摘要
文章选择2014年至2017年A股上市公司数据,运用QFII持股比例作为资本市场开放的代理变量,并将陆港通政策出台作为一项准自然实验,采用面板DID分析资本市场开放对企业研发规模的影响及作用机制。研究发现:(1)资本市场开放有利于企业研发规模提升;(2)资本市场开放对研发的刺激主要通过降低信贷依赖、提升外部监督作用、提升TFP水平来实现;(3)资本市场开放能够通过解决“生产率悖论”提升研发水平。
Based on the dataset of Chinese listed firms from 2014 to 2017,using QFII ownership of stock market as a proxy variable for stock market liberalization,and viewing the Mainland-Hong Kong Stock Connect Program as a quasi-natural experiment,this paper applies the DID method to analyze the effects of the stock market liberalization on firms R&D investment scale and embedded internal mechanism.The results are as follows:firstly,mainland firm s R&D investment has increased significantly after liberalization of stock market;secondly,the increase in R&D investment following financial liberalization is achieved by external credit reliance,higher external supervision as well as higher TFP growth rate.Finally,liberalization of capital market can also breakthrough the substituted relationships between export activities and innovations,which may also lead to the increase in R&D investment.
作者
马妍妍
俞毛毛
程京京
MA Yanyan;YU Maomao;CHENG Jingjing(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;Department of Finance,Hebei Finance University,Baoding 071051,China)
出处
《财经论丛》
CSSCI
北大核心
2019年第8期39-52,共14页
Collected Essays on Finance and Economics
基金
国家自然科学基金青年项目(71803017)
河北省教育厅课题(QN2018223)
关键词
资本市场开放
研发投资
陆港通
融资约束
生产率悖论
Stock Market Liberalization
R&D Investment
Mainland-Hong Kong Stock Connect Program
Financial Constraints
The Productivity Puzzle of Chinese Exporters
