资本市场开放与过度负债企业去杠杆:来自“沪深港通”的经验证据

Capital Market Liberalization and Deleveraging of Over-indebted Enterprises:Evidence from"Shang Hai/Shen Zhen-Hong Kong Stock Connect"

"沪深港通"交易制度的实施推动了境外资本流入,加速了中国资本市场与国际资本市场的接轨进程。借助分批开放部分试点机制提供的实验平台,文章构建了双重差分模型,以2011~2018年A股过度负债的上市公司为研究对象,考察"沪深港通"对企业去杠杆的影响。结论显示,"沪深港通"提升了过度负债公司的去杠杆程度,而且这种提升作用在权益融资较少、信息不对称程度较高和公司治理水平较差的情形下更加明显。此外,"沪深港通"抑制过度负债的效应主要体现在非国有、市场地位较低、融资约束较强和香港地区资金参与度较高的公司中。研究表明,资本市场开放引入发达资本市场投资者有利于优化企业融资结构,进而推进去杠杆战略的稳步实施。

The implementation of the Shanghai/Shenzhen-Hong Kong Stock Connect has been promoting the inflow of overseas capital and accelerating the process of linking China’s capital market with international capital market.Based on partial opened pilot mechanism,which providing an experimental platform,this paper constructs a DID model using over-indebted listed companies to examine the effect of the Shanghai/Shenzhen-Hong Kong Stock Connect on deleveraging.The conclusions show that the Shanghai/Shenzhen-Hong Kong Stock Connect has increased deleveraging degree of over-indebted enterprises,and this increasing effect is more obvious under less equity financing,higher information asymmetry and weaker corporate governance,which indicates that the decline of leverage is caused by the Shanghai/Shenzhen-Hong Kong Stock Connect through channels of enriching equity financing,improving information quality and optimizing governance structure.In addition,the effect of the Shanghai/Shenzhen-Hong Kong Stock Connect on curbing excessive debt is mainly reflected in enterprises of non-state-owned,lower market status,stronger financing constraints and higher degree of capital participation of Hong Kong investors.This research indicates that stock market liberalization,though introducing investors from developed capital market,is beneficial to optimize financing structure of enterprises and promote the steady implementation of the deleveraging strategy.