Capital Market Openness Boosts the Upgrading of Enterprises'New Quality Productive Forces——Evidence from the Quasi-natural Experiment of Mainland-Hong Kong Stock Connect
Promoting efficient allocation of resources and agglomeration of innovative factors by institutional opening up of capital market is an important engine to accelerate the cultivation of new quality productivity and achieve high-quality economic development.Based on this,this paper treats the Mainland-Hong Kong Stock Connect Program as a quasi-natural experiment,and uses the data of listed companies from 2011 to 2022 to explore the related impact of capital market liberalization on the new quality productivity of enterprises.The study shows that capital market liberalization can significantly boost the new quality productivity of enterprises,and its effect is more significant in enterprises with higher industry competition,non-state-owned enterprises,high-tech enterprises and enterprises in the eastern region.Mechanism analysis shows that the capital market liberalization can energize the improvement of new quality productivity of enterprises through optimizing corporate governance structure,improving risk-taking ability and broadening financing channels.Therefore,the institutional opening up should be further deepened to make the most of the pivotal function of capital market,and guide enterprises to optimize governance,improve efficiency and enhance resilience,so as to escort the promotion of high-quality economic development.
Capital Market LiberalizationNew Quality Productivity of EnterprisesGovernance StructureRisk-takingFinancing Channel
NETL
NSTL
万方数据
