资本市场国际化对企业绿色创新的影响

doi:10.19571/j.cnki.1000-2995.2023.10.016

摘要/Abstract

摘要： 资本市场对外开放是我国当前的重要举措，其影响因素和经济后果深受实务界的关注。本文运用金融业FDI限制指数构建资本市场国际化进程对微观企业行为的影响程度指标，检验资本市场国际化对企业绿色创新活动的影响，并选取A股纳入明晟指数（MSCI）这一准自然实验展开进一步分析。研究发现，企业受资本市场国际化进程的影响越大，其绿色创新活动的表现越积极，在使用PSM与DID模型来解决内生性问题后结论依然稳健。机制检验发现，企业信息披露意愿的提升、公众媒体监督职能的强化以及融资约束的缓解，是资本市场国际化促进企业绿色创新的重要机理。样本分组检验的结果表明，资本市场国际化的这一影响在绿色信贷政策限制行业、属地环保执法程度较低以及非专利密集型的企业更为明显。进一步的研究表明，在A股纳入明晟指数后，境外投资者的持股比例越高、增长幅度越大，企业绿色创新的表现越好。本文的研究不仅揭示了资本市场国际化因素对企业绿色创新的影响机制，同时也为我国推进“深化资本市场对外开放”以及“金融服务实体经济”系列改革的实施，提供了经验证据。

关键词: 资本市场国际化, 明晟指数（MSCI）, 企业绿色创新

Abstract: Over the past 40 years of reform and opening up, one of the great progresses made in China′s financial system reform is to optimize the investor structure and improve the efficiency of capital allocation. The capital market has entered a new stage of opening up. With the introduction of Shanghai Hong Kong Stock Connect, Shenzhen Hong Kong Stock Connect and a series of other opening-up measures and the gradual improvement of the capital market system, the international influence of China′s capital market has significantly increased, which has important practical significance for the development principle of "financial services for the real economy". Enterprises not only undertake the task of creating new economic growth points and improving the development quality of the real economy, but also play a driving role in accelerating the development of low-carbon economy and promoting the green transformation of industrial structure. Therefore, it is an important question to investigate how the internationalization of capital market affects the green development of enterprises. As one of the main manifestations of green development or transformation of enterprises, green innovation investment can enhance the positive expectations of investors and the public on enterprises. The internationalization of the capital market not only introduces more foreign investors, but also increases the constraint strength of public opinion on enterprises, which may become an important factor affecting enterprises′ investment in green innovation.The capital market opening to the outside world is an important measure in China, and its influencing factors and economic consequences are deeply concerned by the practitioners. This paper used the financial industry FDI limit index to construct an indicator of the impact of internationalization of capital market on enterprise behavior, tested the impact of internationalization of capital market on green innovation activities of enterprises, and selected A-shares to be included in the Morgan Stanley Capital International Index (MSCI) as a Quasi-natural experiment for further analysis. The study found that the greater the impact of internationalization of capital market on enterprises, the more active their green innovation activities are. After using the PSM and DID models to solve endogenous problems, the conclusions are still stable. The mechanism test found that the promotion of enterprises′ willingness to disclose information, the strengthening of public media′s supervision function and the easing of financing constraints are important mechanisms for internationalization of capital market to promote enterprises green innovation. The result of sample grouping test showed that the impact of internationalization of capital market is more obvious in industries restricted by green credit policy and local environmental protection law enforcement is low for non-patent intensive enterprises. Further research showed that after A-shares are included in MSCI, the higher the shareholding ratio and growth rate of foreign investors, the better the performance of green innovation of enterprises. This study not only revealed the impact mechanism of internationalization of capital market on enterprise green innovation, but also provided empirical evidence for China′s implementation of the series of reforms of "deepening the opening of capital markets" and "financial services for the real economy".Compared with previous studies, the possible contributions of this paper lie in: First, it will expand the research field of capital market opening to the outside world. The existing literature mainly focused on the research on the relationship between capital market opening and stock price information, audit quality and enterprise investment. This paper examined the impact of internationalization of capital market on micro-enterprises green innovation, which is an innovative attempt in the research field of capital market opening to the outside world; Second, this paper has broken away from the previous research framework that mainly focuses on the impact of environmental regulation tools, industry characteristics and corporate governance on corporate green innovation, and reveals the impact mechanism of internationalization of capital market on corporate green innovation. In addition, the conclusion of this paper will highlight the importance of internationalization of capital market for the high-quality development of China′s micro enterprises.In the context of China′s deepening opening-up, it is of great research value to deeply understand and grasp how foreign investors play a governance role in China′s capital market. The research conclusion of this paper confirmed the importance of the capital market opening to the outside world for the green innovation of China′s micro-enterprises, and has an important enlightenment role in promoting the implementation of the series of reforms of "deepening the opening of the capital market to the outside world" and "enhancing the ability of financial services to the real economy" in China.

Key words: internationalization of capital market, Morgan Stanley Capital International Index (MSCI), green innovation of enterprises

刘刚, 王刚, 蒲青茂, 芦哲. 资本市场国际化对企业绿色创新的影响[J]. 科研管理, 2023, 44(10): 153-167.

Liu Gang, Wang Gang, Pu Qingmao, Lu Zhe. Research on the impact of internationalization of capital market on green innovation of enterprises[J]. Science Research Management, 2023, 44(10): 153-167.

参考文献

[1] 倪骁然，顾明.资本市场国际影响力提升效应研究——来自A股纳入明晟（MSCI）新兴市场指数的证据[J]. 金融研究，2020（5）：189-206.
[2] 陈运森，黄健峤.股票市场开放与企业投资效率——基于“沪港通”的准自然实验[J]. 金融研究，2019（8）：20.
[3] 李青原，肖泽华.异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据[J]. 2021（9）：192-208.
[4] Torvik R.Natural resources, Rent seeking and welfare[J]. Journal of Development Economics，2002，67:455-470.
[5] 应瑞瑶, 周力.资源禀赋与绿色创新——从中国省际数据的经验研究看" 荷兰病" 之破解[J]. 财经研究, 2009(11):93-103.
[6]Ley M, Stucki T, Woerter M.The Impact of Energy Prices on Green Innovation[J].Energy Journal, 2016, 37(1):41-75
[7]齐绍洲, 林屾, 崔静波.环境权益交易市场能否诱发绿色创新?——基于我国上市公司绿色专利数据的证据[J].经济研究, 2018, 53(12):15-
[8] 王锋正, 郭晓川.政府治理、环境管制与绿色工艺创新[J]. 财经研究, 2016.
[9] 徐佳, 崔静波.低碳城市和企业绿色技术创新[J]. 中国工业经济, 2020(12):19.
[10] 王馨, 王营.环境信息公开的绿色创新效应研究——基于《环境空气质量标准》的准自然实验[J]. 金融研究, 2021(10):19.
[11] Li，Z.，Liao，G.，Wang，Z. and Huang，Z.，2018，“Green Loan and Subsidy for Promoting Clean Production Innovation”，Journal of Cleaner Production，Vol.187，pp.421~431.
[12] Flammer，C.，2020，“Corporate Green Bonds”，Journal of Financial Economics，forthcoming.
[13]Ley， M.T. Stucki， and MWoerter. The Impact of Energy Prices on Green Innovation[J].Energy Journal, 2016, 37(1):41-75
[14]王馨, 王营.绿色信贷政策增进绿色创新研究[J].管理世界, 2021, 37(6):16-
[15] 王旭，褚旭.制造业企业绿色技术创新的同群效应研究：基于多层次情境的参照作用[J]. 南开管理评论，2021（4）.
[16]朱承亮, 刘瑞明, 王宏伟.专利密集型产业绿色创新绩效评估及提升路径[J].数量经济技术经济研究, 2018, 035(004):61-79
[17] 曹洪军, 陈泽文.内外环境对企业绿色创新战略的驱动效应——高管环保意识的调节作用[J]. 南开管理评论, 2017(6):9.
[18]于飞, 刘明霞, 王凌峰, 等.知识耦合对制造企业绿色创新的影响机理——冗余资源的调节作用[J].南开管理评论, 2019, 22(3):13-
[19] Kock，C.J.，Santaló，J. and Diestre，L.，2012，“Corporate Governance and the Environment：What Type of Governance Creates Greener Companies”，Journal of Management Studies，Vol.49，pp.492~514
[20] Amore，M.D. and Bennedsen，M.，2015，“Corporate Governance and Green Innovation”，Journal of Environmental Economics andManagement，Vol.75，pp.54~72.
[21]Kim O, Verrecchia R E.Market liquidity and volume around earnings announcements[J].Journal of Accounting & Economics, 1994, 17(1-2):41-67
[22]Ferreira M A, Laux P A.Corporate Governance,Idiosyncratic Risk,and Information Flow[J].Journal of Finance, 2007, 62(2):951-989
[23]Chen Z, Du J, Li D, et al.Does foreign institutional ownership increase return volatility? Evidence from China[J].Journal of Banking & Finance, 2013, 37(2):660-669
[24] 陈晖丽, 刘峰.融资融券的治理效应研究——基于公司盈余管理的视角[J]. 会计研究, 2014(9):8.
[25] Bae，K.H.，Ozoguz，A.，Tan，H. and Wirjanto，T. S.，2012，“Do Foreigners Facilitate Information Transmission inEmerging Markets?”，Journal of Financial Economics，Vol. 105（1），pp. 209~227.
[26] Choe H, Kho B C, René M.Stulz. Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea[J]. Review of Financial Studies, 2005, 18(3).
[27] 刘成彦, 胡枫, 王皓.QFII也存在羊群行为吗?[J]. 金融研究, 2007(10A):12.
[28]钟覃琳.资本市场开放能提高股价信息含量吗?——基于&; 沪港通&; 效应的实证检验[J].管理世界, 2018, 34(1):11-
[29] 周冬华, 方瑄, 黄文德.境外投资者与高质量审计需求——来自沪港通政策实施的证据[J]. 审计研究, 2018(6):9.
[30]连立帅.资本市场开放、非财务信息定价与企业投资——基于沪深港通交易制度的经验证据[J].管理世界, 2019, 35(8):19-
[31] 李斌, 彭星, 欧阳铭珂.环境规制、绿色全要素生产率与中国工业发展方式转变——基于36个工业行业数据的实证研究[J]. 中国工业经济, 2013(4):13.
[32] 潘爱玲, 刘昕, 邱金龙, 等.媒体压力下的绿色并购能否促使重污染企业实现实质性转型[J]. 中国工业经济, 2019(2):19.
[33]. Xu，X．D．，S．X．Zeng, H．L．Zou，and J．J．Shi，2016，“The Impact of Corporate Environmental Violation On Shareholders' Wealth: A Perspective Taken From Media Coverage”，Business Strategy ＆ the Environment，25( 2), 73—91．
[34] Henry，P.B., 2000，“Stock Market Liberalization，Economic Ｒeform，and Emerging Market Equity Prices”，Journal of Finance，55 ( 2) : 529 ～ 564．
[35] 唐建新, 程利敏, 陈冬.资本市场开放与自愿性信息披露——基于沪港通和深港通的实验检验[J]. 经济理论与经济管理, 2021(2):13.
[36] 阮睿, 孙宇辰, 唐悦, 等.资本市场开放能否提高企业信息披露质量?——基于" 沪港通" 和年报文本挖掘的分析[J]. 金融研究, 2021(2):19.
[37] 庞家任, 张鹤, 张梦洁.资本市场开放与股权资本成本——基于沪港通, 深港通的实证研究[J]. 金融研究, 2020(12):20.
[38] Yoon，A.，2017，“Private and Public Disclosures in Countries with Weak Institutional Environments: Evidence from Shanghai–Hong Kong Connect. ”Working Paper．
[39] 沈洪涛, 冯杰.舆论监督、政府监管与企业环境信息披露[J]. 会计研究, 2012(2):7.
[40]李培功, 沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究, 2010, 45(4):14-
[41] 苏冬蔚, 连莉莉.绿色信贷是否影响重污染企业的投融资行为?[J]. 金融研究, 2018(12):15.
[42] Sharfman，M.and Fernando，C. S.，2008，“Environmental Risk Management and the Cost of Capital”，Strategic Management Journal，Vol.29，pp.569~592.
[43] 吴红军, 刘啟仁, 吴世农.公司环保信息披露与融资约束[J]. 世界经济, 2017(5):24.
[44] Admati A R, Pfleiderer P .The ' Wall Street Walk' and Shareholder Activism: Exit as a Form of Voice[J]. The review of financial studies, 2009.
[45]Brennan M J, Cao H H.International Portfolio Investment Flows[J].Journal of Finance, 1997, 52(5):1851-1880
[46]黎文靖, 郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究, 2016, 51(4):14-
[47]朱琳, 伊志宏.资本市场对外开放能够促进企业创新吗?——基于&; 沪港通&; 交易制度的经验证据[J].经济管理, 2020, 42(2):18-
[48] 罗进辉.媒体报道与高管薪酬契约有效性[J]. 金融研究, 2018(3):17.
[49] 赵龙凯, 陆子昱, 王致远.众里寻" 股" 千百度——股票收益率与百度搜索量关系的实证探究[J]. 金融研究, 2013(4):13.
[50] Kaplan S N, Luigi Z .Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J]. Quarterly Journal of Economics, 1997(1):169-215.
[51] 魏志华, 曾爱民, 李博.金融生态环境与企业融资约束——基于中国上市公司的实证研究[J]. 会计研究, 2014(5):8.
[52]潘越, 宁博, 纪翔阁, 等.民营资本的宗族烙印:来自融资约束视角的证据[J].经济研究, 2019, 54(7):17-
[53] 包群, 邵敏, 杨大利.环境管制抑制了污染排放吗?[J]. 经济研究, 2013(12):13.
[54]潘越, 潘健平, 戴亦一.公司诉讼风险, 司法地方保护主义与企业创新[J].经济研究, 2015, 50(3):15-
[55] 龙小宁, 易巍, 林志帆.知识产权保护的价值有多大?——来自中国上市公司专利数据的经验证据[J]. 金融研究, 2018(8):17.