资本市场开放对企业技术创新影响的实证研究——基于沪港通政策的微观证据

An Empirical Study on the Impact of Capital Market Opening on Enterprise Technology Innovation—Based on the Micro-Evidence of Shanghai-Hong Kong Stock Connect Policy

以创新驱动的高质量发展是当前经济发展的关键,如何促进企业创新已成为经济政策的核心议题之一。文章以2012年至2019年沪市A股公司为样本,利用公司是否被纳入沪港通试点样本以及QFII(合格境外机构投资者)持股比例作为资本市场开放的衡量指标,采用双重差分模型、多元回归等分析方法,实证检验了资本市场开放对企业创新的影响。得出以下结论:资本市场开放对企业技术创新有显著正向影响;资本市场开放程度越大,企业技术创新能力越高;现金持有量和科研人才占比是资本市场开放影响企业创新的有效中介变量;与非高新技术企业相比,资本市场开放对高新技术企业的技术创新影响更大。

High-quality development driven by innovation is the key to the current economic development,and how to promote enterprise innovation has become one of core issues of economic policies.Taking Shanghai A-share companies from 2012 to 2019 as a sample,this paper uses whether the companies are included in the Shanghai-Hong Kong Stock Connect pilot samples and QFII(Qualified Foreign Institutional Investor)shareholding ratio as a measurement of capital market opening,and applies such analysis methods as difference-in-differences model,and multiple regression to empirically test the impact of capital market opening on enterprise innovation.The following conclusions are drawn:(1)Capital market opening has a significant positive impact on enterprise technology innova⁃tion;(2)The greater the degree of capital market opening,the higher the enterprise technology innovation capability;(3)Cash holdings and proportion of scientific research talents is an effective intermediary variable for capital market opening to affect enterprise innovation;(4)Compared with non-high-tech enterprises,capital market opening has a greater impact on the technological innovation of high-tech enterprises.