资本市场开放与企业金融资产配置--基于沪港通交易制度的经验证据  

Capital Market Opening and Enterprise Financial Asset Allocation--Based on Empirical Evidence of the Trading System of Shanghai-Hong Kong Stock Connect

作　　者：王海芳[1] 王明涛 王鑫怡 马培培 Wang Haifang;Wang Mingtao;Wang Xinyi;Ma Peipei(Xinjiang University of Finance and Economics,Urumqi 830012,Xinjiang,China)

机构地区：[1]新疆财经大学,新疆乌鲁木齐830012

出　　处：《金融发展研究》2021年第9期3-11,共9页Journal Of Financial Development Research

基　　金：国家社会科学基金一般项目“‘一带一路’战略下新疆企业投资中亚市场进入方式选择研究”(16BGL077);新疆维吾尔自治区社会科学基金项目“一带一路背景下新疆能源企业实施绿色IS战略的对策研究”(19BGL107)。

摘　　要：沪港通交易制度作为我国资本市场双向开放的一项重大突破,吸引了众多学者的关注。利用沪港通交易制度这一外生政策,基于双重差分模型实证检验了资本市场开放对企业金融资产配置的影响。研究发现:沪港通交易制度的实施显著提升了标的企业金融资产配置水平,一系列稳健性检验后结论仍然成立。进一步研究发现,沪港通政策通过缓解企业的融资约束,从而影响企业金融资产配置水平;沪港通政策对标的企业金融资产配置的影响需通过香港地区投资者的活跃交易来实现。此外,沪港通交易制度对企业金融资产配置的正向影响仅在非国有企业样本中显著。本文研究结论不仅扩展了资本市场开放经济后果的研究,也为企业基于利润最大化的“投机替代”动机持有金融资产提供了经验证据。As a major breakthrough in the two-way opening of China's capital market,the Shanghai-Hong Kong Stock Connect trading system has attracted the attention of many scholars.The impact of capital market liberalization on firms'financial asset allocation is empirically tested based on a double-difference model using the exogenous policy of Shanghai-Hong Kong Stock Exchange trading system.It is found that the implementation of the Shanghai-Hong Kong Stock Connect trading system significantly improves the level of financial asset allocation of the target enterprises,and the conclusion is still valid after a series of robustness tests.Further research shows that the Shanghai-Hong Kong Stock Connect policy affects the financial asset allocation level of enterprises by alleviating the financing constraints of enter-prises.The impact of the Shanghai-Hong Kong Stock Connect policy on the financial asset allocation of the target enter-prise needs to be realized through the active trading of Hong Kong investors.In addition,the positive impact of Shang-hai-Hong Kong Stock Connect trading system on corporate financial asset allocation is only significant in the non-state owned sample.The conclusion of this paper not only expands the research on the economic consequences of capital mar-ket opening,but also provides empirical evidence for the"speculative substitution"motive of holding financial assets based on profit maximization.

关 键 词：资本市场开放 沪港通交易制度 金融资产配置 融资约束 产权性质 

分 类 号：F830.91[经济管理—金融学]