资本市场开放与企业创新——基于沪港通的经验数据

Capital Market Opening and Enterprise Innovation Based on the Empirical Data of Shanghai-Hong Kong Stock Connect

沪港通作为我国资本市场对外开放的里程碑事件,对微观企业的经营行为具有显著的影响。将沪港通交易制度的实施作为一项准自然实验,以沪深A股上市公司2010—2017年的数据作为样本,通过双重差分模型检验了沪港通交易制度对企业创新的影响。研究发现:(1)沪港通交易制度的实施,对企业创新具有显著的促进作用,具体表现为提高了企业的创新意愿,增加了企业创新投入水平,提升了企业创新产出水平;(2)沪港通对企业创新的正向促进作用在融资约束较高、分析师追踪人数较多和独立董事人数较多的企业中更为明显;(3)从企业规模的角度来看,沪港通对大型企业创新水平的提升作用更加显著。研究结论表明,要不断深化以沪港通交易制度为代表的资本市场对外开放改革,完善资本市场对外开放机制,全面提高企业的创新能力。

The Shanghai-Hong Kong Stock Connect is a milestone event in China's capital market opening to the outside world and has a significant impact on micro-enterprise innovation.With the implementation of trading system in the Shanghai-Hong Kong Stock Connect as a quasi-natural experiment,based on the data of A-share listed companies on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2010 to 2017 as a sample,this study examines the impact of trading system in the Shanghai-Hong Kong Stock Connect on corporate innovation through a difference-in-differences model.The research finds that:(1)The implementation of the Shanghai-Hong Kong Stock Connect trading system has a significant effect in promoting the enterprise innovation,which is specifically manifested in increasing an enterprise's willingness to innovate,increasing the enterprise innovation input,and improving the enterprise innovation output;(2)The positive promotion effect of Shanghai-Hong Kong Stock Connect on corporate innovation is more pronounced mainly in companies with high financing constraints,a large number of analysts,and a large number of independent directors;(3)From the perspective of corporate scale,the Shanghai-Hong Kong Stock Connect has a more significant effect on large-scale companies in increasing the innovation.It is necessary to attach importance to the reform direction of capital market opening represented by the Shanghai-Hong Kong Stock Connect trading system,improve the mechanism of capital market opening,and enhance the innovation capabilities of enterprises.