资本市场对外开放能够促进企业创新吗?——基于“沪港通”交易制度的经验证据  

Does the Hong Kong-Shanghai Stock Connect Spur Corporate Innovation?

作　　者：朱琳 伊志宏[1] ZHU Lin;YI Zhi-hong(School of Business,Renmin University of China,Beijing,100872,China;School of Accounting,Wuxi Taihu University,Wuxi,Jiangsu,214063,China)

机构地区：[1]中国人民大学商学院,北京100872 [2]无锡太湖学院会计学院,江苏无锡214063

出　　处：《经济管理》2020年第2期40-57,共18页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“上市公司社会关系与创新信息定价”(71872175);江苏省社会科学基金项目“创新驱动发展战略下非业绩型员工持股计划的创新促进效应研究”(18CLB004)

摘　　要：作为资本市场对外开放的改革创新机制,沪港通交易制度的实施吸引了众多学者的关注。但现有研究主要考察了沪港通交易制度对资本市场信息效率的影响,对其是否会影响微观企业行为,尤其是企业的创新投资行为研究不足。基于此,本文采用2010—2016年A股上市公司为样本,利用沪港通交易制度实施这一事件作为准自然实验,构建双重差分模型,实证检验了沪港通交易制度对企业创新的影响。研究发现:(1)沪港通交易制度实施后,沪股通标的企业的创新水平显著上升。(2)经理人职业忧虑在沪港通交易制度影响企业创新的过程中既发挥了中介作用,又具有调节效应。表明缓解经理人职业忧虑,抑制经理人短视行为是沪港通交易制度促进企业创新的重要途径。(3)沪港通交易制度对企业创新的促进作用受到上市公司信息环境的调节影响,二者之间的正向关系在上市公司信息环境较差时更加强烈。本研究为沪港通交易制度影响微观企业行为的研究提供了新的实证证据,并揭示了沪港通交易制度影响企业创新的作用机制,对于深刻理解沪港通交易制度,持续推进资本市场对外开放进程,提高企业创新能力,实现创新驱动发展战略,具有重要的启示意义。As an representative and innovative financial system reform,the Hong Kong-Shanghai Stock Connect(hereafter HSC)is introducing for improving the interconnection between Shanghai and Hongkong stock market,which has significance impact in optimizing the structure of investors and promoting the development in China's capital market.However,the main purpose of financial system reform is to better promote the development of real economy,so we are wondering whether the HSC has realized the expected effect at the micro level.Since Corporate innovation is not only fundamental to firm performance and value,but also a key factor to promote social productivity and economic growth.Therefore this paper investigate the effect of the HSC on corporate innovation.According to the existing literature,there is no clear answer about the effect between the HSC and corporate innovation.On the one hand,market liberalization can produce the spillover effect on the emerging markets.Specifically,foreign investors from the developed capital markets will bring mature investment ideas to the emerging markets and lead the local investors to do value investment,which will reduce short-term investment,and lower the managers' performance pressure,thus alleviating manager's career concerns and then promote innovation.Meanwhile,foreign investors can also provide efficient governance,they can supervise the opportunistic behavior,urge managers making efforts to take innovation activities.Based on the above analysis,the HSC can spur corporate innovation.On the other hand,foreign investors may also be short-term speculators.They make their investment decisions based on the companies' short-term performance,which will aggravate the managers' performance pressure and intensify their career concerns,making them to avoid high risk investment such as innovation investment.And because they are short-term speculators,they have no desire to supervise managers' innovation activities.In this framework,the HSC can hinder corporate innovation.So which effect is th

关 键 词：企业创新 沪港通交易制度 职业忧虑 

分 类 号：F272.3[经济管理—企业管理]