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通过对浑水做空瑞幸咖啡案例的深入研究,阐述做空为投资者提供了通过负面信息盈利的通道,其市场化机制具有及时发现公司财务舞弊以减少信息不对称,纠正市场的错误定价和改善资源错配,以及通过市值的巨幅下跌大大提高舞弊公司及其管理层的违规成本的优势;在公司内部治理机制可能失灵,外部审计机构独立性不足的情形下,做空机制一定程度上恰能填补公司治理、中介机构和法律机制的空缺,成为治理公司财务舞弊行为的又一有效手段,有助于维护资本市场的稳定健康发展。研究以期对我国适时全面引入做空机制提供参考。
Abstract：An in-depth case study of the Muddy Waters Research's short-selling of Luckin Coffee reveals that short-selling provides the investor with a channel to profit from negative information;the marketization mechanism of short-selling has the following advantages:it can timely discover a company's fiscal malpractice and reduce information asymmetry;correct the mispricing of market and improve the mismatch of resources;and enormously increase the violation cost of the fraudulent company and its management through a plummet of the market value.In case that the internal governance mechanism of a company might be out of order and the independence of external audit institution might be inadequate,the short-selling mechanism can make up for the vacancy in corporate governance,intermediary institution,and legal mechanism.As an effective means for governing corporate fiscal fraudulence,short-selling can help to maintain the stable and healthy development of the capital market.The research can hopefully provide reference for the proper and comprehensive introduction of short-selling mechanism in China.
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基本信息:
DOI：10.16387/j.cnki.42-1867/c.2021.06.009
中图分类号:F719.3;F831.51
引用信息:
[1]刘立燕,周莹,叶洲,等.做空对财务舞弊的治理机制研究：以浑水做空瑞幸咖啡为例[J].江汉大学学报(社会科学版),2021,38(06):81-88+125.DOI:10.16387/j.cnki.42-1867/c.2021.06.009.
基金信息:
教育部人文社会科学研究规划基金项目“中小企业社会保险承载度及压力测试研究”（18YJA840017）; 武汉市社科联重点项目“推动武汉上市公司高质量发展研究”（WHSKL2021020102）
2021-11-24
2021-11-24