解锁效率：资本市场自由化如何塑造企业生产率

IF 2.4 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2025-05-14 DOI:10.1016/j.jempfin.2025.101624

Lu Jolly Zhou , Nan Deng , Chenchen Li

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引用次数: 0

摘要

本研究考察了资本市场自由化对实体经济的微观影响，利用中国市场的独特背景作为准自然实验环境。我们的分析表明，资本市场自由化正影响企业层面的生产率。我们进一步探讨了机制，并提供了实证证据，证明资本市场自由化通过提高知情交易有效性和纠正股票错误定价来提高资产定价效率。它还从四个不同的角度优化公司治理：降低代理成本、提高运营盈利能力、提高劳动生产率和提高透明度。这些因素共同有助于提高企业一级的生产率，证实了金融自由化对产品市场的细微影响。

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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Unlocking efficiency: How capital market liberalization shapes firm productivity

This study examines the granular impact of capital market liberalization on the real economy, utilizing the distinctive context of the Chinese market as a quasi-natural experimental setting. Our analysis demonstrates that capital market liberalization positively influences firm-level productivity. We further explore the mechanisms and provide empirical evidence that capital market liberalization improves asset pricing efficiency by enhancing informed trading effectiveness and rectifying stock mispricing. It also optimizes corporate governance from four distinct perspectives: mitigating agency costs, augmenting operational profitability, bolstering labor productivity, and enhancing transparency. These factors collectively contribute to improved productivity at the firm level, confirming the granular impact of financial liberalization in the product market.

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.