摘要
“沪深港通”作为中国资本市场新一轮高水平开放的标志性事件,对实体企业经营发展产生了重大影响。文章以“沪深港通”开通为准自然实验,将2008~2020年沪市A股上市企业和2012~2020年深市A股上市企业作为研究样本,利用多时点双重差分模型(Staggered DID)进行回归分析,检验资本市场开放对企业融资约束的作用机制。研究结果发现,“沪深港通”显著缓解了标的企业的融资约束,并且主要通过提升标的企业的信息透明度、提高分析师关注度、改善股票错误定价和增加企业权益融资比例这4个机制影响企业的融资约束。异质性分析表明,资本市场开放对融资约束的缓解作用在利润率较低、市场化程度较高、非QFII持股和行业竞争度较高的标的企业中尤为明显。研究结论为中国进一步实施资本市场开放相关政策,建设更高水平开放型经济新体制提供了理论参考和经验借鉴。
Shanghai-Shenzhen-Hong Kong Stock Connect,as a landmark event of a new round of high-level opening of China's capital market,has a significant impact on the operation and development of entity enterprises.Taking the opening of Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment,this paper takes the A-share listed companies in Shanghai stock market from 2008 to 2020 and those in Shenzhen stock market from 2012 to 2020 as the main objects,and makes regression analysis by using the multi-time double difference model(Staggered DID),so as to explore the mechanism of capital market opening on corporate financing constraints.The results show that the opening of Shanghai-Shenzhen-Hong Kong Stock Connect significantly alleviates the financing constraints of the target enterprises,and the opening of capital market mainly alleviates the financing constraints of enterprises through four mechanisms:improving the information transparency of the target listed companies,increasing the attention of analysts,improving stock mispricing and increasing the proportion of equity finance of enterprises.The heterogeneity analysis shows that the easing effect of capital market opening on corporate financing constraints is particularly obvious in enterprises with low profit rate,high degree of marketization,non-QFII shareholding and high degree of industry competition.The conclusion provides a theoretical reference and experience for China to further implement the relevant policies of capital market opening and build a new open economic system at a higher level.
作者
李沁洋
何银莹
刘向强
马天平
LI Qinyang;HE Yinying;LIU Xiangqiang;MA Tianping
出处
《世界经济研究》
CSSCI
北大核心
2023年第4期87-102,M0004,共17页
World Economy Studies
基金
国家自然科学基金“并购业绩补偿承诺的影响因素及其经济后果研究”(项目编号:71902165)
国家社会科学基金“资本市场开放的微观经济效应研究:基于‘沪深港通’制度的经验证据”(项目编号:22FGLB093)
重庆市社会科学规划项目“数字化转型促进重庆市企业创新的作用机理及效应研究”(项目编号:2021NDYB047)。
