外部资本市场与内部资本市场:替代还是互补——基于陆港通效应的实证检验  

External and Internal Capital Market:Substitution or Complementarity——An empirical test based on the effect of the Land-Hong Kong Stock Connect

作　　者：武晓芬[1] 唐媚媚 陆旭冉 Wu Xiaofen;Tang Meimei;Lu Xuran

机构地区：[1]云南大学工商管理和旅游管理学院

出　　处：《投资研究》2023年第1期103-119,共17页Review of Investment Studies

基　　金：云南省教育厅科研基金项目(2202J0394);广西教育厅A类课题(2019JGA379)。

摘　　要：本文采用多期DID模型探究外部资本市场开放与企业内部资本市场构建的关系。研究发现:陆港通实施后,外部资本市场会替代企业内部资本市场,两者的作用路径主要源于融资约束的缓解和公司治理效率的提高,且这种作用效果在股票流动性低和分析师跟踪人数高的样本中更显著;进一步研究发现,外部资本市场开放对内部资本市场构建的替代效应最终可以带来公司价值的提升,也主要体现于低股票流动性和高分析师跟踪人数的公司中。上述研究结论对于理解陆港通效应具有一定的参考价值。This paper adopts the multi-period DID model to explore the relationship between external capital market and the construction of internal capital market. It is found that: after the implementation of the Land-Hong Kong Stock Connect, external capital market development can substitute for internal capital market construction, and the path of action of both mainly stems from the alleviation of financing constraints and the improvement of corporate governance efficiency;And this effect is more significant in the samples with low stock liquidity and high number of analyst coverage;Further research shows that the substitution effect of external capital market opening on the construction of internal capital market can ultimately lead to the improvement of corporate value, which is mainly reflected in companies with low stock liquidity and high number of analyst coverage. The above research conclusions have certain reference value for understanding the effect of the Land-Hong Kong Stock Connect.

关 键 词：内部资本市场 外部资本市场 陆港通 公司价值 

分 类 号：F832.51[经济管理—金融学]