资本市场开放、ESG与企业风险承担——基于“沪港通”的经验证据

Capital Market Opening, ESG and Corporate Risk Taking—Empirical Evidence Based on the Shanghai-Hong Kong Stock Connect

推动资本市场高水平对外开放正成为锻造企业新质生产力的动力源泉和提升风险承担能力的重要手段。本文以“沪港通”实施为外生事件,探究了资本市场开放对企业风险承担的影响。选取2003~2023年沪深A股上市公司数据,建立DID双重差分模型,探究资本市场开放对企业风险承担能力的影响及中介机制。实证结果发现:“沪港通”的施行有利于提升企业风险承担能力,且上述结论在经过一系列稳健性检验后依然成立。机制分析结果表明:资本市场开放通过提高企业ESG水平来提高企业的风险承担能力。本文揭示了“沪港通”通过改善企业ESG水平来提高风险承担能力的积极意义,为坚定推行资本市场对外开放政策提供参考依据。Promoting high-level opening-up of the capital market is becoming a driving force for forging new-quality productivity of enterprises and an important means to enhance risk-taking capacity. This paper takes the implementation of the Shanghai-Hong Kong Stock Connect as an exogenous event to explore the impact of capital market opening on corporate risk-taking. Data of Shanghai and Shenzhen A-share listed companies from 2003 to 2023 are selected to establish a DID double difference model to explore the impact of capital market opening on corporate risk-taking capacity and the intermediary mechanism. The empirical results show that the implementation of the Shanghai-Hong Kong Stock Connect is conducive to improving corporate risk-taking capacity, and the above conclusions are still valid after a series of robustness tests. The results of the mechanism analysis show that the opening of the capital market improves the risk-taking capacity of enterprises by improving the ESG level of enterprises. This paper reveals the positive significance of the Shanghai-Hong Kong Stock Connect in improving the risk-taking capacity by improving the ESG level of enterprises, and provides a reference for the firm implementation of the capital market opening-up policy.