Research On The Impact Of Capital Market Opening On Technological Innovation Of Enterprises

As an interconnection mechanism of stock trading between Mainland and Hong Kong,Shanghai-Hong Kong Stock Connect is one of the major reforms of the opening-up of China's capital market.It is of great significance to promote the two-way opening-up of China's capital market.Its implementation has not only brought a series of changes to the mainland stock market,but also has certain impacts on listed companies.Based on the unbalanced panel data of A-share listed companies in Shanghai stock market from 2007 to 2017,this paper studies the effect and mechanism of Shanghai-Hong Kong stock connect on technological innovation by using the multi-period difference-in-difference model.This paper finds that:(1)Shanghai-Hong Kong stock connect has significantly improved the level of technological innovation of enterprises;(2)Shanghai-Hong Kong stock connect has a significant role in promoting the substantive and strategic innovation of enterprises;(3)The way of Shanghai-Hong Kong stock connect to promote technological innovation of enterprises is to ease financing constraints,improve the information content of stock price and optimize corporate governance;(4)The influence of Shanghai-Hong Kong stock connect on technological innovation of enterprises is different due to different ownership attributes and industrial technological characteristics.Shanghai-Hong Kong stock connect has significantly improved technological innovation of non-state-owned enterprises,but has no obvious effect on technological innovation of state-owned enterprises.Shanghai-Hong Kong stock connect has a more obvious role in promoting R&D investment of high-tech enterprises,but has a more obvious role in promoting patent output and innovation effect of low-tech enterprises.Therefore,in order to stimulate the innovation vitality of Chinese enterprises and provide an important guarantee for the development of innovation driven development strategy,the government should strengthen the opening of capital market,deepen the reform of state-owned enterprises and encourage the innovation of high-tech enterprises to form an external incentive to promote the innovation of enterprises,and enterprises should improve the information disclosure system and corporate governance to enhance the internal innovation ability.