Research On The Financing Efficiency Of Mainland Enterprises In Guangdong-Hong Kong-Macao Greater Bay Area

In the process of China’s high-quality transformation of China’s economy,problems such as difficult and expensive financing for enterprises have always been prominent.Whether the enterprise has a stable source of funds or it can make good use of these funds are of great importance to the operation and development of the enterprise.The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is an important support for China’s "Belt and Road" initiative,and a major measure to deepen reform and opening up and promote regional cooperation.In the four years since the signing of the Framework Agreement on the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area,various production factors have accelerated their free flow,and various favorable policies have emerged in an endless stream,attracting a large number of talents,institutions and funds,and at the same time providing a broad development platform and a link for foreign exchanges for enterprises to "go global".The construction of the Guangdong-Hong Kong-Macao Greater Bay Area provides good policy and institutional support for listed enterprises in The Greater Bay Area to raise funds and allocate funds,and helps enterprises achieve efficient allocation of resources.Based on the above background,this paper takes the construction of Guangdong Hong Kong Macao Greater Bay Area as a "quasi natural experiment".Firstly,using the literature research method,this paper combs the enterprise financing efficiency and the relevant literature of Guangdong Hong Kong Macao Greater Bay Area,and defines the relevant concepts.Secondly,according to the information asymmetry theory and financing related theories,combined with the institutional background and actual situation of the construction of Guangdong Hong Kong Macao Greater Bay Area,this paper analyzes the impact of financial support and business environment on financing efficiency,puts forward the main effect hypothesis of this paper,and further puts forward the hypothesis of enterprise heterogeneity from the two aspects of enterprise information quality and agency cost.Then,this paper selects the data of A-share enterprises in Shanghai and Shenzhen stock markets from 2013 to2020 as the research sample,divides the sample enterprises into processing group and control group according to whether the enterprise is registered in the mainland city of the area,matches them by phase propensity score,and then uses the double difference model to test the main effect,so as to obtain the policy effect of the construction of Guangdong,Hong Kong and Macao Greater Bay Area on the financing efficiency of mainland listed enterprises in the area,And the robustness test is carried out,and the grouping regression method is further used to test the heterogeneity.The empirical results show that:(1)The construction of the GuangdongHong Kong-Macao Greater Bay Area has a positive impact on the financing efficiency of enterprises in the Greater Bay Area.(2)Compared with enterprises with high information quality and low agency costs,the role of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area in improving the financing efficiency of enterprises is more significant among enterprises with low information quality and high agency costs.Finally,according to the empirical results,the following suggestions are maded: The government should further promote financial opening and innovation,deepen financial cooperation between the mainland and Hong Kong and Macao,further standardize the information disclosure of enterprises,and regulate the information intermediary behavior in the capital market.Enterprises should seize the opportunity,based on a new starting point,accelerate the pace of independent innovation,improve the core competitiveness of products,and enhance the internal governance capabilities of enterprises.Through the above research,this paper enriches the research on the financing efficiency of mainland listed enterprises in Guangdong Hong Kong Macao Bay area,provides some empirical experience for the in-depth construction of Guangdong Hong Kong Macao Bay area,and provides a certain reference for the construction and development of other Bay areas in China.