股票市场开放能提高中国企业生产效率吗?——基于陆港通的准自然实验

Does stock market liberalization make firms more productive?——Evidence from Shanghai&Shenzhen-Hong Kong stock connect

资本市场开放是中国融入世界经济、促进资源有效配置的重要战略举措.本文以陆港通实施作为准外生事件构建双重差分模型,实证检验股票市场对外开放对中国上市公司全要素生产率的影响.研究结果表明,股票市场对外开放显著地提高了企业的全要素生产率,结果在更换变量度量方式和不同样本的稳健性检验中都成立.特别地,股票市场开放对企业全要素生产率的正向影响,主要体现在企业信息透明度较低、公司治理较差以及所处地区司法制度薄弱的样本中.机制检验发现,陆港通实施后,企业产出水平的提高是股票市场开放影响企业生产率的重要渠道.本文的结论为进一步深化中国资本市场的对外开放提供可靠的经验依据.

Stock market liberalization is an important way for China to integrate into the world economy.This paper uses the Shanghai&Shenzhen-Hong Kong stock connect as a quasi-experiment to examine the impact of the stock market liberalization on Chinese firms’productivity.Empirical results show that the stock market liberalization of China has significantly increased the firms productivity,and the effect is more pronounced in firms with lower information transparency,worse corporate governance and in the region with poorer legal environment.Further analysis show that improving the output but not input efficiency is the important channel,through which stock market liberalization positively affects firms’productivity.In all,this paper provides a reliable empirical basis for China further opening the financial market.