资本市场开放促进企业创新了么?——基于陆港通样本的微观证据

财经论丛 ›› 2019, Vol. 35 ›› Issue (8): 39-52.

资本市场开放促进企业创新了么?——基于陆港通样本的微观证据

马妍妍¹, 俞毛毛¹, 程京京^1,2

1.对外经济贸易大学国际经济贸易学院,北京 100029;
2.河北金融学院金融系,河北保定 071051

收稿日期:2019-03-19 出版日期:2019-08-10 发布日期:2019-08-28
通讯作者: 俞毛毛(1983-),男,辽宁沈阳人,对外经济贸易大学国际经济贸易学院博士生,通讯作者
作者简介:马妍妍(1993-),女,江苏徐州人,对外经济贸易大学国际经济贸易学院博士生;程京京(1984-),女,河南温县人,河北金融学院金融系副教授,对外经济贸易大学国际经济贸易学院博士生。
基金资助:
国家自然科学基金青年项目(71803017);河北省教育厅课题(QN2018223)

Does Stock Market Liberalization Cause Firms' R&D Investment Boom?——Evidence From the Sample of Mainland-Hong Kong Stock Connect Program

MA Yanyan¹, YU Maomao¹, CHENG Jingjing^1,2

1.School of International Trade and Economics, University of International Business and Economics,Beijing 100029, China;
2.Department of Finance, Hebei Finance University, Baoding 071051, China

Received:2019-03-19 Online:2019-08-10 Published:2019-08-28

摘要/Abstract

摘要： 文章选择2014年至2017年A股上市公司数据,运用QFII持股比例作为资本市场开放的代理变量,并将陆港通政策出台作为一项准自然实验,采用面板DID分析资本市场开放对企业研发规模的影响及作用机制。研究发现:(1)资本市场开放有利于企业研发规模提升;(2)资本市场开放对研发的刺激主要通过降低信贷依赖、提升外部监督作用、提升TFP水平来实现;(3)资本市场开放能够通过解决“生产率悖论”提升研发水平。

关键词: 资本市场开放, 研发投资, 陆港通, 融资约束, 生产率悖论

Abstract: Based on the dataset of Chinese listed firms from 2014 to 2017, using QFII ownership of stock market as a proxy variable for stock market liberalization, and viewing the Mainland-Hong Kong Stock Connect Program as a quasi-natural experiment, this paper applies the DID method to analyze the effects of the stock market liberalization on firms' R&D investment scale and embedded internal mechanism. The results are as follows: firstly, mainland firm's R&D investment has increased significantly after liberalization of stock market; secondly,the increase in R&D investment following financial liberalization is achieved by external credit reliance, higher external supervision as well as higher TFP growth rate. Finally, liberalization of capital market can also breakthrough the substituted relationships between export activities and innovations, which may also lead to the increase in R&D investment.

Key words: Stock Market Liberalization, R&D Investment, Mainland-Hong Kong Stock Connect Program, Financial Constraints, The Productivity Puzzle of Chinese Exporters

中图分类号:

F831

马妍妍, 俞毛毛, 程京京. 资本市场开放促进企业创新了么?——基于陆港通样本的微观证据[J]. 财经论丛, 2019, 35(8): 39-52.

MA Yanyan, YU Maomao, CHENG Jingjing. Does Stock Market Liberalization Cause Firms' R&D Investment Boom?——Evidence From the Sample of Mainland-Hong Kong Stock Connect Program[J]. , 2019, 35(8): 39-52.

参考文献

[1] 巴曙松,张信军.沪港通对跨境资本流动的影响[J]. 中国金融,2014,(18):48-49.
[2] 徐飞.银行信贷与企业创新困境[J]. 中国工业经济,2019,(1): 119-136.
[3] Rajan R. G., Zingales L. Financial Dependence and Growth[J]. Social Science Electronic Publishing, 1996, 88(3): 559-586.
[4] Mitton T. Stock Market Liberalization and Operating Performance at the Firm Level[J]. Journal of Financial Economics, 2006, 81(3): 625-647.
[5] Arestis P., Caner A. Capital Account Liberalisation and Poverty: How Close is the Link?[J]. Cambridge Journal of Economics, 2010, 34(2): 295-324.
[6] Kose M., Prasad E. S., Terrones M. E. Does Openness to International Financial Flows Raise Productivity Growth[J]. Journal of International Money and Finance, 2009, 28(4): 554-580.
[7] Henry P. Do Stock Market Liberalizations Cause Investment Booms?[J]. Journal of Finamcial Economics, 2000, 58(1-2): 301-334.
[8] Eichengreen B., Gullapalli R., Panizza U. Capital Account Liberalization, Financial Development and Industry Growth: A Synthetic View[J]. Journal of International Money & Finance,2011, 30(6): 1090-1106.
[9] Gorodnichenko Y., Schnitzer M. Financial Constraints and Innovation, Why Poor Countries Don' t Catch Up[Z]. National Bureau of Economic Research Working Paper, 2010.
[10] 张杰,芦哲,郑文平.融资约束、融资渠道与企业R&D投入[J]. 世界经济,2012,(10): 66-90.
[11] Luong H., Moshirian F., Nguyen L., et al. How Do Foreign Institutional Investors Enhance Firm Innovation?[J]. Journal of Financial and Quantitative Analysis, 2017, (05): 1-42.
[12] Gillan S. L., Starks L. T. Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors[J]. Journal of Financial Economics, 2000, 57(2): 275-305.
[13] 李春涛, 刘贝贝, 周鹏,等. 它山之石:QFII与上市公司信息披露[J]. 金融研究, 2018, (12): 138-156.
[14] 李春顶, 尹翔硕. 我国出口企业的“生产率悖论”及其解释[J]. 财贸经济,2009, (11): 84-90.
[15] 戴觅, 余淼杰. 中国出口企业生产率之谜:加工贸易的作用[J]. 经济学季刊, 2014, (2): 675-698.
[16] 鲁晓东,连玉君. 中国工业企业全要素生产率估计:1900-2007[J]. 经济学季刊,2012,(2): 541-558.
[17] 任海云, 宋伟宸.企业异质性因素、研发费用加计扣除与R&D投入[J]. 科学学研究, 2017, (8): 114-121.
[18] 卢馨, 郑阳飞.融资约束对企业R&D投资的影响研究——来自中国高新技术上市公司的经验证据[J]. 会计研究, 2013, (5): 51-58.
[19] 汤胜, 蔡名蕊.融资约束、会计信息质量与研发投入——来自创业板上市公司的经验证据[J]. 国际商务财会, 2016, (8): 51-59.
[20] Solow R. M. A Contribution to the Theory of Economic Growth.[J]The Quarterly Journal of Economics, 1956,(70): 65-94.
[21] Obstfeld M. Risk-Taking, Global Diversification, and Growth[J]. American Economic Review, 1994, 84(5): 1310-1329.
[22] Gatti R., Love I. Does Access To Credit Improve Productivity? Evidence From Bulgaria[J]. Economics of Transition, 2010, 16(3): 445-465.
[23] Quinn, Dennis. The Correlates of Change in International Financial Regulation[J]. American Political Science Review, 1997, 91(3):531-551.
[24] Daron Acemoglu, Fabrizio, Zilibotti. Was Prometheus Unbound by Chance? Risk, Diversification, and Growth[J]. Journal of Political Economy,1997,105(4): 709-751.
[25] Kalemli-Ozcan S., Sørensen B. E., Oved Yosha O. Risk Sharing and Industrial Specialization: Regional and International Evidence[J]. American Economic Review,2003,93(3): 903-918.
[26] Harrison A. E., Love, I & Mcmillan M. S. Global Capital Flows and Financing Constraints[J]. Journal of Development Economics, 2004, 75(1): 269-301.
[27] Nini G., Sufi A., Smith D. C. Creditor Control Rights and Firm Investment Policy[J]. Journal of Financial Economics,2013,109(3): 856-878.
[28] Johnson S. A. Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage[J]. Review of Financial Studies, 2003, 16(1): 209-236.
[29] 罗子嫄, 靳玉英.资本账户开放对企业融资约束的影响及其作用机制研究[J]. 财经研究, 2018, (8): 102-114.
[30] 连立帅, 朱松, 陈超. 资本市场开放与股价对企业投资的引导作用:基于沪港通交易制度的经验证据[J]. 中国工业经济, 2019,(3): 100-118.
[31] 钟覃琳, 陆正飞. 资本市场开放能提高股价信息含量吗?——基于“沪港通”效应的实证检验[J]. 管理世界, 2018, (1): 169-179.
[32] Wang F. Complementarities between R&D Investment and Exporting——Evidence From China[J]. China Economic Review, 2014, (31): 217-227.
[33] 汤二子, 李影, 张海英. 异质性企业、出口与“生产率悖论”——基于2007年中国制造业企业层面的证据[J]. 南开经济研究, 2011,(3): 79-96.
[34] 康志勇. 出口贸易与自主创新——基于我国制造业企业的实证研究[J]. 国际贸易问题, 2011,(2): 35-45.
[35] 田巍, 余淼杰. 中间品贸易自由化和企业研发:基于中国数据的经验分析[J]. 世界经济, 2014,(6): 90-112.