| Over the past four decades of reform and opening up,China’s economy has successfully transformed from the initial stage of rapid growth to the stage of high-quality development.China’s capital market is also opening up in greater breadth and depth.2022 will mark the 20 th anniversary of China’s capital market opening-up.How to promote the development of China and its real economy through high-level opening up of the capital market is the question that China must answer in the new era of development.Among the capital market opening measures implemented in the past,the Shanghai(Shenzhen)Hong Kong Stock Connect trading system is undoubtedly the most representative.It is the first trial of two-way opening up of the capital market in China,and an important measure in the history of capital market opening up.It has important practical significance for further expanding the opening up of the capital market and further promoting the deepening of financial reform.It has played a decisive role in the opening up of China’s capital market.A large number of scholars have made a series of studies on the opening of the Shanghai(Shenzhen)Hong Kong Stock Connect trading system,covering the operation of the capital market and the governance of listed enterprises.However,few scholars have studied the impact of capital market opening from the perspective of financial decision-making in corporate governance.And that’s an important topic.Real economy is the cornerstone of our economic development.We need real economy to provide support to build strategic advantages of our future development.Financial development has contributed greatly to China’s "miracle of economic development" since its reform and opening up.Financial development has played an important role that cannot be ignored in improving the efficiency of capital use,promoting capital accumulation,easing financing constraints,and creating social employment.However,excessive financial development may also cause problems such as economic fragility,economic bubbles and the mismatch between finance and the real economy.In fact,in recent years,economic financialization and "decoupling from real to virtual" have become prominent problems in the process of our economic development,and aroused the close attention of policy-making departments and academic circles.Based on this,this paper starts from the perspective of micro enterprise financialization,takes the implementation of the Shanghai(Shenzhen-Hong Kong)Stock Connect trading system as the natural experiment,uses the characteristics of batch expansion to build A multi-time point differential model,and selects the Shanghai-Shenzhen A-share listed non-financial companies from 2010 to 2021 as the research samples.This paper systematically examines the impact of China’s capital market opening measures,represented by the Shanghai(Shenzhen)Hong Kong Stock Connect trading system,on the development of the real economy,and deeply studies its impact on the financialization of real enterprises and its mechanism of action.The results show that the opening up of China’s capital market,represented by the Shanghai-Shenzhen-Hong Kong Stock Connect trading mechanism,has significantly promoted the financialization of the underlying enterprises of the Shanghai-Shenzhen-Hong Kong Stock Connect,which is mainly manifested by the increase of the allocation ratio of financial assets in the total assets.Through the influence mechanism study,it is found that: on the one hand,the opening of China’s capital market will promote the financialization of enterprises by easing the financing constraints of enterprises.On the other hand,the implementation of the Shanghai(Shenzhen)Hong Kong Stock Connect trading system will increase analysts’ attention to the underlying enterprises,and further strengthen the performance pressure of listed enterprises.It is easier for enterprises to meet the external performance expectations by increasing their financial asset allocation,thus promoting the financialization of real enterprises.Further research shows that the promoting effect of capital market opening on enterprise financialization is different in enterprises with different property rights,and its promoting effect is more significant in the samples of non-state-owned enterprises.This study explains the causes of financialization of entity enterprises from the perspective of capital market institutional reform and expands the relevant research on the causes of financialization of enterprises.From the perspective of enterprise financialization,the paper expands the research results of capital market opening on micro enterprise governance.This paper confirms the promoting effect of foreign investors on the financialization of the underlying enterprises caused by the opening of the capital market and its internal mechanism,which enriches the research dimension of the economic consequences of the opening of the capital market. |
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