Research On The Impact Of Capital Market Internationalization On Corporate Total Factor Productivity

Serving the real economy is the core function of the capital market,and the development and improvement of the capital market promotes the healthy growth of enterprises.In the context of China’s economic development entering a new normal,economic development urgently needs to improve quality and increase efficiency,and change from the crude growth relying on factor inputs in the past to efficiency-based growth,promoting total factor productivity has become an effective channel to promote high-quality economic development.Total factor productivity,as a reflection of the comprehensive productivity of enterprises,is the key to high-quality economic development.With the further enhancement of the internationalization of the capital market,it can attract more foreign capital to enter the domestic capital market,effectively expand the financing channels of enterprises,improve the information environment and enhance the level of corporate governance,which is conducive to the high-quality development of enterprises.Based on this,this paper takes the inclusion of A-shares in the MSCI index as an opportunity to focus on the question "Can capital market internationalization improve the total factor productivity of enterprises? What is the channel mechanism of influence?Does this impact vary across firms?" The research on the three core issues is of great significance to adhere to the opening of the capital market and promote the high-quality development of enterprises.By selecting A-share listed companies in Shanghai and Shenzhen from 2015 to2020 as research samples,the DID model is constructed to test the impact of A-share inclusion in MSCI index on corporate total factor productivity,and the following research conclusions are finally obtained:(1)Capital market internationalization can have a positive impact on the total factor productivity of enterprises.(2)Capital market internationalization can improve enterprises’ total factor productivity by strengthening external supervision and improving internal governance;(3)Grouping according to different characteristics of enterprises,the impact of capital market internationalization on TFP is reflected in the non-high-tech group,the low industry market concentration group and the high financial constraints group,but has no significant impact in the hightech group,the high industry market concentration group and the low financial constraints group.Finally,this paper puts forward relevant policy implications based on the research conclusions.