财经理论与实践2026，Vol.47Issue(4)：69-78,10.DOI:10.16339/j.cnki.hdxbcjb.2026.04.009
放松卖空管制会加剧企业的"漂绿"行为吗?
Does Short-Selling Deregulation Exacerbate Corporate Greenwashing?
摘要
Abstract
Using Chinese A-share listed companies from 2009 to 2023 as the research sample,this study examines the impact of short-selling deregulation on corporate greenwashing behavior.The results show that short-selling deregulation significantly exacerbates corporate greenwashing through three chan-nels:financing pressure,performance pressure,and managerial short-termism.Further heterogeneity analyses reveal that this effect is more pronounced among firms with shorter CEO tenure,lower analyst coverage,higher stock liquidity,and greater stock price volatility.In light of these findings,it is neces-sary to strengthen the supervision of corporate environmental information disclosure,improve the design of the margin trading and short-selling system,and enhance the role of market monitoring,thereby guid-ing capital markets to better support firms' green and high-quality development.关键词
放松卖空管制/融资融券制度/"漂绿"行为/实质性绿色转型Key words
short-selling deregulation/margin trading system/greenwashing/substantive green transformation分类
管理科学引用本文复制引用
刘飞,王振翔,杜建华..放松卖空管制会加剧企业的"漂绿"行为吗?[J].财经理论与实践,2026,47(4):69-78,10.基金项目
国家社会科学基金一般项目(23BJY112) （23BJY112）
