Including A-shares in the MSCI index and enterprises' Total factor productivity-impact on China's micro-enterprises

doi:10.1016/j.frl.2025.106925

	Including A-shares in the MSCI index and enterprises' Total factor productivity-impact on China's micro-enterprises
	Yang, Yunxiang1,2 ; Hu, Xiaoyang2 ; Li, Daode 3; Cai, Wenhao4
	2025-04
在线发表日期	2025-02
发表期刊	FINANCE RESEARCH LETTERS
卷号	76
摘要	This study treats this inclusion as a quasi-natural experiment to examine all constituent stocks from 2014 to 2021. Through empirical analysis, we investigate the impact of capital market internationalization on enterprises' total factor productivity (TFP), revealing that the inclusion significantly enhances TFP, a result that remains robust across various tests. Further analysis identifies cost reduction and efficiency enhancement as the primary mechanisms through which A-share inclusion improves TFP. Specifically, the inclusion reduces financing and transaction costs while improving investment efficiency and capital allocation efficiency, all of which contribute to higher TFP. We also observe variations in the impact of A-share inclusion on TFP across regions, industries, and firms. The positive effects are more pronounced for A-share firms located in regions with lower economic development but higher financial market development, those operating in highly competitive or high-tech industries, and those that are large and highly internationalized. This study provides a microeconomic perspective on the internationalization of China's capital market, offering insights into enhancing firms' TFP. The findings present new strategies for A-share listed companies to improve TFP and offer empirical evidence supporting the role of capital market internationalization in driving firm development in emerging market countries.
关键词	A -share inclusion in MSCI indices Total factor productivity Reduced costs and increased efficiency
DOI	10.1016/j.frl.2025.106925
收录类别	SSCI
ISSN	1544-6123
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001428745400001
出版者	ACADEMIC PRESS INC ELSEVIER SCIENCE
原始文献类型	Article
EISSN	1544-6131
引用统计	被引频次[WOS]：0 [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/38816
专题	统计与数据科学学院校领导会计学院
通讯作者	Li, Daode
作者单位	1.Lanzhou Univ Finance & Econ, Sch Stat & Data Sci, Lanzhou, Peoples R China; 2.Lanzhou Univ Finance & Econ, Sch Accounting, Lanzhou, Peoples R China; 3.Qingchuan Univ, Wuhan, Peoples R China; 4.Lanzhou Univ Finance & Econ, Sch Int Econ & Trade, Lanzhou, Peoples R China
第一作者单位	统计与数据科学学院; 兰州财经大学
推荐引用方式 GB/T 7714	Yang, Yunxiang,Hu, Xiaoyang,Li, Daode,et al. Including A-shares in the MSCI index and enterprises' Total factor productivity-impact on China's micro-enterprises[J]. FINANCE RESEARCH LETTERS,2025,76.
APA	Yang, Yunxiang,Hu, Xiaoyang,Li, Daode,&Cai, Wenhao.(2025).Including A-shares in the MSCI index and enterprises' Total factor productivity-impact on China's micro-enterprises.FINANCE RESEARCH LETTERS,76.
MLA	Yang, Yunxiang,et al."Including A-shares in the MSCI index and enterprises' Total factor productivity-impact on China's micro-enterprises".FINANCE RESEARCH LETTERS 76(2025).