摘要
以"深港通"的开启为准自然实验,选取2013—2019年深证A股上市公司为样本,利用双重差分模型考察股票市场开放对民营企业融资约束的影响及渠道机制,研究发现,"深港通"开通能有效缓解标的公司的融资约束,但标的公司加入MSCI指数等后续开放政策的效应呈边际递减趋势。异质性分析表明,这一作用在具有高融资依赖特征的企业中尤为明显。机制分析发现,股票市场开放能够通过提升股价信息含量和信息披露质量缓解民营企业融资约束。未来政府主官部门应当大力发展股票市场,继续加大股市开放力度,推动科创板增量市场改革,提升上市公司质量等举措,为更大力度地缓解民营企业融资约束创造条件。
Using the launch of Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment, this study selected A-share listed companies on the Shenzhen Stock Exchange between 2013 and 2019 and employed a difference-in-differences model to examine the impact of opening up stock markets on financial constraints for private companies and the mechanism for this channel.This study found that the launch of Shenzhen-Hong Kong Stock Connect can effectively ease financing constraints for target companies;however, the effect of subsequent opening-up policies such as including target companies in the MCSI Index exhibited a marginal diminishing trend.The heterogeneity analysis showed that this effect was particularly evident among companies with high financing dependence.According to the findings of the mechanism analysis, opening up stock markets can ease financing constraints for private companies by improving the information content of stock prices and the quality of information disclosure.In the future, government authorities should implement various measures, such as aggressively develop stock markets, continuously increase efforts to open them up, promote incremental market reform in the Sci-Tech Innovation Board, and enhance the quality of listed companies, thereby creating conditions for greater efforts to ease financing constraints for private companies.
作者
王兵
李琳
武文杰
Wang Bing;Li Lin;Wu Wenjie(School of Economics,Jinan University,Guangdong,Guangzhou 510632,China)
出处
《金融经济学研究》
CSSCI
北大核心
2021年第3期107-123,共17页
Financial Economics Research
基金
教育部哲学社会科学研究重大课题攻关项目(17JZD013)
国家自然科学基金项目(71473105、41971194)
广东产业发展与粤港澳区域合作研究中心的资助。
关键词
股票市场开放
深港通
民营企业
融资约束
资源配置
opening up stock markets
Shenzhen-Hong Kong Stock Connect
private companies
financing constraints
resource allocation
作者简介
王兵(1975-),男,暨南大学经济学院教授,经济学博士,研究方向为经济增长和环境经济学;李琳(1989—),女,暨南大学经济学院博士研究生,研究方向为金融发展与经济增长;通讯作者:武文杰(1985—),男,暨南大学经济学院教授,经济学博士,研究方向为人居环境与城市发展。
