金融市场开放能降低企业营运风险吗?

Can the Opening of Financial Markets Reduce Operational Risks for Companies?

作为优化我国金融供给结构、提升资源配置效率和对外开放的关键环节,金融市场开放为打通国内国际双循环、充分发挥资源配置的决定性作用提供了新契机。本文基于局部均衡模型诠释了金融市场开放影响企业营运风险的内在机理,并运用2007—2020年沪深A股非金融上市企业数据,实证检验了金融市场开放对企业营运风险影响的潜在作用机制及效果。研究发现,金融市场开放会显著降低企业营运风险,该效应在资本密集型、制度质量较高、行业竞争程度较高以及非成长期企业样本中尤为明显;金融市场开放会通过缓解融资约束、提高资本配置效率及提高资本配置质量降低企业营运风险。本文不仅为有序推进金融市场开放以促进实体经济高质量发展提供理论与经验证据,而且对于在新发展格局下加快构建中国式现代金融体系具有重要的参考意义。

As a key link in optimizing China's financial supply structure,improving resource allocation efficiency,and opening up to the outside world,the opening of financial markets provides a new opportunity to connect the domestic and international double cycles and fully leverage resource allocation.This article explains the inherent mechanism of the impact of financial market opening on operational risks for companies based on a partial equilibrium model.By using data from non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2020,the article empirically tests the potential mechanism and effect of financial market opening on operational risks for companies.It is found that,financial market opening can significantly reduce operational risks for companies,and the effect is particularly evident in capital-intensive,high-quality institutional,high-industry competition,and non-growth phase company samples.Financial market opening can reduce operational risks for companies by easing financing constraints,improving capital allocation efficiency,and improving capital allocation quality.This article not only provides theoretical and empirical evidence for orderly promoting financial market opening to promote the high-quality development of the real economy,but also has important policy implications for building a Chinese-style modern financial system under the new development pattern.