沪港通如何影响公司现金持有？

How Shanghai-Hong Kong Stock Connect Influences Cash Holdings

中文关键词:  资本市场开放  沪港通  现金持有  公司治理  融资约束  现金持有价值

英文关键词:capital market opening  Shanghai-Hong Kong Stock Connect  cash holding  corporate governance  financial constraint  cash holding value

中文摘要:

      作为我国资本市场对外开放的又一里程碑,沪港通的开启不仅对沪港两市的联动性产生了深远影响,同时也产生了一系列市场效应。基于沪港通这一外生政策,以2010—2017年全部A股上市公司为样本,探讨了沪港通如何对公司现金持有产生影响。研究发现:沪港通可以带来公司现金持有水平的增加,其主要途径源于治理效应而非缓解融资约束效应；现金持有的增加源于抑制过度投资所减少的现金耗散,并将多余资金用于研发投入与股利发放。进一步研究表明,沪港通可以提高现金持有价值,且上述作用效果在高代理成本和低成长性的公司中更显著。因此,应当充分重视沪港通的外部治理效应,推进和完善资本市场开放机制,充分发挥资本市场对外开放的市场功能。

英文摘要:

      As another milestone of China's capital market opening to the outside world, the opening of the Shanghai-Hong Kong Stock Connect not only has a profound impact on the linkage between Shanghai and Hong Kong but also has a series of market effects. Taking the Shanghai-Hong Kong Stock Connect as a policy shock and all A-share listed companies from 2010 to 2017 as samples, this paper discusses how the Shanghai-Hong Kong Stock Connect affects the company's cash holdings. The results show that Shanghai-Hong Kong Stock Connect can improve the cash holding level of a company, and its main approach is governance effect rather than the effect of relieving financing constraint. The increase in cash holdings stems from the reduced cash dissipation caused by curbing the over-investment, and the surplus funds are used for R&D investment and dividend distribution. Further research shows that the Shanghai-Hong Kong Stock Connect can improve the cash holding value. Moreover, the above-mentioned effect is more significant in the companies with high agency cost and low growth. Therefore, we should pay full attention to the external governance effect of Shanghai-Hong Kong Stock Connect, promote and consummate the opening mechanism of capital market and give full play to the market function of capital market opening to the world. 