Research on the Influence of Capital Account Liberalization on Firm Investment Efficiency
Based on data from listed companies in 95 countries from 2001 to 2017,this study examines the impact of capital account liberalization on corporate investment efficiency.The re-search finds that capital account liberalization can enhance corporate investment efficiency,not only alleviating underinvestment,but also restraining overinvestment.Mechanism tests reveal that capital account liberalization can enhance corporate investment efficiency through three chan-nels:increasing market competition,alleviating financing constraints,and raising risk-taking lev-els.The heterogeneity test shows that capital account liberalization in the inflow direction has a greater promoting effect on corporate investment efficiency.In countries with high levels of fi-nancial market development,industries with high external financing dependence,and enterprises with high leverage ratios,capital account liberalization has a stronger promoting effect on corpo-rate investment efficiency.In view of this,it is recommended to open the capital account in an or-derly manner,accelerate the construction of financial markets,and actively integrate into the de-velopment of the global capital market.
capital account liberalizationinvestment efficiencyinstitutional liberalization
万方数据
维普
