| Opening the capital market to the outside world refers to the free flow of foreign funds into the domestic market and the indirect or direct participation of foreign investors in the transactions of the domestic securities market.It is the key link to promote the two-way opening of Finance mentioned in the proposal of China’s 14 th five year plan.From the Shanghai Hong Kong stock connect and Shenzhen Hong Kong stock connect to the stock market and bond market in recent years,they have been included in the international index and continuously increased their proportion.According to the data of the CSRC,the net inflow of northward funds has increased year by year since 2015,and the net inflow of northward funds has doubled year-onyear in 2021,indicating that the comprehensive strength of China’s capital market has been improved and has been recognized internationally to a certain extent.The inclusion of a shares in the MSCI index not only introduces a large amount of foreign capital into the A-share market and provides a more diversified channel for overseas institutional investors to allocate A-share,but also provides an opportunity for China to change the long-term retail investment style,which is helpful to further improve the relevant systems and rules of the A-share market.On the other hand,in the increasingly fierce market competition environment,the investment efficiency of enterprises is closely related to the expansion of scale and long-term development of enterprises.However,China’s incremental capital output rate(ICOR)fluctuated from3.02 in 2010 to 5.99 in 2019.The fixed asset investment of listed enterprises accounts for a large proportion of investment expenditure,which reflects the phenomenon of inefficient investment of enterprises to a certain extent.As an external environment affecting the investment efficiency of enterprises,from a micro perspective,the deepening of the opening-up of the capital market has widened the financing channels of listed enterprises in China;The participation of international investors "forced" many listed enterprises to improve their internal governance system,put forward more stringent requirements for enterprise accounting and audit standards and information disclosure standards,improved the information transparency of the market,reduced the cost for enterprises to obtain project information,and alleviated the phenomenon of inefficient investment.However,due to the geographical location and cultural differences between domestic and foreign investors,and the opening of the capital market intensifies the fluctuation of the stock market,foreign investors or management cannot make accurate and timely information judgment.Therefore,there are passive following,blind investment or cautious investment in investment strategy.So will the inefficient investment of listed companies be affected by the inclusion of a shares in the MSCI index,and is this impact positive or negative? What is its mechanism?This paper selects A-share into MSCI index as the research object,and measures the enterprise inefficient investment from the perspective of investment according to the difference between the actual investment and the expected investment.This paper constructs the analysis framework based on the two theories of information asymmetry and principal-agent.Firstly,the empirical test is carried out by using PSM-DID estimation method,and it is concluded that the inclusion of a shares in MSCI index alleviates the inefficient investment of enterprises,which plays a more significant role in improving the underinvestment.Secondly,taking SA index,analyst coverage and stock price information content as the proxy variables of financing constraints,external supervision and market information content respectively,this paper constructs an intermediary effect model to analyze the mechanism of A-share inclusion in MSCI index affecting enterprise inefficient investment.The conclusion is that after A-share inclusion in MSCI index,it is mainly through alleviating financing constraints,strengthening external supervision There are three ways to improve the inefficient investment of enterprises by enriching the information content of stock price.Finally,the heterogeneity of enterprises with different equity properties,different sizes and different degrees of supervision is tested.It is concluded that the inclusion of a shares in MSCI index alleviates the weak external supervision intensity of enterprises,the large scale of enterprises and the insufficient investment in the sample group of stateowned and non-state-owned enterprises.It also alleviates the over investment of stateowned enterprises,but it exacerbates the inefficient investment of small-scale enterprises.Finally,relevant countermeasures and suggestions are put forward: first,continue to steadily promote the opening up of the capital market and help enterprises develop internationally;second,improve the requirements for the quality of industry supervision and strengthen the government’s guidance on the investment direction of enterprise funds;third,actively guide enterprises to optimize the internal governance mechanism,actively seize the opportunity of capital market opening,and improve the investment efficiency of enterprises. |
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