暨南学报(哲学社会科学版)

作者：孙志红, 刘炳荣

单位：石河子大学经济与管理学院、兵团金融研究中心;刘炳荣,石河子大学经济与管理学院。

关键词：资本市场开放,脱实向虚,公司治理,信息机制,政府治理

基金：国家社会科学基金一般项目“脱贫与稳增长导向下新疆民族地区特色小镇建设与金融资源配置研究”(17BJY049)。

资本市场开放加剧还是抑制了实体经济“脱实向虚”一直是政府部门与学术界重点关注的话题。本文以“沪港通”交易制度为准自然实验,运用2012—2016年间中国沪深两市A股上市企业数据,构建双重差分模型,从微观视角考察了资本市场开放对企业“脱实向虚”的影响及作用机理。研究发现,“沪港通”的实施显著抑制了企业“脱实向虚”,且该作用在大规模、国有企业以及市场化程度和司法效率较高的地区企业中更为明显。机制分析表明,“沪港通”改善了公司内部治理,有效抑制了企业投机套利动机,强化了境外投资者外部监督作用,提高了股价信息含量和信息披露程度,进而抑制了企业“脱实向虚”。进一步发现,有为的政府治理和有效的金融监管在上述传导机制中发挥着关键性作用。上述发现为新时期深层次推进资本市场开放、有序引导经济“脱虚向实”提供了一定参考和借鉴。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金一般项目“脱贫与稳增长导向下新疆民族地区特色小镇建设与金融资源配置研究”(17BJY049)。"],"article":{"keywordList_cn":["公司治理","脱实向虚","信息机制","政府治理","资本市场开放"],"juan":"43","zhaiyao_cn":"资本市场开放加剧还是抑制了实体经济“脱实向虚”一直是政府部门与学术界重点关注的话题。本文以“沪港通”交易制度为准自然实验,运用2012—2016年间中国沪深两市A股上市企业数据,构建双重差分模型,从微观视角考察了资本市场开放对企业“脱实向虚”的影响及作用机理。研究发现,“沪港通”的实施显著抑制了企业“脱实向虚”,且该作用在大规模、国有企业以及市场化程度和司法效率较高的地区企业中更为明显。机制分析表明,“沪港通”改善了公司内部治理,有效抑制了企业投机套利动机,强化了境外投资者外部监督作用,提高了股价信息含量和信息披露程度,进而抑制了企业“脱实向虚”。进一步发现,有为的政府治理和有效的金融监管在上述传导机制中发挥着关键性作用。上述发现为新时期深层次推进资本市场开放、有序引导经济“脱虚向实”提供了一定参考和借鉴。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6135","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6135","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2021/V43/I8/117","qi":"8","id":6135,"nian":2021,"bianHao":"2021-8-117","zuoZheEn_L":"SUN Zhihong, LIU Bingrong","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2021","shouCiFaBuRiQi":"2021-09-02","qiShiYe":"117","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2021/V43/I8","lanMu_cn":"金融研究","pdfSize":"1681","zuoZhe_CN":"孙志红, 刘炳荣","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6135","title_cn":"资本市场开放与企业“脱实向虚”:助推器还是稳定器？——基于“沪港通”的经验证据","jieShuYe":"132","keywordList_en":["corporate governance","financialization","government governance","information mechanism","stock market liberalization"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6135","zhaiyao_en":"Whether the stock market liberalization intensifies or restricts the real economy “removing from substantial economy to fictitious economy” has always been the focus of the government departments and academic circles. 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来源：2021年第8期

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