资本账户开放对企业投资效率的影响研究  

Research on the Influence of Capital Account Liberalization on Firm Investment Efficiency

作　　者：谢锐[1] 杨崇峻 袁礼 XIE Rui;YANG Chongjun;YUAN Li(School of Economics and Trade,Hunan University,Changsha,Hunan 410079,China;School of Business,Hunan Normal University,Changsha,Hunan 410081,China)

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079 [2]湖南师范大学商学院,湖南长沙410081

出　　处：《财经理论与实践》2024年第3期52-59,共8页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(72204080)。

摘　　要：依据2001—2017年95个国家的上市企业数据,考量资本账户开放对企业投资效率的作用。结果显示:资本账户开放能提高企业投资效率,缓解投资不足,抑制过度投资;机制检验表明,资本账户开放通过提高市场竞争、缓解融资约束以及提高风险承担水平三个渠道提高企业投资效率。异质性检验显示,流入方向的资本账户开放对企业投资效率的提升更大,资本账户开放主要提高了金融市场发展程度高的国家、外部融资依赖度高的行业以及高杠杆率企业的投资效率。鉴于此,建议有序开放资本账户,加快金融市场建设,积极融入全球资本市场发展。Based on data from listed companies in 95 countries from 2001 to 2017,this study examines the impact of capital account liberalization on corporate investment efficiency.The research finds that capital account liberalization can enhance corporate investment efficiency,not only alleviating underinvestment,but also restraining overinvestment.Mechanism tests reveal that capital account liberalization can enhance corporate investment efficiency through three channels:increasing market competition,alleviating financing constraints,and raising risk-taking levels.The heterogeneity test shows that capital account liberalization in the inflow direction has a greater promoting effect on corporate investment efficiency.In countries with high levels of financial market development,industries with high external financing dependence,and enterprises with high leverage ratios,capital account liberalization has a stronger promoting effect on corporate investment efficiency.In view of this,it is recommended to open the capital account in an orderly manner,accelerate the construction of financial markets,and actively integrate into the development of the global capital market.

关 键 词：资本账户开放 投资效率 制度型开放 

分 类 号：F832.51[经济管理—金融学] F275