资本市场对外开放与企业融资约束——来自沪港通的证据

Capital Market Liberalization and Corporate Financing Constraints:Evidence from Shanghai-Hong Kong Stock Connect

基于2014年沪港通开通这一外生事件,建立PSM+DID模型考察资本市场对外开放对企业融资约束的影响。研究发现:沪港通开通有效降低了我国企业融资约束,该效应在民营企业、非跨国企业、地方司法效率和市场化发展水平较高的样本中表现更为明显;进一步研究发现,沪港通能通过提高企业信息披露质量和外部监督程度两种渠道来降低企业陷入融资约束困境的概率。沪港通有利于释放企业融资约束,为我国后续资本市场对外开放的系列政策的推行提供重要的实践参考。

Taking Shanghai-Hong Kong Stock Connect as a natural experiment,this article establish the propensity-score-matching and difference-in-difference model(PSM-DID)to examines the impact of the Shanghai-Hong Kong Stock Connect on corporate financing constraints.The conclusion of the study found that the opening of the Shanghai-Hong Kong Stock Connect can effectively reduce the degree of financial constraints of Chinese enterprises.This effect is more obvious in the samples of private enterprises,non-multinational enterprises with higher local judicial efficiency and higher market development level.The opening of the Shanghai-Hong Kong Stock Connect can reduce the probability of companies falling into the financing constraint dilemma by improving the quality of corporate information disclosure and the degree of external supervision.The Shanghai-Hong Kong Stock Connect policy is conducive to releasing corporate financing constraints,which provides an important practical reference for the implementation of China's subsequent series of capital market opening policies.