资本市场开放对企业产品市场竞争结果的影响——收益与风险的“双刃剑”  

The Impact of Capital Market Liberalization on Corporate Product Market Competition:The"Double-Edged Sword"of Returns and Risks

作　　者：周率 邓楠 曹碧茹 Zhou Lv;Deng Nan;Cao Biru

机构地区：[1]首都经济贸易大学金融学院,北京市100070 [2]首都经济贸易大学财政税务学院,北京市100070

出　　处：《南方经济》2024年第11期90-112,共23页South China Journal of Economics

基　　金：国家社会科学基金青年项目“新形势下资本市场双向开放对企业产品市场竞争力的影响研究”(20CJY066)资助。

摘　　要：文章基于2008—2020年间中国A股上市公司数据,以中国资本市场上“陆港通”交易机制实施为准自然实验,运用多时点双重差分模型,检验了资本市场开放政策作用于企业产品生产过程的经济效果。研究发现:资本市场开放在提升企业竞争优势的同时,也增加了其在市场中的竞争风险。一方面,资本市场开放会通过优化外部声誉和增强内部治理来显著提升企业产品市场竞争中在人力资源结构和财务资源水平上的静态资源优势,并且刺激研发投入占比,强化公司可持续发展的动态竞争能力。另一方面,资本市场开放也会带来“盲目性资金涌入”和“私有信息优势破除”效应,促使企业在产品开发和市场策略上做出短视决策,从而显著增大标的企业产品市场竞争风险。通过上述实证结果,文章综合收益端与风险端证明了资本市场开放政策的“双刃剑”作用结果,并深入探讨了资本市场在促进企业由传统生产力向新质生产力转型中存在的机遇与风险。文章强调在推动资本市场进一步开放提升产品竞争优势的过程中,应加强配套政策的引导,防范资本市场过热带来的潜在风险,保护国内企业的长期竞争优势。同时,强化知识产权保护体系的建设,以防止因信息泄露而导致的市场竞争风险,使后续资本市场开放深化进程能更好发挥“扬长避短”之效,助力我国实体企业在控制风险前提下,向新质生产力的平稳转型。This study is based on data from Chinese A-share listed companies from 2008 to 2020,utilizing the"Mainland-Hong Kong Stock Connect"mechanism as a quasi-natural experiment in the Chinese capital market.By applying a multipleperiod difference-in-differences model,the study examines the economic effects of capital market liberalization policies on corporate product production processes.The findings reveal that while capital market liberalization enhances corporate competitive advantage,it also increases market competition risks.On one hand,capital market liberalization significantly improves the static resource advantages of corporate human resource structure and financial resource levels in product market competition by optimizing external reputation and strengthening internal governance.It also stimulates the proportion of R&D investment,reinforcing the dynamic competitive capabilities for sustainable development.On the other hand,capital market liberalization may lead to the effects of"blind capital inflow"and"erosion of proprietary information advantages,"prompting companies to make short-sighted decisions in product development and market strategies,thereby significantly increasing the competition risks in the product market.Based on these empirical results,this study confirms the"double-edged sword"effect of capital market liberalization policies by analyzing both the benefits and risks.It further explores the opportunities and risks associated with capital market liberalization in promoting the transition of enterprises from traditional productivity to new forms of productivity.The paper emphasizes the importance of strengthening policy guidance to mitigate the potential risks of market overheating during the process of further capital market liberalization,thereby protecting the long-term competitive advantages of domestic enterprises.Additionally,it advocates for the enhancement of intellectual property protection systems to prevent market competition risks arising from information leakage.The study suggest

关 键 词：资本市场开放 产品市场竞争优势 产品市场竞争风险 新质生产力 

分 类 号：F832[经济管理—金融学]