资本市场开放对企业债务违约风险的影响研究——基于“陆港通”样本的双重差分分析

Research on the Impact of Liberalization of Chinese Stock Market on Firm's Credit Default Risk--DID Analysis Based on the Samples of Mainland-Hong Kong Stock Connect Program

随着我国资本市场的逐步开放,与债务违约相关的问题也受到了社会各界人士的关注,而资本市场开放对企业经营风险存在双刃效应。本文运用2011~2020年A股上市公司样本,将“陆港通”政策的出台作为外生冲击,进行多期DID分析检验,得出资本市场开放能够显著降低企业债务违约风险;进一步研究发现,上述效应主要通过缓解融资约束与提升信息披露质量两个途径实现。本文从资本市场开放的实体效应视角,为企业违约风险的解决提供了一定的经验证据和政策建议。

With the gradual opening of China's capital market,problems related to debt default have also attiacted the attention of people from all walks of life,and the opening-up of capital market also has double-edged effect on firms'usual operation.Based on the sample of A-share listed companies from 2011 to 2020,this paper takes the introduction of“Land-Hong Kong Stock Connect”policy as an exogenous policy shock,conducts multi-stage DID analysis test,and concludes that the opening of capital market can significantly reduce the debt default risk of enterprises.Secondly,further research shows that the above effects are mainly achieved through easing financing constraints and improving the quality of information disclosure.The paper provides empirical evidence and suggestions on how to reduce credit default risk from the perspective of the real effect of stock market liberalization.