放松卖空管制会加剧企业的"漂绿"行为吗?OACHSSCD

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.