股票市场开放提高企业创新产出水平了吗?——基于陆港通的准自然实验

Does Stock Market Liberalization Improve Corporate Innovation Output? A Quasi-Experiment of China's Mainland-Hong Kong Stock Connect

股票市场的持续开放是近年来中国政府推行的一项重大资本市场改革举措,但学术界对其实施效果的研究尚未深入。陆港通的分步实施为股票市场开放研究提供了干净的实验环境,文章基于陆港通分步实施这一准自然实验,检验了股票市场开放对中国A股上市公司创新产出的影响。结果发现,股票市场开放显著提高了企业创新产出水平,且这一作用在两权分离度较高、机构投资者持股比例较低、信息环境较差及融资需求较高的企业中更为显著。

The continuous liberalization of the stock market is a major capital market reform carried out by the Chinese government in recent years,but academic research on the effect of its implementation are not insightful yet.The step-by-step implementation of China's Mainland-Hong Kong Stock Connect provides a clean experimental environment for the research on stock market liberalization.Based on the quasi-natural experiment provided by step-by-step implementation of China's Mainland-Hong Kong Stock Connect,we examine the impact of stock market liberalization on the innovation output of China’s A-share listed frims,and find that stock market liberalization significantly promotes corporate innovation output,and the positive relationship is more significant in firms with higher degree of separation of ownership,lower institutional ownership,poorer information environment and higher financing demand.