摘要
近年来,中国资本账户开放进程取得了显著进展。本文运用双重差分模型研究了沪深港通政策对A股上市企业融资约束的影响,并进一步检验了具体作用机制。主要结论:一是中国上市公司普遍面临融资约束,资本账户开放政策的实施有助于缓解企业融资约束;二是市场化程度对资本账户开放缓解企业融资约束存在显著的调节效应,企业所处区域的市场化水平越低则缓解效应越强;三是资本账户开放缓解企业融资约束主要通过提高信息透明度的渠道实现。
In recent years,China has made remarkable progress in the process of capital account opening.This paper studies the influence of capital account opening on the financing constraints of A-share listed enterprises by using the difference-in-differences model.And further tests the specific mechanism.The main conclusions are as follows:first,the listed companies in China are generally faced with financing constraints,and the implementation of capital account opening policy helps to alleviate the financing constraints of enterprises;Second,the degree of marketization has a significant regulatory effect on the capital account opening to alleviate the financing constraints of enterprises,and the lower the market level of the region where the enterprise is,the stronger the mitigation effect is;Finally,the mechanism of capital account opening to ease the constraints of enterprise financing is mainly realized through the channels of improving information transparency.
出处
《浙江金融》
2021年第12期67-80,47,共15页
Zhejiang Finance
关键词
资本账户开放
沪深港通
融资约束
双重差分
中介效应
Capital Account Opening
Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Programs
Financing Constraints
Difference-in-Differences
Mediating Effect
