中国证券投资开放对企业技术创新的影响研究  

Research on the Impact of China′s Portfolio Investment Opening on Enterprise Technological Innovation

作　　者：高洪民[1] 于洋 GAO Hongmin;YU Yang

机构地区：[1]上海社会科学院世界经济研究所

出　　处：《世界经济研究》2024年第10期19-33,M0002,共16页World Economy Studies

基　　金：上海市哲学社会科学规划课题“上海构建人民币离岸金融体系的战略思路与对策研究”(批准号:2022BJL001),主持人:高洪民。

摘　　要：目前,中国处于推动金融高质量发展和高水平开放的重要时期,其中证券投资开放处于极其重要的地位。文章在借鉴国外异质性企业贸易模型相关文献的基础上,引入企业创新行为以及证券投资开放程度,通过构建数理模型揭示了证券投资开放影响企业技术创新的作用机理。在此基础上,文章选取中国A股市场上2170家上市企业2007—2022年的相关面板数据,以“沪深港通”政策的实施为代表性事件,实证检验了中国开放证券投资账户对企业技术创新的影响。结果发现,证券投资开放能够显著增加企业的研发投入和创新产出,进而提高企业的技术创新水平。作用机制检验发现,证券投资开放能够通过缓解融资约束、改善公司治理、加强市场竞争3条渠道显著促进企业技术创新水平的提高。根据上述结论,文章建议中国在控制风险的前提下进一步推进证券投资开放,以促进企业技术创新水平的提高,并以此推动经济高质量发展。At present, China is in an important period of promoting high-quality financial development and high-level opening up,where portfolio investment opening up plays an extremely important role. Drawing on references from foreign literatures on heterogeneous enterprise trade models, this paper introduces the innovation behavior of enterprises and the degree of security investment openness. It reveals the mechanism that security investment openness affects the technological innovation of enterprises by constructing a mathematical model. Based on the relevant panel data of2170listed companies in China′s A-share market from2007to2022, we took the implementation of the " Shanghai-Shenzhen-Hong Kong Stock Connect" policy as a representative event to empirically test the impact of China′s opening of portfolio investment accounts on enterprise technological innovation. The results show that the opening of portfolio investment can significantly increase the R&D input and innovation output of enterprises, and then improve the technological innovation level of enterprises. The test of the action mechanism found that the opening of portfolio investment can significantly promote the improvement of technological innovation level of enterprises through three channels of easing financing constraints, improving corporate governance and strengthening market competition. Based on the above conclusions, this paper suggests that China should further promote the opening of portfolio investment while controlling risks, so as to promote the improvement of the technological innovation level of enterprises and promote high-quality economic development.

关 键 词：证券投资开放 企业技术创新 融资约束 公司治理 市场竞争 

分 类 号：F273.1[经济管理—企业管理] F832.51[经济管理—国民经济]