资本市场高水平开放与企业金融资产配置——来自“沪深港通”开通的证据

High Level Opening-up of Capital Market and Corporate Financial Asset Allocation-Evidence from the“Shanghai-Hong Kong”and“Shenzhen-Hong Kong”Stock Connect Programs

现有文献对“沪深港通”政策影响做了较为丰富的研究,但鲜少将其与资本市场高水平开放建立联系。本文关注以“沪深港通”启动为标志的资本市场高水平开放对我国上市公司金融资产配置的影响,提出资本市场开放与企业金融化的竞争性假说,并进行了PSM-DID检验,主要有三点发现:一是资本市场高水平开放有效降低我国上市公司金融投资比重,呈现显著的“去金融化”效应;二是对于非制造业的企业、国有企业、高透明度及高外部融资依赖企业而言,资本市场开放促使这类企业的金融投资比重更大幅度削减;三是资本市场高水平开放在降低企业金融投资比重的同时,增大了其资本性支出和研发投资的力度,为企业研发创新和高质量发展提供金融支持。上述结论为推动资本市场全方位、高水平对外开放,以及强化金融服务实体经济职能提供了丰富的经验证据。

The existing literature has done rich research on the impact of the“Shanghai-Hong Kong”and“Shenzhen-Hong Kong”stock connect programs,but few have connected it with the high level opening-up of the capital market.This paper focuses on the impact of the high level opening-up of the capital market marked by the start of“Shanghai-Hong Kong”and“Shenzhen-Hong Kong”stock connect programs on the financialization of listed companies in China.The results show that:1)High level opening-up of capital market effectively reduces the proportion of corporate financial investment,showing a significant"de-financialization"effect;2)For non-manufacturing industry,SOEs,companies with high transparency and high dependence on external financing,capital market opening-up promotes a greater reduction in the proportion of financial investment;3)High level opening-up of capital market can further increases the intensity of capital expenditure and R&D investment,providing financial support for R&D innovation and high-quality development of listed companies.The conclusions provide rich empirical evidence for promoting the all-round and high-level opening-up of the capital market and strengthening the function of financial services for the real economy.