资本市场对外开放与企业直接融资比重——基于沪深港通的实证研究

Research on Capital Market Opening and the Proportion of Direct Financing of the Enterprises:Based on Empirical Research of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect

文章以2011—2020年沪深A股上市公司为研究样本,考察互联互通的机制安排对直接融资比重的影响。结果显示,在沪深港通开通后,相对于非沪深港通标的企业,沪深港通标的企业的直接融资比重显著提升。进一步,沪深港通的影响机制主要通过信息质量、外部监管以及融资约束来影响直接融资比重。文章的研究不仅丰富了资本市场对外开放的研究成果,提供了与直接融资比重的因果证据,而且揭示了影响机制的路径,提供了增加直接融资比重的具体政策建议。

This paper makes an empirical study of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2020 to investigate the impact of mechanism of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect on the proportion of direct financing. The results show that after the opening of the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect, the proportion of direct financing of the enterprises is significantly higher than that of the enterprises without the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect. Furthermore, the influence mechanism of stock connect mainly affects the proportion of direct financing through information quality, external supervision and financing constraints. The research of this paper not only enriches the research results of capital market opening, provides causal evidence of the proportion of direct financing, but also reveals the path arrangement of influence mechanism, and provides specific measures to improve the proportion of direct financing.