Earnings management and liquidity risk
基于双重差分模型(DID)方法, 考察融资融券推出对企业盈余管理和流动性风险间关系的影响.; 实证结果表明公司盈余管理程度与流动性风险呈正相关关系. 具体而言, 公司盈余管理的程度越强, 其股票的流动性风险越大;; 并且存在正向(向上)盈余管理的风险效应相对小于负向(向下)盈余管理的现象. 通过自然实验,; 发现企业盈余管理和流动性风险的正向关系在融资融券推出后得到了显著削弱. 同时,; 融资融券机制本身也能降低股票的流动性风险.这表明融资融券起到了稳定股市, 增强流动性的作用.This paper analyzes the impact of margin trading and short selling; scheme on the correlation between earnings management and stock; liquidity risk using difference-in-difference (DID)method. The findings; show that earnings management is positively related to liquidity; volatility of that stock, which means earnings manipulation leads to; higher stock liquidity risks. Negative earnings management is more; closely related to liquidity risk than positive earnings management. The; natural experiment reveals that ban lifting of margin trading and short; selling for stocks in a designated list has significantly reduced the; liquidity risk resulted from firm-level earnings management. Also,; margin trading and short selling have provided more liquidity to the; market and hence, stabilize the market and improve market liquidity.