상장기업의 미래재무성과와 기업의 공매도 수준

[Purpose] In this study, we conducted empirical analysis of future business performance and short－selling investment in order to confirm whether investment decision－making is done with the information with superior short selling. [Methodology] In this study, we analyzed the relationship between short－sale trading volume and future business performance for firms listed on the securities and KOSDAQ market using a regression analysis model. The sample period is a total of 10 years from 2008 to 2017 when short selling data are available. [Findings] As a result of setting the dependent variable as ROA, operating cash flow, and sales growth, the relationship between the short sales and the future operating performance of the company consistently appeared. This implies that short selling is based on the informational nature, as it involves investing in short selling to companies whose future performance is expected to be low. [Policy Implications] Short selling suggests that investors predicting the future performance of a company and making investment decisions based on it predict that short selling investors are more informative than speculative ones. This is evidence that short selling investors play a role as information intermediaries in the capital market. This empirical analysis can be used as a useful information for financial regulators in establishing short selling policies. In this study, the analysis is conducted based on the actual short selling history to directly analyze short selling transactions and future performance of the company.