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| Capital Market Liberalization and Corporate Innovation |
| Sun Zeyu1,Qi Baolei2 |
| (1.School of Managemnet, Xi’an Jiaotong University;2.School of Economics and Management, Xinjiang University, Urumqi 830046, China) |
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Abstract Whether capital market reform can effectively promote the development of the real economy is a major challenge facing China's current economic development.Based on the research perspective of corporate innovation, this paper takes “Shanghai-Hong Kong” and “Shenzhen–Hong Kong” stock connect as an exogenous event and uses the multiple time difference-in-differences method (DID) to systematically investigate the specific impact and its internal mechanism of China's capital market opening on corporate innovation.We found that the implementation of “Shanghai–Hong Kong” and “Shenzhen–Hong Kong” stock connect has significantly improved the innovation performance of the target companies, which is reflected in the increase of patent output.Mechanism analysis found that the above relationship was more significant in the samples with higher management shareholding ratio and stronger financing constraints, indicating that “Shanghai–Hong Kong”and “Shenzhen-Hong Kong” stock connect improved innovation performance by increasing the management's willingness to innovate and improving the innovation ability of firms.Further analysis shows that the positive impact of capital market opening on corporate innovation is more significant in the sample with lower information transparency, active stocks on “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect and poorer legal environment. This paper not only expands the research on the influencing factors of corporate innovation, but also provides empirical evidence from the micro company level for the economic consequences of the implementation of “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect, and also provides some experience for the subsequent improvement of this system.
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Received: 07 October 2020
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