金融学院知识库

  党的二十届三中全会和中央金融工作会议对金融开放作出一系列部署，明确提出开放是中国式现代化的鲜明标识，要稳步扩大金融领域制度型开放，推动我国金融高质量发展。近年来，我国资本市场对外开放举措不断，资本市场服务实体经济的能力持续增强。制造业企业作为国民经济的重要支柱，在吸纳就业、创造税收、促进国际贸易等方面发挥着不可替代的作用。然而，在发展过程中，制造业企业仍面临融资约束限制、资本配置效率低下等问题，这些问题严重制约了制造业企业技术创新能力和竞争力的提升。沪深港通制度作为资本市场对外开放的重要举措，能够通过引入境外市场的成熟发展经验和优质投资资金，对企业的资本配置效率发挥重要作用，深入探讨资本市场开放对制造业企业的微观经济效应意义深远。

  本文以沪深港通制度实施作为外生政策冲击，选取2011-2023年沪深A股制造业上市公司作为研究样本，采用多时点双重差分法验证沪深港通制度实施对我国制造业企业资本配置效率的直接影响，同时结合机器学习算法对试点企业进行反事实检验,随后进一步探讨沪深港通制度影响制造业企业资本配置效率的具体作用机制。此外，本文还深入探讨了沪深港通制度实施对于不同类型制造业企业资本配置效率的差异化影响。

  本文研究结论如下：（1）沪深港通制度的实施能够显著提升制造业企业的资本配置效率。（2）机制检验结果表明，沪深港通制度通过推动企业竞争战略实施、加强投资者关系管理以及改善企业资本市场表现这三个机制发挥政策效果，进而提升了制造业企业的资本配置效率。（3）异质性结果表明，沪深港通制度对于非国有、东部地区、高融资约束、管理者存在短视行为、机构持股比例低以及属于战略性新兴产业的制造业企业资本配置效率的提升效果更显著。

  基于上述研究结论，本文提出如下政策建议：（1）坚定不移推进资本市场高水平对外开放，推动我国资本市场实现高质量发展。（2）强化沪深港通对企业竞争战略的引导作用，推动企业成本优先战略和差异化战略的实施。（3）充分发挥沪深港通对企业投资者关系管理的促进作用，进一步提升企业投资者关系管理质量。（4）强化沪深港通对企业资本市场表现的优化作用，通过加强资本市场对企业的约束作用，引导资本的合理配置。

    The Third Plenary Session of the 20th Central Committee of the Communist Party of China and the Central Financial Work Conference made a series of deployments on financial openness, and clearly stated that openness is a distinct symbol of Chinese modernization. It is necessary to steadily expand the institutional openness in the financial sector and promote the high-quality development of China 's finance. In recent years, China 's capital market has been opening up to the outside world, and the ability of the capital market to serve the real economy has continued to increase. As an important pillar of the national economy, manufacturing enterprises play an irreplaceable role in absorbing employment, creating tax revenue and promoting international trade. However, in the process of development, manufacturing enterprises still face problems such as financing constraints and low capital allocation efficiency, which seriously restrict the improvement of technological innovation ability and competitiveness of manufacturing enterprises. As an important measure for the opening up of the capital market, the Shanghai-Shenzhen-Hong Kong Stock Connect system can have an important impact on the capital allocation efficiency of enterprises by introducing mature development experience and high-quality investment funds from overseas markets. It is of far-reaching significance to explore the micro-economic effects of capital market opening on manufacturing enterprises.

  This dissertation takes the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect system as an exogenous policy impact, selects the Shanghai-Shenzhen A-share manufacturing listed companies from 2011 to 2023 as research samples, and uses the multi-time point double difference method to verify the direct impact of the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect system on the capital allocation efficiency of China 's manufacturing enterprises. At the same time, it combines the machine learning algorithm to conduct a counterfactual test on the pilot enterprises, and then further explores the specific mechanism of the Shanghai-Shenzhen-Hong Kong Stock Connect system affecting the capital allocation efficiency of manufacturing enterprises. In addition, this dissertation also deeply discusses the differentiated impact of the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect system on the capital allocation efficiency of different types of manufacturing enterprises.

    The conclusions of this dissertation are as follows : (1) The implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect system can significantly improve the capital allocation efficiency of manufacturing enterprises. (2) The mechanism test results show that the Shanghai-Shenzhen-Hong Kong Stock Connect system exerts policy effects by promoting the implementation of enterprise competition strategies, strengthening investor relationships management, and improving enterprise capital market performance,thereby improving the capital allocation efficiency of manufacturing enterprises. (3) The results of heterogeneity show that the Shanghai-Shenzhen-Hong Kong Stock Connect system has a more significant effect on the improvement of capital allocation efficiency of non-state-owned, eastern regions, high financing constraints, managers ' short-sighted behavior, low institutional shareholding ratio and manufacturing enterprises belonging to strategic emerging industries.

    Based on the above research conclusions, this dissertation puts forward the following policy recommendations:(1)Unswervingly promote the high-level opening of the capital market and promote the high-quality development of China 's capital market. (2) Strengthen the guiding role of the Shanghai-Shenzhen-Hong Kong Stock Connect on enterprise competitive strategies,and promote the implementation of enterprise cost priority strategy and differentiation strategy. (3) Give full play to the role of Shanghai-Shenzhen-Hong Kong Stock Connect in promoting enterprise investor relations management,and further improve the quality of corporate investor relations management.(4)Strengthen the optimization effect of Shanghai-Shenzhen-Hong Kong Stock Connect on enterprise capital market performance, and guide the rational allocation of capital by strengthening the restraint effect of capital market on enterprises.