Capital Market Opening and Enterprise Innovation

An Empirical Analysis Based on the “Shanghai-Hong Kong Stock Connect program” Trading System

DOI

10.2991/aebmr.k.210712.046How to use a DOI?

Keywords

Shanghai-Hong Kong Stock Connect program, Trading system, Capital market opening, Enterprise innovation

Abstract

Whether the Shanghai-Hong Kong Stock Connect program promotes the innovation and development of the real economy is an essential issue in opening up the country’s capital market. Based on the DID model, this paper takes the implementation of the country’s Shanghai-Hong Kong Stock Connect program trading system as a natural experimental event. It examines the impact of the capital market opening policy represented by the Shanghai-Hong Kong Stock Connect program on its innovation activities. The study finds that after implementing the Shanghai-Hong Kong Stock Connect program, the target company has significantly increased the output of patents and improved the innovation performance of enterprises, which shows that the improvement of the degree of opening up of the capital market significantly promotes enterprise innovation. The conclusion not only expands the research on the influencing factors of corporate innovation but also provides empirical evidence from the micro-company level for the economic impact of the implementation of the Shanghai-Hong Kong Stock Connect program trading system, and provides a theoretical reference for the subsequent deepening of the reform of the capital market.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Huo Xinnan
PY  - 2021
DA  - 2021/07/12
TI  - Capital Market Opening and Enterprise Innovation
BT  - Proceedings of the 2021 International Conference on Economic Development and Business Culture (ICEDBC 2021)
PB  - Atlantis Press
SP  - 267
EP  - 271
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210712.046
DO  - 10.2991/aebmr.k.210712.046
ID  - Xinnan2021
ER  -