| The Shanghai-Hong Kong Stock Connect,a milestone event in China’s capital market liberalization,was officially launched in 2014,which expanded channels for cross-border investment and promoted the interconnection between capital markets in Hong Kong and mainland.At present,under the background of establishing a "dual circulation" development pattern,this paper takes this scheme as a quasi-natural experiment,and assesses the impact of capital market liberalization on corporate financing constraints,which is of great practical significance.Firstly,using samples of Shanghai-listed companies from 2007 to 2020,this article adopts PSM-DID to study the relationship between stock market liberalization and corporate financing constraints,and explores its impact path from the perspective of external supervision and credit allocation.Secondly,based on the ownership structure,financing vulnerability and market competition,this paper uses grouping regression to analyze the heterogeneity of the above effects.Besides,considering that the investment and financing are integrated,this article further tests the influence of stock market liberalization on business investment.The results show that:(1)Capital market liberalization can significantly alleviate the financing constraints,and the result is robust.(2)External supervision and credit allocation play an intermediary role,and capital market liberalization can significantly increase long-term credit funds,but has no impact on short-term credit funds.(3)In state-owned enterprises,financing vulnerable enterprises and highly competitive industries,capital market liberalization has a more positive effect on addressing corporate funding pressures.(4)Capital market liberalization can improve long-term investment,human capital investment and organizational capital investment,which is conducive to the optimization of investment philosophy.In this paper,we innovatively elaborate the conduct mechanism of capital market liberalization on financing constraints from the perspective of external supervision and credit allocation.It not only fully enriches the related research of capital market liberalization and financing constraints,but also comprehensively evaluates the impact of the Shanghai-Hong Kong Stock Connect scheme on real economy,which can provide reference for China to deepen the reform of capital market and solve the problem of financing efficaciously. |
