资本市场对外开放促进公司创新了吗——基于“沪港通”交易制度的经验证据

当代财经 ›› 2020, Vol. 0 ›› Issue (8): 66-77.

资本市场对外开放促进公司创新了吗——基于“沪港通”交易制度的经验证据

罗宏, 陈小运

西南财经大学会计学院,四川成都 611130

收稿日期:2020-01-15 修回日期:2020-03-16 出版日期:2020-08-15 发布日期:2020-12-10
通讯作者: 陈小运,西南财经大学博士研究生,主要从事资本市场与公司治理、企业创新研究,联系方式chenxiaoyunmc@163.com
作者简介:罗宏,西南财经大学教授,管理学博士,主要从事资本市场与公司财务、高管薪酬及会计信息的宏观预测价值研究。
基金资助:
国家社会科学基金重点项目“会计信息在宏观经济分析与预测中的应用价值及其实现方式研究”（16AJY004）;中央高校基本科研业务费项目“资本市场对外开放促进企业创新了吗？”（JBK19072018169）

Has the Capital Market Opening Promoted Corporate Innovation? Empirical Evidences Based on the Trading System of Shanghai-Hong Kong Stock Connect

LUO Hong, CHEN Xiao-yun

Southwestern University of Finance and Economics, Chengdu 611130, China

Received:2020-01-15 Revised:2020-03-16 Online:2020-08-15 Published:2020-12-10

摘要/Abstract

摘要： 资本市场对外开放能否促进实体经济的高质量发展一直是政府部门与学术界重点关注的问题。利用“沪港通”交易制度实施这一准自然实验,从公司创新的视角考察资本市场对外开放对实体经济发展的影响。结果发现,“沪港通”交易制度实施提高了公司创新水平,这一结论在一系列稳健性检验之后仍然成立。影响机制分析表明,“沪港通”交易制度实施通过优化公司信息环境、提高公司治理水平和风险承担水平这三种渠道使得公司受益,从而提高了公司创新水平。此外,在金融契约执行效率较高、产品市场竞争较强的情境下,“沪港通”交易制度实施对公司创新的促进效应更为明显。因此,我国应持续推进资本市场对外开放,深化和完善互联互通机制,加强对本地投资者和信息中介的引导、培育,并积极防范与资本市场开放相关的风险,进而为实体经济带来更多的创新活力。

关键词: 资本市场对外开放, 公司创新, “沪港通”, 准自然实验

Abstract: Can capital market opening to the outside world promote higher quality development of the real economy? This has always been an issue focused both by the government sector and the academic world. By making use of the quasi-natural experiment of the implementation of“Shanghai-Hong Kong Stock Connect”trading system and from the perspective of corporate innovation, this paper examines the impact of capital market opening on the development of real economy. The results show that the implementation of the trading system of Shanghai-Hong Kong Stock Connect has improved the level of corporate innovation, and this conclusion is valid after a series of robustness tests. The results of the analysis of the affecting mechanism show that the implementation of the trading system of Shanghai-Hong Kong Stock Connect can benefit enterprises through the three channels, i.e., optimizing the corporate information environment, improving their governance levels and improving their risk bearing levels, thus their innovation level will be improved. In addition, in the context of higher efficiency of financial contracts execution and more intensified product market competition, the implementation of the trading system of Shanghai-Hong Kong Stock Connect has a more significant promotion effect on corporate innovation. Therefore, China should continue to promote the opening up of the capital market, deepen and improve the connectivity mechanism, strengthen the guidance and cultivation of local investors and information intermediaries, and actively guard against the risks related to the opening up of the capital market, so as to bring more innovative vitality to the real economy.

Key words: capital market opening to the outside world, corporate innovation, Shanghai-Hong Kong Stock Connect, quasi-natural experiment

中图分类号:

F832.5

罗宏, 陈小运. 资本市场对外开放促进公司创新了吗——基于“沪港通”交易制度的经验证据[J]. 当代财经, 2020, 0(8): 66-77.

LUO Hong, CHEN Xiao-yun. Has the Capital Market Opening Promoted Corporate Innovation? Empirical Evidences Based on the Trading System of Shanghai-Hong Kong Stock Connect[J]. Contemporary Finance & Economics, 2020, 0(8): 66-77.

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