资本市场自由化与企业数字化转型：来自中国沪港通项目的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-24 DOI:10.1016/j.frl.2025.107808

Fuhua Deng , Yongtong Tan , Mingjie Ni

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引用次数: 0

摘要

本研究以沪港通和深港通为工具，探讨资本市场自由化对企业数字化转型的影响。以2011 - 2022年的中国上市公司为研究对象，我们发现资本市场自由化显著促进了企业数字化转型。机制分析表明，这种效应主要通过降低代理成本和缓解财务约束两个渠道发挥作用。异质性分析进一步表明，平台型企业、服务业企业和贸易开放程度高的地区企业的正向效应更为明显。

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Capital market liberalization and corporate digital transformation: Evidence from China’s Stock Connect programs

This study investigates the effect of capital market liberalization on corporate digital transformation by leveraging the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs. Using Chinese listed firms from 2011 to 2022, we find that capital market liberalization significantly promotes corporate digital transformation. Mechanism analyses suggest that this effect operates through two main channels: reducing agency costs and easing financial constraints. Heterogeneity analyses further reveal that the positive effect is more pronounced for platform firms, firms in the service sector, and those located in regions with high levels of trade openness.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance