双向开放背景下交叉上市的实体经济效应:机制识别与动因检验  

Real Economic Effects of Cross-listing in the Context of Two-Way Opening:Mechanism Identification and Motivation Test

作　　者：周率 郭佳萱 周孝华[2] ZHOU Lyu;GUO Jia-xuan;ZHOU Xiao-hua(School of Finance,Capital University of Economics and Business,Beijing 100070,China;School of Economics and Business Administration,Chongqing University,Chongqing 400030,China)

机构地区：[1]首都经济贸易大学金融学院,北京100071 [2]重庆大学经济与工商管理学院,重庆400000

出　　处：《现代财经（天津财经大学学报）》2024年第10期19-38,共20页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金青年项目(20CJY066)。

摘　　要：在当前实体经济低迷的困局之下,有效推进实体经济发展是实现经济高质量发展的基础,探究金融市场和企业等参与主体及其行为对实体经济的作用机制具有较强的现实意义。本文以2008—2022年中国AH股交叉上市公司为研究样本,探究资本市场双向开放背景下企业交叉上市的实体经济效应。研究发现,交叉上市能够有效降低企业金融化,促使企业“脱虚向实”。机制检验表明,企业交叉上市可以通过缓解委托代理问题、提高信息披露质量和缓解融资约束渠道来促进其“脱虚向实”的进程。进一步分析发现,资本逐利是企业持有金融资产的主要动机,金融资产的迅速膨胀会导致企业出现过度金融化的问题,而交叉上市会显著降低企业的过度金融化行为。从产品市场的经济效应来看,交叉上市企业会积极实施产品战略,降低核心产品的占比和提高产品的多元化程度,并提高企业在内地市场和香港市场的竞争力。本文研究结论为金融推动实体经济高质量发展、引导海内外企业增强国际产品市场竞争力提供了微观经验证据。In the current predicament of the sluggish real economy,effectively promoting the development of the real economy is the foundation for achieving high-quality economic development.Exploring the mechanism of financial markets,enterprises and other participating entities and their behaviors in the real economy has strong practical significance.This paper takes the cross-listed companies of AH shares in China from 2008 to 2022 as the research sample to explore the real economy effect of cross-listing in the context of two-way opening of capital market.It is found that cross-listing can effectively reduce the financialization of enterprises and promote enterprises to“divert out of the virtual economy”.The mechanism tests show that cross-listing can promote the process of“divert out of the virtual economy”by reducing the principle-agent problem,improving the quality of information disclosure and easing the financing constraints.Further analysis shows that capital profit motive is the main motivation for firms to hold financial assets,the rapid expansion of financial assets will lead to the problem of excessive financialization,and cross-listing will significantly reduce the excessive financialization behavior of firms.From the perspective of product market economic effect,cross-listed enterprises will actively implement product strategy,reduce the proportion of core products,improve the degree of product diversification,and promote the improvement of enterprises'competitiveness in the inland market and Hong Kong market.The research conclusions of this paper provide micro empirical evidence for finance to promote the high-quality development of the real economy and guide domestic and foreign enterprises to enhance the competitiveness of international product market.

关 键 词：市场开放 交叉上市 企业金融化 公司治理 

分 类 号：F275.5[经济管理—企业管理]