this paper uses the data of A-share listed companies from 2009 to 2011, uses the differential and probit model, and finds that short selling has no significant impact on the quality of information disclosure. China officially implemented the short-selling system on March 31, 2010. During the early stages of implementation, the trading volume of short-selling was small, and the scale of short-selling of listed companies was also small. Therefore, short-selling transactions in a short period of time will not significantly affect the quality of accounting information disclosure.
Keywords
Expansion, Margin short selling, Listed companies, Accounting information disclosure, Quality differentially
References
1. The Shenzhen-Shanghai Stock Exchange announced that the margin trading pilot will be officially launched on March 31, 2010.
2. Lin C, Shi N, 2022, "Further Expansion of the scope of A-share Margin Financing to Promote Long-term and Stable Development of the two-financing business", Shanghai Securities News.
3. Tan J, Song S, & Wu L,2010, "The Determinants of Corporate Transparency: An Empirical Study Based on Agency Theory and Signal Theory," Accounting Research, Vol.4, pp. 26-33+95.
4. Yi Z, Jiang F & Qin Y,2010, "Product Market Competition, Corporate Governance and the Quality of Information Disclosure." Management World, Vol. 1, pp.133-141.
5. Gao L & Song S,2007, Corporate Governance and Corporate Transparency, Financial Research, No.11, pp.28-44.
6. Zhang Z, Wang M. [J]. Journal of Finance and Accounting,2021, (06);85-93.
7. Healy, P. M. and K. G. Palepu, 2001, "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature,” Journal of Accounting and Economics,31(1) :405~440.
8. Chau,G.K. & S.J. Gray, 2002, "Ownership Structure and Corporate Voluntary Disclosure in Hong Kong and Singapore, “The International Journal of Accounting, 37(2) :247~265.
9. Hossain. & M. Reaz, 2007, The Determinants and Characteristics of Voluntary Disclosure by Indian Banking Companies, Corporate Social Responsibility and Environmental Management, 14(5) :274~288.
10. Eng,L.L. & Mak, Y.T. 2003, Corporate Governance and Voluntary Disclosure, Journal of Accounting and Public Policy, 22(4):325~345.
11. Cao J. Research on Influencing Factors and Governance of Financial Restatement of Listed Companies [D]. Jingdezhen CeramicUniversity,2022.
12. Zhang J. Research on Financial restatement from the perspective of financing [D]. Fuzhou University,2020.
13. Saffi,P.A. & Sigurdsson K., 2010, Price Efficiency and Short Selling, Review of Financial Studies, 24(3): 821-852.
14. Zhang Y. On the model selection and influence of margin financing business in Chinese securities companies [J]. Economic Perspective (Second),2009(10):56-58.
15. Christophe, S.E., Ferri M.G. & Hsieh 1., 2010, Informed Trading before Analyst Downgrades: Evidence from Short Sellers, Journal of Financial Economics,95(1):85~106.
16. Wang Y. Research on margin lending system and corporate finance restatement. National Circulation Economy, 2022(33):61-64.
17. Zhang X, Zhou P & Li C,2016, "Short Selling and Earnings Quality: Evidence from Financial restatement", Journal of Financial Research, 8 (8), 175-190.
18. CSMAR (gtadata.com).https://www.gtadata.com/, Assessed on December 25,2022.
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open Access Instruction).
- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-223-7
- ISBN (Online)
- 978-1-83558-224-4
- Published Date
- 28 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/61/20230930
- Copyright
- 28 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited