The Impact Of Capital Market Opening On Corporate Technological Innovation Behavior

Innovation driven strategy is an important engine to promote high-quality economic growth in China in the future.The technological innovation behavior of enterprises is affected by many factors.The role of value discovery and resource allocation from the capital market is particularly important.China’s first two-way capital market opening-up policy,the Shanghai Hong Kong stock connect,was implemented in 2014.It is a milestone in the interconnection between China’s capital market and the outside world and promotes the further opening-up of China’s capital market.Based on the "Shanghai Hong Kong stock connect" policy,this paper explores whether the opening of the capital market has an impact on the technological innovation activities of China’s listed enterprises and analyzes its specific impact mechanism,which plays a very important role in guiding the opening of the capital market and promoting the growth of the real economy,which enriches the relevant impact research of the opening of the capital market and supplements the relevant theories of the opening of the capital market.Taking the A-share listed enterprises in Shanghai stock market from 2011 to2020 as the research sample,based on the implementation of the first two-way capital market opening policy-"Shanghai Hong Kong stock connect",in this paper,the target enterprises impacted by policies are taken as the processing group,and the enterprises not impacted by policies are taken as the control group,and explores the impact of capital market opening on the technological innovation behavior of A-share listed enterprises in Shanghai stock market by establishing a multi-time point double difference model,And on this basis,further explore its influence mechanism.The results show that the opening of the capital market can significantly promote the technological innovation of enterprises,and the enterprises with a higher proportion of QFII shares are more significantly affected,indicating that the higher the degree of capital market opening,the more obvious the promotion effect to the company’s technological innovation activities.After that,the intermediary effect test is conducted on the channels through which the capital market opening affects the technological innovation behavior of enterprises.The results show that the capital market opening can improve the capital constraints faced by enterprises and enhance their technological innovation investment by affecting the cash holding status of enterprises,that is,the capital effect.At the same time,it will drive relevant media,securities companies,analysts and other intermediaries to increase their attention to enterprises,Promote enterprises to improve the quality of information disclosure,and then improve the information environment of listed corporations,so as to promote enterprise technological innovation.Finally,based on the empirical conclusions,this paper puts forward corresponding policy suggestions for all relevant parties of capital market opening.For the government,under the background of anti globalization and epidemic in some countries in the United States and Europe,it is necessary to adhere to the opening of the capital market,gradually expand the relevant scope and degree of capital market opening,expand the coverage and amount of opening-up policies,guide the capital market funds to act on the technological innovation of real enterprises and help enterprises innovate and upgrade,and the government should comprehensively promote the reform of the capital market and improve the relevant systems of the capital market,Then realize the reasonable market pricing and the effective allocation of resources,and improve the efficiency of the capital market,Build a multi-level capital market and optimize the capital market structure to improve the output and quality of innovation;For listed companies,enterprises should take advantage of the opening of the capital market,strive to improve the level of corporate governance under internal and external supervision,Improve the enterprise information disclosure system,and increase its quality,and cultivate their own innovation ability and long-term development potential,so as to obtain the favor of the capital market and promote the long-term and stable development of enterprises.