资本市场开放提高企业投资效率了吗——基于“陆港通”的多期双重差分法实验证据  

Does the Opening of Capital Market Improve the Efficiency of Enterprise Investment?——Based on Multi-period Difference-in-Difference Experimental Evidence of “Mainland-Hongkong Connect” Program

作　　者：王秀丽[1] 齐荻 WANG Xiuli;QI Di(International Business School,University of International Business and Economics,Beijing 100029)

机构地区：[1]对外经济贸易大学国际商学院

出　　处：《国际商务（对外经济贸易大学学报）》2019年第6期92-106,共15页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金青年项目“资本市场开放对上市公司投资效率影响研究”(19CJY008);国家社会科学基金项目“企业财务特征、治理环境对其退出产融结合的影响研究”(17BGL233)

摘　　要："陆港通"政策是我国资本市场开放的重大创新措施,利用这一自然事件,选取2010~2017年A股上市公司数据,探讨了"陆港通"与企业投资效率之间的相关关系。在实证方法上,构建了多期倾向得分-双重差分模型,研究表明,"陆港通"的实施提升了上市公司的投资效率,其中对于过度投资的抑制作用尤为明显,对于投资不足也起到了缓解效果。进一步的检验发现,"陆港通"的实施对上市公司投资效率的提升作用在原本信息披露质量较差和监督程度较弱的样本组中更为显著。研究结论不仅证实了"陆港通"政策通过链接两地资本市场从而规范了我国上市公司的投资行为,而且为后续"沪伦通"等互联互通机制的推行提供了重要的经验参考。"Mainland-Hongkong Connect"program is significant innovation measures of the opening of the capital market in our country.This paper uses this natural event,selecting data of A-share listed companies from 2010 to 2017,and discusses the relationship between"Mainland-Hongkong Connect"and corporate investment efficiency.With empirical method,we construct multiple-period difference-in-difference and propensity score matching(PSM-DID)model,and find the implementation of"Mainland-Hongkong Connect"has improved the investment efficiency of listed companies,restraining of excessive investment significantly and giving slightly relief effects of inadequate investment.Further study indicates the promotion of investment efficiency of listed companies is more significant when company’s quality of information disclosure is poorer and supervision level is weaker.This paper not only confirms the"Mainland-Hongkong Connect"program has linked two capital markets to regulate the investment behavior of listed companies in China,but also provides the important reference for the subsequent implementation of"Shanghai-London Connect"program.

关 键 词：“陆港通” 资本市场开放 投资效率 

分 类 号：F276.7[经济管理—企业管理]