摘要
近年来,我国资本市场对外开放成就显著,2016年“深港通”开通,取消了总额度的限制,在为境外投资者提供投资自由与便利的同时,也进一步开放了内地股票市场。本文采用双重差分方法实证检验了资本市场开放对企业投资效率的影响,并探究股价信息含量对这一关系的调节作用。研究结果表明,资本市场开放能显著提升企业投资效率。本文对资本市场开放与公司投资效率的研究维度进行了拓展,也为投资者和其他利益相关者评估企业投资决策合理性提供了一个新的途径。
In recent years,China's capital market has achieved remarkable progress in its opening-up initiatives.The launch of the Shenzhen-Hong Kong Stock Connect in 2016 abolished aggregate quota restrictions,granting overseas investors greater investment freedom and convenience while broadening access to the domestic equity market.This paper employs a Difference-in-Differences(DID)methodology to empirically examine the impact of capital market openness on corporate investment efficiency and investigates whether stock price informativeness exerts a moderating effect on this relationship.The findings reveal that capital market openness significantly enhances corporate investment efficiency.This study extends the research dimension on the nexus between capital market liberalization and corporate investment efficiency,while also providing investors and other stakeholders with a novel approach to evaluate the rationality of corporate investment decisions.
作者
赵琛琛
ZHAO Chenchen(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)
出处
《中国科技论文在线精品论文》
2025年第4期288-292,共5页
Highlights of Sciencepaper Online
关键词
国民经济学
资本市场开放
企业投资效率
股价信息含量
national economics
capital market opening
corporate investment efficiency
stock price informativeness
