资本市场开放与企业金融化-基于沪(深)港通交易制度的准自然实验

Capital Market Liberalization and Corporate Financialization:A Quasi-Natural Experiment Based on Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect

“以开放促改革、促发展”已成为新时代背景下中国资本市场高质量发展的主旋律,如何以资本市场高水平对外开放持续推动其自身乃至实体经济发展是当前中国立足经济新发展阶段需要回答的时代之问。以沪(深)港通交易制度为主要代表的资本市场对外开放举措在股票市场运行和上市企业治理层面发挥了一定作用,但其对实体经济发展特别是“脱实向虚”产生的影响却鲜有关注。基于微观企业金融化视角,巧妙利用沪(深)港通交易制度分批扩容构成的准自然实验背景,通过构建多时点双重差分模型,选取2007年至2018年沪深A股非金融上市企业为研究样本,系统考察以沪(深)港通交易制度为代表的中国资本市场对外开放举措在实体经济发展层面产生的影响及其内在机理。研究结果表明,沪(深)港通交易制度实施总体上显著驱动了标的企业金融化,具体表现为金融资产配置比例提升。机制检验表明,资本市场开放导致的境外机构投资者主要通过缓解融资约束和增加业绩压力的途径加剧标的企业金融化。进一步研究发现,在非国有企业、行业竞争较激烈和地区市场化程度较高的样本中,资本市场开放对标的企业金融化的促进作用更显著;资本市场开放还导致标的企业过度金融化。从资本市场制度变革层面揭示了实体企业金融化动因,构建资本市场对外开放与宏观经济“脱实向虚”这两个近年来中国重大经济事实之间存在的逻辑链条,为沪(深)港通交易制度不断完善和促进实体经济“脱虚返实”提供有益启发。

“Promoting reform by opening up and promoting development by reform” has become the main theme of highquality development of China′s capital market in the new era. How to continuously promote the development of its own and even the real economy with the high-level opening up of the capital market is the question of Times that China needs to answer based on the new stage of economic development. The opening measures of the China′s capital market, which mainly represented by Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, have played a positive role in the operation of the stock market and the governance of listed companies, but little attention has been paid to its impact on the development of the real economy, especially the “shifting from real to virtual”.From the perspective of micro corporate financialization, this study uses the quasi-natural experimental background formed by batch expansion of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect to construct a multi-point DID model, non-financial listed companies in Shanghai and Shenzhen stock exchange A-shares from 2007 to 2018 are selected as research samples. This study systematically investigates the influence and internal mechanism of China′s capital market opening measures represented by Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect on the development of real economy. The results show that the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect has significantly driven the financialization of the target companies on the whole, which is reflected in the increase of the proportion of financial asset allocation. The mechanism test shows that foreign institutional investors accelerated the financialization of the target companies mainly through easing financing constraints and increasing performance pressure. Further research shows that from the samples of non-state-owned enterprises,whereas the industry competition is more intense and the regional marketization degree is higher, the capital market opening promotes the financialization of the target enterprises more significantly;capital market openness also led to excessive financialization of the target companies. This study reveals the motivations for corporate financialization from the perspective of the reform of the capital market system, and constructs the logical chain between the two major economic facts of China in recent years, namely, capital market openness and shifting from real to virtual of the macro economy. And it also provides useful inspiration of the continuous improvement of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect and the promotion of “shifting from virtual to real of the real economy”.