资本账户开放政策对公司融资行为的影响——基于沪港通政策的实证研究

摘要以沪港通开放政策为例,利用上证A股1089家上市公司2013—2016年季度数据,分别采用双重差分法和三重差分法实证研究其对上市公司和小公司融资行为的影响。结果显示:(1)沪港通政策提高了上市公司股权融资和债权融资的积极性,显著地增加了股权融资和债权融资的规模。(2)相较于大公司,沪港通政策虽不能短期内提高小公司融资规模,但提高了小公司债权融资积极性。(3)双重差分和三重差分法所需的平行趋势假设均满足。沪港通开放政策与利率市场化、打破刚性兑付等资本市场化改革政策协调一致,将能改善中小企业的长期融资行为,促进中小高技术企业的培育与发展。

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	肖涵
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关键词：资本市场开放沪港通政策股权融资和债权融资双重差分法三重差分法

Abstract： Taking the Shanghai-Hong Kong Stock Connect policy as an example, this paper adopts 2013-2016 quarterly data of 1089 listed companies in Shanghai A-share Stock market to empirically study the policy effects on the financing behavior of listed companies and small companies through double and triple difference methods. Results show that first, the Shanghai-Hong Kong Stock Connect policy has boosted the enthusiasm and significantly increased the scale of equity financing and debt financing of listed companies. Second, though the Shanghai-Hong Kong Stock Connect policy does not alleviate the financing constraints of small companies in the short term compared with large companies, it raises their enthusiasm for debt financing. Third, the parallel trend assumptions required by the double difference and triple difference methods are all satisfied. The harmonization of Shanghai-Hong Kong Stock Connect policy with the liberalization of interest rate marketization together with the break-through of rigid payment and other capital marketization reform policies will improve the long-term financing behavior of small and medium-sized enterprises and promote the cultivation and development of small and medium-sized high-tech enterprises.

Keywords： Capital Market Liberalization Shanghai-Hong Kong Stock Connect Equity and Bond Financing Double Difference Method Triple Difference Method

收稿日期 2018-09-03; 接受日期 ;

作者简介: 肖涵(1989— ),女,安徽宣城人,国家治理与公共政策研究中心研究人员,博士研究生,主要从事公共政策、政府与市场关系研究;刘芳(1981— ),女,山东淄博人,博士研究生,主要从事产业经济学和公司金融研究。

引用本文:

肖涵, 刘芳.资本账户开放政策对公司融资行为的影响——基于沪港通政策的实证研究[J]. 经济经纬, 2019,3: 58-65

XIAO Han, LIU Fang.The Impact of Capital Account Liberalization Policy on Corporate Financing Behavior——An Empirial Analysis of Shanghai-Hong Kong Stock Connect Policy[J] Economic Survey, 2019,V36(3): 58-65

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2019/V36/I3/58

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