雖然最近的研究發現賣空限制可能會對不同市場的公司崩潰風險產生影響，但關於賣空限制對崩潰風險的影響，文獻中尚無定論。因此，我們基於臺灣的資料對賣空限制對崩盤風險的影響進行了研究。我們的研究覆蓋了2007年至2021年期間三次賣空限制的情況。研究結果顯示，在賣空限制期間，受到限制的公司面臨更高的崩潰風險。特別是對於沒有進行股權質押的公司以及公司治理較差的公司而言，禁止賣空對崩盤風險產生的積極影響尤為顯著。

While recent research finds that short-selling restrictions may affect corporate crash risk in various markets, the literature is inconclusive regarding the effects of short selling restrictions on crash risk. I investigate the impact of short-selling restrictions on collapse risk based on Taiwanese data. I examine three instances of short-selling restrictions during 2007 to 2021. I find that treatment firms where short-sale can be constrained have higher crash risk during the short-selling restrictions. The positive effect of short-sale ban on crash risk is particularly strong for companies without equity pledges and companies with poor corporate governance.

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