A股纳入MSCI指数与企业创新:正向促进还是负向抑制  

The Inclusion of Chinese A-shares by the MSCI index and Corporate Innovation:Positive Promotion or Negative Suppression

作　　者：杨兴全[1] 程慧慧 YANG Xingquan;CHENG Huihui

机构地区：[1]石河子大学经济与管理学院

出　　处：《世界经济研究》2023年第8期106-118,M0004,共14页World Economy Studies

基　　金：国家自然科学基金项目“‘中国之治’的政府行为与企业创新:基于‘国家队’持股的研究”(项目编号:72062027)。

摘　　要：如何以资本市场高水平开放推动经济高质量发展是当前中国立足新发展格局需要回答的时代之问。基于创新驱动经济高质量发展视角,文章利用2014~2021年MSCI中国A股在岸指数的所有成分股数据构建多期双重差分模型,从正向促进和负向抑制双重视角考察A股纳入MSCI指数这一资本市场国际化事件对企业创新的影响。研究发现:首先,A股纳入MSCI指数可以显著增加标的企业的研发投入和创新产出;其次,A股纳入MSCI指数主要通过治理效应和融资效应促进企业创新水平提升;再次,A股纳入MSCI指数提升企业创新的激励效应在高市场竞争行业与高科技行业、信息环境差与制度环境差的企业中更强;最后,A股纳入MSCI指数在提高企业创新投入产出效率的同时,也增加了企业创新价值。上述研究为深化金融改革开放、改善企业创新效率提供借鉴启示。How to promote high-quality economic development with high-level opening of China's capital market is the question of the times that needs to be answered based on the new development pattern in China.Based on the perspective of innovation-driven high-quality economic development,this article constructs the multi-period DID model using all constituent stocks of MSCI China A onshore index from 2014-2021 to examine the impact of the inclusion of Chinese A-shares in the MSCI index,a capital market internationalization event,on corporate innovation from both positive promotion and negative suppression perspectives.The study found that,the inclusion of Chinese A-shares in the MSCI index significantly increases the R&D investment and innovation output of the firms.Second,the inclusion of Chinese A-shares in the MSCI index promotes the improvement of corporate innovation mainly through the governance effect and financing effect.Further,the effect is more prominent in industries with high market competition and high technology,and enterprises with poor information environment and poor institutional environment.Finally,the inclusion of Chinese A-shares in the MSCI index not only improves the efficiency of innovation input and output,but also increases the innovation value of enterprises.The above study provides reference and enlightenment for deepening financial reform and opening up,and improving the efficiency of corporate innovation.

关 键 词：资本市场国际化 A股纳入MSCI指数 企业创新 融资约束 代理问题 

分 类 号：F832.51[经济管理—金融学] F273.1