资本市场开放如何影响企业现金持有?——来自“沪港通”自然实验的证据  

Does the opening of capital market affect corporate cash holding?——Evidence from natural experiment of “Shanghai-Hong Kong Stock Connect program”

作　　者：白小滢[1] 陈雨薇 Bai Xiaoying;Chen Yuwei

机构地区：[1]中南财经政法大学金融学院 [2]英大泰和财产保险股份有限公司湖北分公司

出　　处：《投资研究》2022年第1期92-118,共27页Review of Investment Studies

基　　金：国家自然科学基金(71403194、71203237);教育部人文社科基金(20YJC790088、18YJA790003)的资助。

摘　　要：资本市场开放是金融供给侧改革的重要推动力,并影响微观企业的投资决策行为。本文从企业现金持有水平的视角出发,基于2012至2016年沪港通与深港通上市公司的财务数据,采用双重差分的方法探究资本市场开放的微观经济影响。研究发现,资本市场开放能够提高企业的现金持有。进一步通过机制检验发现,“沪港通”开放在通过缓解融资约束降低企业现金持有水平的同时,可以通过增加投资机会提高企业现金持有水平,且“投资推动效应”的效果强于“融资约束缓解效应”;此外,“沪港通”开放并不能通过提高公司治理水平来影响企业现金持有,即不存在“公司治理效应”。异质性分析表明,上述影响在民营、董事长与经理兼职、信息透明度较低的企业中更显著。本文的研究为进一步推进资本市场开放与探究其微观经济影响提供建议与参考。The liberalization of the capital market is an important driving force for the reform of the financial supply side and affects the investment decision-making behavior of micro-enterprises. From the perspective of corporate cash holdings, this paper uses the financial data of listed companies on the Shanghai-Hong Kong stock connection and Shenzhen-Hong Kong stock connection from 2012 to 2016 to explore the micro-economic impact of capital market liberalization using a difference in difference method. The study finds that the capital market liberalization can increase corporate cash holdings. Further inspection of the mechanism finds that the opening of the“Shanghai-Hong Kong Stock Connection”can reduce the level of corporate cash holdings by alleviating financing constraints, and at the same time increase the level of corporate cash holdings by increasing investment opportunities, and the effect of“investment promotion”is stronger than“financing restriction mitigation effect”. In addition, the opening of“Shanghai-Hong Kong Stock Connection”cannot affect corporate cash holdings by improving corporate governance, that is, there is no“corporate governance effect”. The analysis of heterogeneity shows that the above-mentioned influence is more significant in private enterprises, enterprises where the chairman and manager work concurrently, and enterprises with low information transparency. The study provides suggestions and references for further promoting the capital market liberalization and exploring its micro-economic impact.

关 键 词：资本市场开放 沪港通 企业现金持有 双重差分模型 

分 类 号：F832.51[经济管理—金融学] F832.6F275