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资本市场开放与企业创新:基于公司治理的视角

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文章以沪深港通政策实施所提供的自然实验为基础,使用多期DID模型研究了资本市场开放对企业创新的影响,并基于公司治理的视角探讨了影响机制.研究发现,沪深港通政策能够显著提高企业的创新投入、创新产出和创新效率,而且在此过程中公司治理机制发挥着重要作用.从激励渠道来看,沪深港通政策能够提高企业对高管的股权激励和薪酬激励,改善高管团队的创新能力,同时还能增加企业所能获得的政府补助,充分调动企业开展创新活动的积极性;从监督渠道来看,沪深港通政策能够加强对控股股东股权质押行为和管理者代理行为的监督,同时能够吸引更多的分析师和投资者关注,通过外部监督改善企业创新的内部治理环境.异质性分析表明,沪深港通政策能够更加显著地提高非国有企业、非高新技术企业和法制环境较差地区企业的创新水平;进一步地,政策实施后,企业"高质量"的创新产出显著增加,全要素生产率也出现明显提升.
Capital Market Opening and Firm Innovation:From the Perspective of Corporate Governance
Based on the natural experiment provided by the Shanghai-Hongkong Stock Connect and Shenzhen-Hongkong Stock Connect(HSSC),this paper uses a multi-period difference-in-difference model to study the impact of the capital market opening on enter-prise innovation.It also discusses the impact mechanism from the perspective of corporate governance.The results show that the HSSC can significantly improve enterprises'innovation input,innovation output,and innovation efficiency.In this process,the corporate governance mechanism plays an important role.From the perspective of incentive channels,the HSSC can improve the equity incentive and compensation incentive for executives,enhance the innovation ability of the executive team,and increase the government subsidies that enterprises can obtain,fully mobilizing the enthusiasm of enterprises to carry out innovative activities.From the perspective of supervision channels,the HSSC can strengthen the supervision over the equity pledge behavior of control-ling shareholders and the agency behavior of managers.At the same time,it can attract more attention from analysts and inves-tors,improving the internal governance environment for enterprise innovation through external supervision.Heterogeneity analysis shows that the HSSC can more significantly improve the innovation level of non-state-owned enterprises,non-high-tech enterpri-ses,and enterprises in poor legal environments.Furthermore,after the implementation of the policy,the"high-quality"innova-tion output of enterprises has increased significantly,and the total factor productivity has also increased significantly.

杨秋平、刘红忠

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云南财经大学国际工商学院

复旦大学经济学院

资本市场开放 企业创新 公司治理

国家社会科学基金重大项目

22&ZD117

2024

世界经济研究
上海社科院世界经济研究所

世界经济研究

CSTPCDCSSCICHSSCD北大核心
影响因子:1.401
ISSN:1007-6964
年,卷(期):2024.(4)
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