DOES CAPITAL MARKET OPENING PROMOTE ENTERPRISE GREEN INNOVATION? EVIDENCE FROM SHANGHAI-HONG KONG STOCK CONNECT AND SHENZHEN-HONG KONG STOCK CONNECT
研究沪港通和深港通政策如何通过缓解融资约束和改善信息环境，显著提升中国A股上市公司的绿色创新总量、质量和数量，并分析了产权性质、企业社会责任、行业垄断和区域市场化的异质性影响。
This study selects Chinese A-share listed enterprises from 2010 to 2020 as the research sample, constructs a Difference-in-differences model to analyze the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy on enterprise green innovation. The transmission channels are tested, and the heterogeneity of this impact is further explored. It is found that the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy has significantly improved the total level, quality and quantity of enterprise green innovation, and the effect on the total level and quality is greater than the quantity. The Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy can effectively alleviate the financing constraints faced by enterprises, improve the information environment of enterprises, and thus improve their green innovation. There is heterogeneity in the nature of property rights, corporate social responsibility, industry monopoly and regional marketization in the promotion of enterprise green innovation by the Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect policy.