The Impact of Capital Market Liberalization on Corporate Product Market Competition:The"Double-Edged Sword"of Returns and Risks
This study is based on data from Chinese A-share listed companies from 2008 to 2020,utilizing the"Mainland-Hong Kong Stock Connect"mechanism as a quasi-natural experiment in the Chinese capital market.By applying a multiple-period difference-in-differences model,the study examines the economic effects of capital market liberalization policies on corporate product production processes.The findings reveal that while capital market liberalization enhances corporate com-petitive advantage,it also increases market competition risks.On one hand,capital market liberalization significantly im-proves the static resource advantages of corporate human resource structure and financial resource levels in product market competition by optimizing external reputation and strengthening internal governance.It also stimulates the proportion of R&D investment,reinforcing the dynamic competitive capabilities for sustainable development.On the other hand,capital market liberalization may lead to the effects of"blind capital inflow"and"erosion of proprietary information advantages,"prompting companies to make short-sighted decisions in product development and market strategies,thereby significantly increasing the competition risks in the product market.Based on these empirical results,this study confirms the"double-edged sword"ef-fect of capital market liberalization policies by analyzing both the benefits and risks.It further explores the opportunities and risks associated with capital market liberalization in promoting the transition of enterprises from traditional productivity to new forms of productivity.The paper emphasizes the importance of strengthening policy guidance to mitigate the potential risks of market overheating during the process of further capital market liberalization,thereby protecting the long-term com-petitive advantages of domestic enterprises.Additionally,it advocates for the enhancement of intellectual property protection systems to prevent market competition risks arising from information leakage.The study suggests that in the continued deep-ening of capital market liberalization,efforts should focus on maximizing strengths and avoiding weaknesses,thereby aiding Chinese real-economy enterprises in a smooth transition towards new productivity under controlled risks.
NETL
NSTL
万方数据
