Analysis Of The Influence Mechanism Of Capital Market Opening On Enterprise Export Margin

Since the beginning of the 21st century,China’s capital market has opened steadily to the outside world,and successively introduced measures such as qualified investor system and interconnection mechanism,which has achieved remarkable results.The launch of Shanghai-Hong Kong Stock Connect trading system is an important milestone in the process of capital market opening.It realized the two-way opening of capital market and provided a new turning point for our country’s real economy development.As a bridge connecting trading between Shanghai and Hong Kong stock markets,the implementation of the policy has enriched the channels for foreign investment to participate in the A-share market.Foreign investors have not only brought high-quality incremental funds for our country,the characteristics of pursuing value investment,but also exerted A certain influence on the operation and management of Chinese listed enterprises.In the face of overcapacity and product stagnation in the real economy,the well-functioning capital market is an important foundation to support Commodity Exchange in the global scale,provide sufficient and high-quality exogenous financing for enterprises to cross the export threshold.Therefore,this thesis focuses on the analysis of the Shanghai-Hong Kong Stock Connect mechanism,explores the impact of capital market opening on the export margin of enterprises from three perspectives of enterprise total factor productivity,asset liquidity and innovation performance,and analyzes the effect of capital market opening on the development of real economy.It provides theoretical reference and practical inspiration for orderly promoting the opening of capital market,building finance to effectively support the real economy,and promoting high-quality economic development.First,this thesis reviews the literature on capital market openness and export margin of enterprises,clears up the logical relationship between capital market openness and enterprises,analyzes the roles played by enterprises’ total factor productivity,asset liquidity and innovation performance,and puts forward research hypotheses.Secondly,based on the data of non-financial listed companies from 2003 to 2019,this paper takes the implementation of the Shanghai-Hong Kong Stock Connect trading system as a quasi-natural experiment to measure the degree of capital market openness,to investigate the impact of capital market opening on the export margin of enterprises with the method of PSM-DID.Thirdly,grouping regression was used to analyze the heterogeneity of the above effects according to the nature of enterprises and the intensity of industrial factors.Finally,summarize the conclusion and put forward countermeasures with the empirical results,which were passed the robustness test by different method.The findings are as follows: First,capital market opening represented by the implementation of Shanghai-Hong Kong Stock Connect system can significantly promote enterprises’ export decisions and export scale.Second,the results of influence mechanism analysis show that total factor productivity and asset mobility can strengthen the impact of capital market opening on the export margin of enterprises and have a positive moderating effect between capital market opening and enterprise export behavior.Although innovation performance strengthens the supporting effect of capital market opening on export intensification margin,it has little effect on export expansion margin.Third,"Shanghai tong" system for enterprises to export behavior in equity properties and the influence of different factor intensity heterogeneity between industry and capital market opening of export promotion effect is obvious impact on the non-state-owned enterprises,strongest to the promotion of technology intensive enterprises export tendency,to minimum the influence of labor-intensive enterprises to export orientation,However,the capital market only improves the export expansion margin of capital-intensive enterprises,and has little effect on the export expansion of labor-intensive and technology-intensive enterprises.The main innovation of this paper is that the Shanghai-Hong Kong Stock Connect is used as the exogenous influence to introduce three adjustment mechanisms of total factor productivity,innovation efficiency and asset liquidity between capital market opening and enterprise export,which provides some empirical evidence for the study of microeconomic effects of capital market opening.