Does stock market liberalization increase company TFP? Evidence from the Shanghai-Shenzhen-Hong Kong stock connect program in China

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems Pub Date : 2024-09-01 DOI:10.1016/j.ecosys.2024.101240

引用次数: 0

Abstract

This paper studies the impact of the liberalization of the Chinese stock market on company total factor productivity (TFP) and its mechanism of action by using the "Shanghai-Hong Kong Stock Connect" program. The benchmark regression results based on the multi-period difference-in-difference (DID) model show that the implementation of the “Shanghai-Hong Kong Stock Connect” program significantly increases the TFP of target companies, a conclusion that is still valid after a series of robustness tests. Further mechanism analyses shows that the program increases company TFP by both increasing a company's stock liquidity and information transparency and reducing the degree of financing constraints.

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股市自由化会提高公司全要素生产率吗？来自中国沪深港通项目的证据

本文利用 "沪港通 "计划研究了中国股市开放对公司全要素生产率（TFP）的影响及其作用机制。基于多期差分（DID）模型的基准回归结果表明，"沪港通 "计划的实施显著提高了目标公司的全要素生产率，这一结论在经过一系列稳健性检验后仍然有效。进一步的机制分析表明，"沪港通 "计划通过提高公司股票流动性和信息透明度以及降低融资约束程度来提高公司的全要素生产率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Systems ECONOMICS-

CiteScore

4.90

自引率

0.00%

发文量

审稿时长

48 days

期刊介绍： Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.