资本市场开放影响企业多元化经营吗?——基于“陆港通”机制的准自然实验  

Has Capital Market Openness Influenced Corporate Diversification?A Quasi-Natural Experiment Based on Mainland-Hong Kong Stock Connect

作　　者：张梓瑶 覃家琦 杨玉晨[1,3] Zhang Ziyao;Qin Jiaqi;Yang Yuchen

机构地区：[1]南开大学商学院,天津300071 [2]南开大学金融学院,天津300350 [3]香港城市大学商学院,中国香港999077

出　　处：《证券市场导报》2023年第10期16-24,49,共10页Securities Market Herald

基　　金：国家自然科学基金面上项目“银行发展、债务资本与企业创新——宏微观相悖之谜及其解释”(批准号:71772091);天津市研究生科研创新项目“多个大股东对资产剥离的影响路径及绩效分析”(批准号:2021YJSB080)。

摘　　要：多元化经营是企业重要的战略选择和投资决策。本文以2007―2019年A股非金融上市企业为样本,利用“陆港通”实施的准自然实验,实证检验资本市场开放对企业多元化经营的影响。研究发现,资本市场开放通过缓解企业代理成本和融资约束降低了企业多元化经营程度,尤其是非相关多元化经营。异质性分析表明,较强的市场竞争环境、较少的自有资源和较高的高管过度自信程度强化了资本市场开放对企业多元化经营的抑制作用。经济后果分析表明,资本市场开放正向调节了企业多元化经营与企业价值之间的关系。本文结论表明以“陆港通”为代表的资本市场开放能够优化企业多元化经营决策,这为进一步提高资本市场开放水平,构建支持企业高质量发展的资本市场制度提供了参考价值。Diversification is both an important strategic choice and an investment decision for enterprises.Based on A-share non-financial listed firms from 2007 to 2019,this paper uses the quasi-natural experiment opened by the“Mainland-Hong Kong Stock Connect”to empirically test the impact of capital market openness on corporate diversification.The study finds that the openness of the capital market reduces the degree of corporate diversification,especially non-related diversification,by easing enterprises’agency costs and financing constraints.The heterogeneity analysis shows that a more competitive market environment,fewer in-house resources,and a higher level of executive overconfidence strengthen the dampening effect of capital market openness on corporate diversification.The analysis of economic consequences shows that capital market openness positively regulates the relationship between corporate diversification and corporate value.This paper shows that capital market openness represented by the“Mainland-Hong Kong Stock Connect”can optimize the decision-making of diversified operations,which provides a reference value for further improving the level of capital market openness and building a capital market system that supports the high-quality development of firms.

关 键 词：资本市场开放 沪港通 深港通 多元化经营 

分 类 号：F832.51[经济管理—金融学]