资本市场对外开放与企业股权融资——来自“沪港通”的经验证据

Capital Market Opening and Corporate Equity Financing:The Evidence from Shanghai-Hong Kong Stock Connect

外源融资是企业重要的资金来源之一,资本市场对外开放后,中国企业能否进行股权融资、吸收境外资本从而充分发挥资本市场开放带来的积极作用,仍有待进一步的探索和研究。本文利用"沪港通"交易制度的实施这一自然事件,考察了中国资本市场对外开放对企业股权融资的影响。结果发现:(1)实施"沪港通"会促进国有企业股权融资;(2)外部融资依赖程度决定企业对股权融资的需求,实施"沪港通"对国有企业股权融资的影响大小与其外部融资依赖程度显著正相关;(3)"沪港通"的实施主要通过直接效应促进标的国有企业股权融资,即拓宽融资渠道,增大资金供给,引入境外资本,增大投资者股票需求,最终降低标的企业融资约束。

External financing is an important source of funds for enterprises to invest in expansion and innovation.With the gradual opening of China's capital market,whether Chinese companies can absorb foreign capital promptly through financing to fully take advantage of the opening needs further exploration and research.Using the launch of the Shanghai-Hong Kong Stock Connect(hereafter HSC)as a quasi-natural experiment,we explore the impact of capital market opening on corporate equity financing.It turns out that HSC will promote corporate equity financing,which is mainly reflected in state-owned enterprises.Further investigation also shows that the more enterprises rely on external financing,the more stocks are issued after the implementation of HSC.By increasing capital supply,introducing foreign capital and increasing investors demand for stocks,the implementation of the HSC mainly promotes equity financing of target state-owned enterprises through direct effects,and ultimately reduces the financing constraints of the target enterprise.The conclusion of this paper shows that capital market opening can help alleviate the difficulty of financing.