资本市场国际化与供应链透明度--基于A股纳入MSCI指数的准自然实验  

Internationalization of Capital Markets and Transparency of Supply Chains:A Quasi-natural Experiment Based on the Inclusion of A-Shares in the MSCI Index

作　　者：代彬[1,2,3] 闵诗尧 BIN DAI;SHIYAO MIN(School of International Business and Management,Sichuan International Studies University;Research Center for International Finance and Audit Governance,Sichuan International Studies University)

机构地区：[1]四川外国语大学计划财务处 [2]四川外国语大学国际工商管理学院 [3]四川外国语大学国际财务与审计治理研究中心

出　　处：《产业经济评论》2024年第4期117-135,共19页Review of Industrial Economics

基　　金：国家社会科学基金一般项目“党组织嵌入视阈下的国有企业非伦理行为及其治理机制研究”(19BGL059);重庆市教育委员会人文社科研究重点项目“双循环背景下资本市场开放促进上市公司高质量发展的机制、路径及效果研究”(21SKGH130)。

摘　　要：资本市场国际化不但是开拓国际融资、更好地利用国际金融市场的需要,且对我国资本市场健康发展与上市公司行为具有多重外部治理功效。本文基于A股纳入MSCI指数这一准自然实验,探讨资本市场国际化对供应链透明度的影响。研究发现:A股纳入MSCI指数有助于提高供应链透明度,且国际化战略和商帮文化在此过程中分别发挥了正向和负向的调节效应。该作用在非国有、经济政策不确定性程度较高以及供应链集中度较高的企业中更为显著。作用机制分析表明,资本市场国际化通过引入境外投资者,缓解信息不对称程度和提升企业治理水平进而提高供应链透明度。经济后果检验表明,资本市场国际化通过提升供应链透明度进而提高企业的价值并且缓解过度负债。本文研究丰富了供应链透明度的相关文献,为中国深化资本市场开放、加快构建“双循环”新发展格局提供了重要的经验借鉴。The internationalization of capital market is not only the need to expand international financing and make better use of international financial market but also has multiple external governance effects on the development of China’s capital market and the behavior of listed companies.Based on the quasi-natural experiment that A-shares are included in MSCI index,this paper studies the influence of internationalization of capital market on supply chain transparency.It is found that the inclusion of A-shares in MSCI index helps to improve the transparency of supply chain,internationalization strategy and merchant guild culture have played positive and negative regulatory effects respectively in this process.This role is more significant in enterprises that are not state-owned,have a high degree of economic policy uncertainty and a high concentration of supply chain.The mechanism analysis shows that the internationalization of capital market can alleviate the degree of information asymmetry and improve the level of corporate governance by introducing foreign investors,thus improving the transparency of supply chain.The test of economic consequences shows that the internationalization of capital market can improve the value of enterprises and alleviate excessive debt by improving the transparency of supply chain.This paper enriches the related literature on supply chain transparency,and provides important experience for China to deepen the opening of capital market and accelerate the construction of a“double-cycle”new development pattern.

关 键 词：资本市场国际化 供应链透明度 国际化战略 商帮文化 

分 类 号：F832.51[经济管理—金融学] F832.6F274