资本市场开放能够提升企业价值吗?——基于沪港通的证据

Can the Market Opening Promote the Enterprise Value?——Based on the Evidence of Shanghai-Hong Kong Stock Connect

沪港通的实施是我国资本市场开放的里程碑事件,本文基于国际资产定价模型(IAPM),采用PSM-DID方法检验了沪港通的实施对企业价值的提升效应。研究发现,沪港通的实施可以使沪港通标的公司价值显著提升,在更换政策时间、虚构处理组、替换核心变量后该结论仍然显著;拓展性检验结果表明,沪港通通过增加资本市场流动性、改善公司治理、降低系统性风险等机制提升企业价值。

The implementation of the Shanghai-Hong Kong Stock Connect is a milestone event in the opening of China's capital market.Based on the international asset pricing model(IAPM),the paper uses the PSM-DID method to test the promoting effect of the implementation of the Shanghai-Hong Kong Stock Connect on the enterprise value.It is found that the implementation of the stock connect can significantly enhance the value of the target company of the Shanghai-Hong Kong Stock Connect.After changing the policy time,fabricating the processing group and replacing the core variables,the conclusion is still identical.The results of expansibility test show that the mechanism of Shanghai-Hong Kong Stock Connect can enhance enterprise value by increasing capital market liquidity,improving corporate governance and reducing systemic risk.