【作者】 张丽娟；

【导师】 伍伟；

【作者基本信息】 湖南大学 ， 金融学， 2022， 硕士

【摘要】 资本市场开放是一个国家金融发展的重要标志。2017年6月,明晟企业公开宣布我国A股股票将纳入其MSCI指数,这是我国资本市场开放进程中的重要里程碑之一,中国境内资本市场对外开放的程度进一步提高。A股纳入指数后会吸引更广泛的境外个人投资者与机构投资者的关注和投资,而这些投资者具备更成熟的投资理念与更专业的投资知识,在信息收集、处理方面优势明显,并对企业经营形成监督压力,同时企业的融资约束也得到缓解并获得新的机遇。因此,相关企业在面临更多的机遇和挑战下,其如何经营、发展是我们关注的重点,而企业投资作为发展的核心,将受到何种影响?A股纳入MSCI指数后能否给我国实体经济发展带来积极作用仍需进行深入的分析。沪深股市部分股票纳入MSCI指数,将沪深股通中的所有股票天然地分成标的股与非标的股,也就是实验组和对照组,因而可以将其作为一次准自然实验进行分析。本文从A股纳入MSCI指数角度切入,利用2014年-2019年的上市企业年报数据,基于双重差分模型,探讨了我国资本市场开放对企业投资决策方面的影响。实证研究发现,纳入该指数可以提高企业的投资水平,同时也会降低企业的投资效率,但两者受到显著影响的企业类型并不完全相同。具体而言,纳入指数主要影响拥有境外业务、管理层持股类企业的投资决策,在这些企业中,投资不足的企业投资水平显著提升,但投资效率影响并不显著;投资过度的企业投资水平影响并不显著,但投资效率显著下降。纳入MSCI指数整体上提升了拥有境外业务、管理层持股类企业的投资水平,但是其投资效率则呈现下降趋势。纳入该指数对于我国资本市场发展的积极作用有待进一步观察。本文的实证分析不仅扩充了资本市场开放带来的经济后果方面的研究,也为我国建设和管理资本市场提供了一定的理论依据。更多还原

【Abstract】 The capital market opening-up is an important symbol of a country’s financial development.In June 2017,MSCI enterprise officially announced that A shares would be included in the MSCI index,which is an important milestone in the process of Chinese capital market opening-up,bringing a further opening of domestic capital market to the outside world.A shares,after the inclusion,attract not only more attention but also more capital flow from overseas individual and institutional investors.These investors own more mature investment ideas and more professional investment knowledge,as well as obvious advantages in information collection and processing.Those above form supervision pressure on the operation of enterprises.At the same time,enterprises get new opportunities while their financing constraints are relieved.Therefore,in the face of more opportunities and challenges,how related enterprises operate and develop is the focus of our attention.More importantly,as the core of development,what will be the impact of enterprise investment? whether the inclusion plays a positive role in Chinese real economic development needs to be deeply analyzed.All the stocks,in Shanghai and Shenzhen-Hong-Kong Stock Connect,can be naturally divided into experimental group and control group due to their partial inclusion,so that it can be regarded as a quasi-natural experiment.This paper,from the perspective of Chinese A shares being included in MSCI index,discusses the impact of capital market opening-up on enterprise investment decision,using the financial data of listed enterprises from 2014 to 2019 and based on the difference-in-difference model.The study finds that their inclusion in MSCI index can improve the investment level but reduce the investment efficiency,and the types of enterprises significantly affected are not exactly the same.Specifically,the inclusion mainly affects the investment decisions of enterprises with overseas business and management shareholding.Among these enterprises,the investment level of them with insufficient investment increases significantly,while the impact on investment efficiency is not significant;The impact on investment level of them with over-investment is not significant,while the investment efficiency decreases significantly.Overall,the inclusion has improved the investment level of enterprises with overseas business and management shareholding,while their investment efficiency shows a downward trend.Therefore,its positive effects on the development of Chinese capital market needs a longer-time observation.The empirical analysis of the A shares’ inclusion in MSCI index enrichs the researches on the economic consequences of capital market opening-up,and provides a certain theoretical basis for the management and construction of domestic capital market.更多还原