“沪深港通”机制与企业创新研究——基于多期DID的实验证据

当代财经 ›› 2020, Vol. 0 ›› Issue (2): 76-88.

“沪深港通”机制与企业创新研究——基于多期DID的实验证据

齐荻

对外经济贸易大学国际商学院,北京 100029

收稿日期:2019-08-30 修回日期:2019-12-07 出版日期:2020-02-15 发布日期:2020-12-12
作者简介:齐荻,对外经济贸易大学,博士研究生,主要从事公司财务与资本市场研究,作者联系方式：arielles@163.com。
基金资助:
国家社会科学基金青年项目“资本市场开放对上市公司投资效率影响研究”（19CJY008）; 江西省社会科学规划项目“PPP模式在江西省新型城镇化建设中的效应、问题及对策研究”（17YJ40）; 对外经济贸易大学中央高校基本科研业务费专项资金资助新进青年教师科研启动项目（17QD04）

Research on the SH-SZ-HK Stock Connect Mechanism and Business Innovation: Empirical Evidences Based on Multi-Phase DID

QI Di

University of International Business and Economics, Beijing 100029, China

Received:2019-08-30 Revised:2019-12-07 Online:2020-02-15 Published:2020-12-12

摘要/Abstract

摘要： “沪深港通”机制是否促进了实体经济的创新与发展是我国资本市场开放进程中的重要议题。基于双重差分模型,以我国沪深港通的实施为自然实验事件,考察了以沪深港通为代表的资本市场开放政策对公司创新活动的影响。研究发现,沪深港通实施后标的公司显著增加了研发投入以及专利产出量,提高了企业创新绩效。进一步检验表明,沪深港通对创新效率的提升效果在机构持股比例较低、信息透明度较低、管理层视野较低及代理问题较为严重的企业更加明显,说明其通过增强境外投资者的治理效应、改善企业信息披露状况、缓解创新决策中的代理问题等途径促进了企业创新。结论拓展了沪深港通事件对企业创新的后果及机制研究,检验了其对实体经济的影响,并为我国进一步推进和完善资本市场开放提供理论参考。

关键词: 资本市场开放, 企业创新, 外资持股, 沪深港通

Abstract: Whether the“Shanghai-Shenzhen-Hong Kong (SH-SZ-HK) Stock Connect” mechanism has promoted the innovation and development of the real economy is an important issue in the process of China’s capital market opening. Based on the DID model and taking the implementation of the stock connect as a natural experimental event, this paper investigates the impact of the capital market opening policy represented by the SH-SZ-HK Stock Connect on the innovation activities of enterprises. The findings show that the target firms after the implementation of the SH-SZ-HK Stock Connect have significantly increased the innovation input and the patent output quantity, which have improved their innovation performance. Further tests show that the effect of the SH-SZ-HK Stock Connect on the improvement of enterprise innovation efficiency is more obvious in the enterprises with lower proportion of institutional shareholding, lower degree of information transparency, narrower vision of the management, and more serious agency problems, which indicates that enterprise innovation can be promoted through such means as strengthening the governance effect of the foreign investors, improving the business information disclosure, relieving the agency problems in the innovation decisions, and so on. This conclusion expands the research of the results and the mechanism of the SH-SZ-HK Stock Connect event on the business innovation, tests the impact of this mechanism on the real economy, and provides theoretical reference for China to further promote and improve the opening of its capital markets.

Key words: opening of capital market, business innovation, foreign shareholding, SH-SZ-HK Stock Connect

中图分类号:

F276.6

齐荻. “沪深港通”机制与企业创新研究——基于多期DID的实验证据[J]. 当代财经, 2020, 0(2): 76-88.

QI Di. Research on the SH-SZ-HK Stock Connect Mechanism and Business Innovation: Empirical Evidences Based on Multi-Phase DID[J]. Contemporary Finance & Economics, 2020, 0(2): 76-88.

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