Abstract: This paper studies the joint impact of margin trading and securities lending on product market competitionTheoretical analysis and empirical studies show that firms have become more aggressive in product market competition since their stocks were eligible for margin trading and securities lending, but their overall performance has declined accordinglyThis paper also finds that the trading mechanism mainly affects companies with low stock price efficiency or high intensity of margin tradingThe results imply that with the unbalanced development of margin trading and securities lending, good news from the product market tends to be over rewarded by the stock market, which induces firms to over react in product market competitionHowever, the improvement of stock price efficiency can be helpful to alleviate the above problems

Key words:  , margin trading and securities lending, product market competition, firm performance

摘要： 本文探究融资融券对上市公司产品市场竞争行为的影响。通过理论分析与实证检验，本文发现融资融券政策的实施促进了标的企业产品市场竞争行为，但是由此带来的潜在的过度竞争问题可能导致企业整体绩效有所下降。本文还发现融资融券的政策效果主要集中于融资交易强度较高、或股价信息敏感度较低的公司。本文的研究结果表明，我国融资和融券交易发展的不对称性放大了资本市场对公司正面信息的奖励效应，可能促使公司在产品市场过度竞争，降低了整体绩效，而个股股价信息敏感度的提高有助于缓解上述问题。

关键词: 融资融券, 产品市场竞争, 企业绩效