沪港通会促进我国国有企业技术创新吗?

Does Shanghai-Hong Kong Stock Connect enhance technological innovation of state-owned enterprises in China?

作为沪港两地股票市场交易的互联互通机制,沪港通是中国资本市场对外开放的重大制度改革之一,对推动我国资本市场的双向开放具有重要意义,其实施不仅为内地股票市场带来了一系列变化,也对上市公司产生了一定影响。以我国2010-2016年A股国有上市公司为样本,运用“倾向得分匹配”和“双重差分估计”的方法,研究了沪港通制度对国有企业技术创新水平的作用效果及机制。研究发现:(1)沪港通制度提高了国有企业的技术创新水平;(2)沪港通能够缓解国有企业面临的融资约束,从而促使国有企业增加其研发投入并提高技术创新水平;(3)沪港通还能够通过提高国有企业的股票流动性为长期机构投资者的进入提供更多机会,进而提高国有企业的技术创新水平。研究结果为国家推进沪港通以及进一步实施深港通等资本市场开放政策提供了理论依据和实践经验。

As an interconnection mechanism of stock trading between Mainland and Hong Kong,Shanghai-Hong Kong Stock Connect(Shanghai Connect)is one of the major reforms of the opening-up of China's capital market.It is of great significance to promote the two-way opening-up of China's capital market.Its implementation has not only brought a series of changes to the mainland stock market,but also has certain impacts on listed companies.Based on the data of the state?owned enterprises in Shanghai Connect program from 2010 to 2016,this paper studies the effect and mechanism of Shanghai Connect on the technological innovation of state-owned enterprises by using the methods of propensity score matching(PSM)and difference-in?difference(DID)estimation.The study finds that Shanghai Connect has improved the technological innovation of China's state?owned enterprises;Shanghai Connect could alleviate the financing constraints faced by the enterprises,which further promotes the state-owned enterprises to raise the R&D investment,and thus improve their technological innovation level;Shanghai Connect could also provide more opportunities for long-term institutional investors to enter the state-owned enterprises by improving their stock liquidity,which further improves the level of technological innovation of China's stateowned enterprises.The results of this study have important policy significance,as it could provide important theoretical basis and practical experience for the government to continue implementing the Shanghai Connect and further carry out the opening policy of capital market such as Shenzhen-Hong Kong Stock Connect.