资本市场开放与企业绿色全要素生产率——来自A股纳入MSCI指数的经验证据  

Capital Market Liberalization and Firms'Green Total Factor Productivity——Evidence from MSCI's Inclusion of Chinese A-shares

作　　者：张云 王祎 刘新恒 尹筑嘉[2] ZHANG Yun;WANG Yi;LIU Xin-heng;YIN Zhu-jia(School of Finance,Shanghai University of International Business and Economics,201620;School of Economics&Management,Changsha University of Science&Technology,410076)

机构地区：[1]上海对外经贸大学金融管理学院,201620 [2]长沙理工大学经济与管理学院,410076

出　　处：《上海经济研究》2024年第10期116-128,共13页Shanghai Journal of Economics

基　　金：国家社科基金重点项目“碳中和目标下国际碳泄漏效应与减排合作中国方案研究”(批准号:22AJY021);上海市哲学社会科学规划基金项目“特殊经济功能区定位下临港新片区金融开放与风险防范研究”(批准号:2021ZJB004);湖南省自然科学基金项目“生产网络视角下国际油价不确定性冲击的经济后果研究:理论与实证”(批准号:2023JJ40059)的阶段性成果之一。

摘　　要：企业绿色全要素生产率的提高是我国宏观经济和微观企业高质量可持续发展的重要体现。本文使用中国A股工业企业的财务数据和地级市污染排放数据,利用Super-SBM模型估计企业绿色全要素生产率,然后基于A股纳入MSCI指数的准自然实验,选择初次冲击前后三年即2015-2020年作为样本期,采用双重差分模型识别资本市场开放对企业绿色全要素生产率的影响及作用机制。结果发现,资本市场开放在样本期内显著降低了企业绿色全要素生产率,管理者短视主义的加剧和市场业绩压力的提高是其中主要的作用机制。此外,资本市场开放对企业绿色全要素生产率的负向作用主要体现在重污染行业、环境规制强度较低以及企业的地区经济贡献度较高的样本中。研究结论表明我国资本市场开放在短期内会对工业企业的转型升级带来风险,为优化我国资本市场对外开放制度提供参考。The improvement of corporate green total factor productivity(GTFP)is a crucial aspect of achieving high-quality and sustainable development in China's macroeconomy and enterprises.This study estimates firms'GTFP using the Super-SBM model.Using the exogenous event of the inclusion of A-share stocks in the MSCI index,this paper selects the sample period 2015 to 2020 and employs the difference-in-difference method to establish a causal link between the capital market opening on firms'GTFP.The results indicate that capital market opening reduces firms'GTFP.The mechanism suggests that capital market opening suppresses firms'GTFP by exacerbating managerial myopia and increasing market performance pressure.Moreover,the negative effects are primarily observed in heavily polluting industries,regions with lower environmental regulation intensity,and areas where enterprises contribute significantly to the regional economy.Our findings suggest that the current opening of China's capital market poses risks to the short-term transformation and upgrading of Chinese industrial enterprises,offering insights for optimizing future opening policies.

关 键 词：资本市场开放 企业绿色全要素生产率 MSCI指数 市场业绩压力 管理者短视 

分 类 号：F832.5[经济管理—金融学]