Role of ETFs in Enhancing Capital Market Resource Allocation
Exchange-traded funds(ETFs)can optimize resource allocation by improving pricing efficiency,thereby enhancing companies'financing and investment efficiency.This study employed fixed-effects models and fuzzy regression discontinuity design to examine the impact of ETFs on pricing efficiency,corporate financing,and investment efficiencies.The findings suggest that ETFs positively influence stock pricing efficiency by reducing the volatility and transaction costs of constituent stocks.Furthermore,ETFs facilitate the channeling of financial resources to-ward companies with promising prospects,significantly enhancing their financing efficiency.They also alleviate underinvestment issues and reduce inefficient investments,improving corporate in-vestment efficiency.Heterogeneity analysis indicates that the beneficial impact of ETFs on corpo-rate investment efficiency is more pronounced in private companies,small companies,and repre-sentative companies with strategic orientations.These conclusions offer insights into how ETFs can better fulfill their pivotal role in capital markets,thereby promoting high-quality economic devel-opment.
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