资本市场开放对企业融资效率的影响研究——基于“沪港通”的准自然实验  

The Impact of Capital Market Liberalization on Corporate Financing Efficiency: A Quasi-Natural Experiment of the “Shanghai-Hong Kong Stock Connect” Scheme

作　　者：周率 王子博[1] 夏睿瞳 ZHOU Lü;WANG Zi-bo;XIA Rui-tong(School of Finance,Capital University of Economics and Business,Beijing 100070,China;China Construction Bank Research Institute,Beijing 100033,China)

机构地区：[1]首都经济贸易大学金融学院,北京100070 [2]中国建设银行研究院,北京100033

出　　处：《海南大学学报（人文社会科学版）》2021年第5期91-100,共10页Journal of Hainan University （Humanities & Social Sciences）

基　　金：国家社会科学基金青年项目(20CJY066)。

摘　　要：基于"沪港通"制度实施这一准自然事件,通过收集分析A股市场"沪港通"与非"沪港通"标的企业的样本数据,运用倾向得分匹配法和双重差分法(PSM-DID)进行实证研究中国资本市场开放对企业融资效率的影响。结合实证结果与影响机制分析表明:"沪港通"政策制度有利于提升企业的融资效率,并且"沪港通"政策通过降低企业代理成本和提高信息透明度,从而提升企业的融资效率。进一步研究发现,"沪港通"政策对非战略性新兴产业公司的融资效率的提升更为显著。这些结论在经过了安慰剂和平行趋势等一系列的稳健性检验之后依然成立。"沪港通"政策的实施为我国企业提供了更多的融资机会和更宽广的融资渠道,对我国资本市场进一步扩大开放及金融供给侧结构性改革具有极其重要的意义。In terms of the natural event of the"Shanghai-Hong Kong Stock Connect"scheme, this paper analyzes the sample data of the A-Share listed companies that fall into the"Shanghai-Hong Kong Stock Connect"and those that do not fall into this scheme. The propensity score matching and difference in difference method(PSM-DID)is used to conduct an empirical study of the impact of the Chinese capital market liberalization on the corporate financing efficiency. The empirical results and the influence mechanism analysis show that the"Shanghai-Hong Kong Stock Connect"scheme is conducive to improving the financing efficiency of enterprises.And the"Shanghai-Hong Kong Stock Connect"scheme would improve the corporate financing efficiency by reducing the corporate agency costs and improving the information transparency. Furthermore, the"Shanghai-Hong Kong Stock Connect"scheme has a more significant effect on the corporate financing efficiency of non-strategic emerging industry. All these conclusions still work well after a series of robustness tests, such as the placebo and parallel trends. Therefore, the implementation of the"Shanghai-Hong Kong Stock Connect"scheme would provide China’s firms with more financing opportunities and broader financing channels, which are of great significance to further expand the opening-up of China’s capital market and promote the supply-side structural reform of finance.

关 键 词：资本市场开放 沪港通 融资效率 PSM-DID法 

分 类 号：F832.5[经济管理—金融学]