资本市场对外开放与上市公司流动性管理——基于沪深港通实施的经验研究

基于我国资本市场持续对外开放的背景,以及沪港通和深港通的实施,采用双重差分法,从公司现金持有和财务弹性积累的视角,研究资本市场对外开放对我国上市公司流动性管理的影响。研究发现,沪深港通的实施降低了上市公司现金持有增加对经营净现金流量的敏感性,减弱了上市公司财务弹性积累与投资支出之间的负向相关性。进一步研究还发现,沪深港通的实施提升了上市公司积累财务弹性的市场价值;在非国有控股公司中,沪深港通的实施降低了公司投资的同群效应对财务弹性的依赖,并且减弱了公司增持现金的同群效应。

Capital Market Liberalization and Listed Company Liquidity Management:Empirical Research based on Shanghai-Hong kong and Shenzhen-Hong kong Stock Connect

Based on the background of the continuous opening of China′s capital market and the implementation of Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect,this paper studies the impact of capital market opening on liquidity management of listed companies in China from the perspective of cash holding and financial flexibility accumulation.The results show that the implementation of the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the sensitivity of the increase of cash holdings of listed companies to the net operating cash flow,and weakens the negative correlation between the accumulation of financial flexibility and investment expenditure of listed companies.Further research shows that the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect improves the market value of accumulated financial flexibility of listed companies;in non-state-owned holding companies,the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the dependence of the same group effect of corporate investment on financial flexibility,and weakens the same group effect of increasing cash holdings.