资本市场开放与企业“脱实向虚”--基于双重治理机制的视角  

Stock Market Liberalization and Enterprises“Transforming from Reality to Virtuality”:From the Perspective of Dual Governance Mechanism

作　　者：王勇[1] 芦雪瑶 WANG Yong;LU Xue-yao(Hainan University,Haikou 570228,China)

机构地区：[1]海南大学经济学院,海南海口570228 [2]海南大学管理学院,海南海口570228

出　　处：《当代财经》2021年第9期66-77,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金项目“制度嵌入视角下离岸金融发展的经济效应研究”(71663015);海南省社会科学重大委托项目“海南省自由贸易港的金融开放及其保障体系研究”[HNSK(ZD)19-108]。

摘　　要：借助“沪港通”制度实施这一外生事件,利用2011—2018年沪深A股上市公司数据,通过构建双重差分模型以及克服以往跨国研究中事件识别误差和互为因果的内生性偏误等问题,考察了资本市场开放对企业金融化的影响。研究发现:“沪港通”制度实施能够显著抑制企业金融化,从而降低实体经济“脱实向虚”风险;其作用机制是通过境外投资者被动“用脚投票”与主动“用手投票”的内外部双重治理来实现的。拓展性研究表明,中国企业金融化的主要动机仍是市场套利,资本市场开放通过降低企业金融资产配置实现了价值创造。因此,应加快资本市场开放步伐,鼓励成熟的境外投资者入市,并引导机构投资者实现真正的积极股东主义,促进资本回流实体经济。With the help of the Shanghai-Hong Kong Stock Connect coming into effect as an exogenous event,this paper constructs a difference-in-difference model and overcomes the event identification errors in the previous transnational researches and the endogenous biases of reciprocal causationto explore the impact of capital market liberalization on corporate financialization by making use ofthe data of A-share listed companies at Shanghai and Shenzhen stock exchanges from 2011 to 2018.The findings show that the implementation of the Shanghai-Hong Kong Stock Connect system cansignificantly inhibit the corporate financialization,thereby reducing the risk of enterprises“transformingfrom reality to virtuality”.The mechanism of action is realized through the dual internal and externalgovernance of passive“voting with feet”and active“voting with hands”by foreign investors.The results of the expansion research reveals that the main motivation for the financialization of Chinese enterprises is still market arbitrage;the opening of the capital market has achieved value creation by re-ducing the corporate financial asset allocation.Therefore,the government should accelerate the pace ofcapital market liberalization,encourage mature foreign investors to enter the market,and guide institu-tional investors to achieve true active shareholderism,and promote the return of capital to the real e-conomy.

关 键 词：“沪港通” 资本市场开放 企业金融化 脱实向虚 公司治理 

分 类 号：F830.91[经济管理—金融学]