资本市场开放对我国制造业上市企业技术创新的影响——基于公司治理的中介效应

Impact of Capital Market Opening on Technological Innovation of China’s Listed Manufacturing Enterprises:Based on Mediation Effect of Corporate Governance

将公司治理作为中介变量探究资本市场开放对企业技术创新的影响机制。借助上海证券交易所A股上市制造业企业2012—2020年的非平衡面板数据,运用多时点的倾向得分匹配-双重差分(PSM-DID)方法实证资本市场开放对制造业企业技术创新的影响以及公司治理在其中的中介效应。结果发现:(1)沪港通制度实施能够显著提高制造业企业的研发创新投入;(2)沪港通政策能通过优化标的企业的公司治理水平,主要通过降低公司治理中的第一类和第二类代理成本促进企业进行技术创新;(3)沪港通政策对高新技术制造业企业研发投入的促进作用更加显著。为此提出政府应加强资本市场的基础设施建设、完善规则和监管制度等,而企业也应提高公司治理水平、加大创新投入。

This paper aims to take corporate governance as an intermediary variable to explore the impact mechanism of capital market opening on enterprise technological innovation.Based on the unbalanced panel data of Shanghai Stock Exchange A-share listed manufacturing companies from 2012 to 2020,the paper uses multi-time-point PSMDID estimation method to study the impact of capital market opening on technological innovation of manufacturing enterprises and the mediating effect of corporate governance.The results show that:(1)The Shanghai-Hong Kong Stock Connect system can significantly increase the R&D and innovation investment of manufacturing enterprises.(2)The implementation of Shanghai-Hong Kong Stock Connect policy refines corporate governance,specifically reduces the first and second types of agency costs in corporate governance,and thereby promotes technological innovation of enterprises.(3)The Shanghai-Hong Kong Stock Connect system has a more significant role in promoting R&D investment of high-tech manufacturing enterprises.Therefore,the paper proposes that the government should strengthen the infrastructure construction of the capital market,improve the rules and regulatory system,and the enterprises should also improve the level of corporate governance and increase the investment in innovation.