资本市场开放、投资效率与企业全要素生产率——基于“深港通”开通的实证研究

Capital Market Opening、Investment Efficiency and Corporate Total Factor Productivity——An Empirical Study Based on the Opening of Shenzhen-Hong Kong Stock Connect

本研究以2016年12月“深港通”开通作为资本市场开放的准自然实验,构建了DID和PSM-DID模型,考察了资本市场开放如何通过影响企业的投资效率影响企业的全要素生产率(Total Factor Productivity,TFP)。研究发现,深港通作为资本市场开放的一项重要举措,促进了标的企业全要素生产率增长,其影响的途径是:资本市场开放—企业投资效率提高—企业TFP提高。本研究进一步拓展了资本市场开放对企业影响的理论研究,证明了我国资本市场开放政策的有效性,为我国资本市场稳步开放提供了参考意见。

This study took the Shenzhen-Hong Kong Stock Connect in December 2016 as a quasi-natural experiment of capital market opening,and constructed DID and PSM-DID models to investigates how capital market opening affects enterprises’Total Factor Productivity(TFP)by affecting their investment efficiency.It was found that Shenzhen-Hong Kong Stock Connect,as an important measure of capital market liberalization,promoted the growth of TFP of target enterprises through the following ways:capital market opening—enterprise investment efficiency improvement—enterprise TFP improvement.This study further expanded the theoretical research on the impact of capital market opening on enterprises,proved the effectiveness of China’s capital market opening policy,and provided references for the steady opening of China’s capital market.