“沪深港通”交易制度对中国上市公司出口行为的影响

The Impact of the“Shanghai Shenzhen Hong Kong Stock Connect”Trading System on the Export Activity of China’s Listed Companies

“沪深港通”交易制度是我国近几年来资本市场对外开放的重要制度创新,其经济意义受到了普遍关注。“沪深港通”交易制度对企业的出口倾向和出口规模有显著正向影响,其可以通过提高上市公司生产率、创新水平和信息披露质量等途径提高其出口倾向并扩大出口规模。“沪深港通”交易制度对国有企业出口影响较小,而对高技术行业企业出口影响更为明显。我国应进一步深化资本市场对外开放,扩大和优化国内外资本市场互联互通机制的标的股名单。同时,上市公司应着力提高自身经营与治理水平,使资本市场开放对出口的推动作用得以充分发挥。

The“Shanghai Shenzhen Hong Kong Stock Connect”trading system is an important institutional innovation of China’s capital market opening to the outside world in recent years,and its economic significance has received widespread attention.The“Shanghai Shenzhen Hong Kong Stock Connect”trading system has a significant positive impact on the export tendency and export scale of enterprises.The system can promote the export tendency and export scale of listed companies by improving their productivity,innovation level and information disclosure quality.The“Shanghai Shenzhen Hong Kong Stock Connect”system has less impact on the export of state owned enterprises,but more impact on the one in high tech industries.Therefore,China should further deepen the opening of the capital market to the outside world,expand and optimize the list of target stocks for the interconnection mechanism of domestic and foreign capital markets.At the same time,listed companies themselves should also focus on improving the level of operation and governance,so as to fully utilize the export promoting by the opening of the capital market.