摘要
"沪深港通"交易制度的实施,标志着中国资本市场对外开放进入新阶段。基于Lawless(2010)和Chaney(2016)模型,考察资本市场开放对企业对外直接投资的影响及其作用机制。理论分析表明,通过增强企业资金的流动性和提高生产率,资本市场开放促进了企业对外直接投资的扩展边际,但是抑制了集约边际。基于2007—2018年中国上市公司数据,使用"渐进"倍差法进行实证分析,验证上述理论命题。异质性分析显示,资本市场开放显著促进了中国民营企业对外直接投资的集约边际以及资本密集型企业对外直接投资的扩展边际。研究对进一步推动中国资本市场对外开放、"增强金融服务实体经济能力",具有一定启示意义。
The implementation of the Shanghai and Shenzhen-Hong Kong Stock Connect Program marks a new stage of China’s capital market liberalization.Based on the model of Lawless(2010)and Chaney(2016),this paper investigates the impact of China’s capital market liberalization on the outward foreign direct investment(OFDI)of enterprises and the mechanism.The theoretical analysis shows that through enhancing the financial liquidity of enterprises and improving their productivity,capital market liberalization promotes the extensive margin of enterprise OFDI,but inhibits the intensive margin.Based on the data of China’s listed companies from 2007 to 2018,the paper conducts an empirical analysis by using the method of progressive difference in difference to verify the above theoretical proposition.Heterogeneous analysis shows that capital market liberalization significantly promotes the intensive margin of China’s private enterprise OFDI and the extensive margin of the OFDI in capital-intensive companies.The paper has certain enlightenments to further promote China’s capital market liberalization and improve the economic capacity of financial service entities.
作者
杨晓亮
李冬
王维红
YANG Xiao-liang;LI Dong;WANG Wei-hong(School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China;Binhai School of Foreign Affairs,Tianjin Foreign Studies University,Tianjin 300270,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2020年第7期81-97,共17页
Journal of Yunnan University of Finance and Economics
关键词
沪深港通
资本市场开放
对外直接投资
扩展边际
集约边际
Shanghai and Shenzhen-Hong Kong Stock Connect Program
Capital Market Liberalization
Outward Foreign Direct Investment
Extensive Margin
Intensive Margin
