资本市场开放与中国上市公司出口边际——基于沪深港通交易制度实施的准自然实验

Capital Market Liberalization and Export Margins of Listed Companies in China:Quasi-natural Experiment on Shanghai and Shenzhen-Hong Kong Stock Connect Program

先基于拓展的Chaney(2016)模型,考察资本市场开放对企业出口边际的影响及作用机制;随后采用2007—2018年中国上市公司非平衡面板数据,进行沪深港通交易制度实施的准自然实验,并使用“渐进”双重差分法系统地进行经验分析。研究发现:以沪深港通交易制度实施为表征的资本市场开放,显著地促进了中国上市公司的扩展边际(出口倾向)和集约边际(出口规模);资本市场开放通过获取更多的外源流动性以减少融资约束,降低了上市公司进入出口市场的生产率门槛,进而促进其出口边际;沪深港通交易制度的促进出口效应在国有上市公司和资本密集型上市公司中尤为显著。

Based on the extended model of Chaney(2016),this paper investigates the impact and its mechanism of capital market liberalization on firm’s export margins in China.With the unbalanced data of China’s listed companies from 2007 to 2018,the paper conducts quasi-natural experiment on implementation of trading system of the Shanghai and Shenzhen-Hong Kong Stock Connect Program,and makes systematic analysis by using asymptotic differential method.The capital liberation represented by the Shanghai and Shenzhen-Hong Kong Stock Connect Program has significantly promoted export margin(export propensity)and intensive margin(export scale)of listed companies.The capital market liberalization increases export margin through obtaining more external liquidity to ease credit constraints,and lowering productivity threshold for listed companies to enter the export market.The export promotion effect of the Shanghai and Shenzhen-Hong Kong Stock Connect Program is particularly significant in state-owned listed companies and capital-intensive listed companies.