| In recent years,China’s capital market has more and more influence in the international capital market.However,compared with the capital markets of other developed countries,China’s capital market still has a large gap.The open policy of capital market can make the capital market of the mainland interconnect with other capital markets which are more developed than the mainland capital market.This can introduce better investment and development ideas for the capital market of the mainland,because the introduction of institutional investors in the more developed capital market promotes the maturity of investors in the domestic capital market.The gap between the mainland capital market and the developed capital market is getting smaller and smaller,and the relevant system construction and supervision and protection of investors are constantly increasing.The Shanghai Hong Kong Stock Connect trading platform was officially opened on the stock exchange in November 17,2014.The implementation of the Shanghai Hong Kong Stock Connect policy means a solid step in the opening process of China’s capital market facing the world.Local investors can buy shares listed on the stock market,while investors can buy shares on the stock exchange.Large institutional investors can allocate assets through the Shanghai Hong Kong Tong trading platform to attract more international investors.Now,it has been almost five years since the opening of Shanghai Hong Kong Stock Connect policy,but the capital market opened.Does liberalization policy bring about positive effects?This requires a series of studies,so the impact of the "Shanghai-Hong Kong-Tong,policy has both theoretical and practical significance.Good resource allocation efficiency of capital market can make the economy develop steadily.Therefore,this paper focuses on the impact of capital market opening on investment efficiency,and studies the intermediary effect,which is one of the main innovations of this paper.The structure of this article is as follows:The first part is the introduction of this article.This part is divided into three sections.The first section is the main background of this research.The second section explains what research significance this paper has and what theoretical and practical significance it has.The third section describes the research ideas and specific research methods.The fourth section introduces the structure and content of this paper.The fifth section describes what innovations this paper has.The second part is literature review.This paper summarize the research progress of the predecessors from three aspects:firstly,the opening of capital market,what relevant studies do domestic and foreign scholars have,secondly,the research on financing constraints by domestic and foreign scholars,and thirdly,the research on investment efficiency by domestic and foreign scholars.This paper also summarizes and comments on the relevant literature at home and abroad.The third part is the theoretical analysis of this paper and the research hypothesis based on the theory.From the perspective of information asymmetry theory and agency theory,this paper makes theoretical analysis and logical thinking on the relationship between capital market opening and investment efficiency,capital market opening and financing constraints,and then considers the impact of capital market opening on investment efficiency when financing constraints are taken as intermediary variables,and puts forward the hypothesis of this paper.The fourth part is the research design.In the research and design part,the data sources and sample selection methods of the empirical part are introduced,and the differences in differences model and the mediation effect model are selected according to the research topic.Then the explanatory variable,the explanatory variable and the control variable are defined,explained and treated separately.At the same time,according to the needs of the empirical analysis,the research methods of the predecessors are used for reference to design the suitable model.The calculation formulas assumed in this paper.The fifth part of this paper is the empirical results and the analysis of the empirical results.Firstly,all sample data and grouped data are analyzed by descriptive statistics.Then Pearson correlation analysis is carried out for all variables to observe the data characteristics and correlation of variables.First,the preliminary test results of single variable grouping are carried out.Then,the relevant hypotheses of capital market opening,financing constraints and investment efficiency are tested by regression analysis,and the final empirical results are obtained.At the end of this part,two kinds of robustness tests are carried out:changing the calculation method of the main variables and changing the selected time samples.The sixth part is the conclusion of this study and the relevant policy recommendations based on the conclusions.The empirical results are analyzed and summarized to give the conclusions of this study,and according to the conclusions of the study,relevant policy recommendations with practical significance are put forward.Finally,according to the limitations and shortcomings of this paper,the future research prospects are put forward.The main conclusions of this paper are as follows:(1)There is a significant positive correlation between the opening of the capital market and the investment efficiency of listed companies,that is,the higher the investment efficiency of the samples affected by the Shanghai-Hong Kon Stock Connect policy.(2)There is a significant negative correlation between the opening of capital market and the financing constraints of listed companies.The opening of capital market can ease the financing constraints of companies,that is,the lower the financing constraints of samples affected by the"Shanghai-Hong Kong-Stock Connect" policy.(3)Capital market opening affects investment efficiency indirectly and negatively through the intermediary role of financing constraints,and some intermediary effects are established. |
