管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (8): 16-26.

• 经济与金融管理 • 上一篇    

资本市场国际化与企业金融化——来自A股纳入明晟指数的经验证据

戴鹏毅1,2, 杨胜刚1,2, 刘全瑞2, 邢恩泽3   

  1. 1. 湖南大学工商管理学院, 长沙 410006;
    2. 湖南大学金融发展与信用管理研究中心, 长沙 410012;
    3. 湖南大学金融与统计学院, 长沙 410006
  • 收稿日期:2023-02-21 发布日期:2025-09-09
  • 作者简介:戴鹏毅，湖南大学工商管理学院博士后，湖南大学金融发展与信用管理研究中心助理研究员，博士；杨胜刚，湖南大学工商管理学院教授，博士生导师，湖南大学金融发展与信用管理研究中心主任，博士；刘全瑞，湖南大学金融发展与信用管理研究中心助理研究员，硕士；邢恩泽（通讯作者），湖南大学金融与统计学院，博士。
  • 基金资助:
    国家资助博士后研究人员计划（GZC20230771）；国家社会科学基金重大项目(24&ZD095)；国家社会科学基金一般项目（23BJL076）。

Capital Market Internationalization and Corporate Financialization—Empirical Evidence from A-share Inclusion in Mingsheng Indexes

Dai Pengyi1,2, Yang Shenggang1,2, Liu Quanrui2, Xing Enze3   

  1. 1. Business School of Hunan University, Changsha 410006;
    2. Financial Development and Credit Management Research Center of Hunan University, Changsha 410012;
    3. College of Finance and Statistics, Hunan University, Changsha 410006
  • Received:2023-02-21 Published:2025-09-09

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摘要： 本文选取2011—2021年中国A股上市非金融公司为研究样本，以2018年A股纳入明晟新兴市场指数（MSCI）作为资本市场国际化的准自然实验，采用双重差分模型，考察资本市场国际化对企业金融化的影响及其机制。研究发现，资本市场国际化显著降低企业金融化水平。机制检验发现，资本市场国际化通过提升股价信息含量与信息传递效率，增加企业信息透明度和缓解企业融资约束，对企业金融化产生积极的治理作用。异质性分析表明，资本市场国际化对企业配置金融资产的治理作用在非国有企业与行业竞争程度高的企业中更明显。进一步研究发现，资本市场国际化能够通过抑制企业金融化促进企业全要素生产率的提升。本文的研究为资本市场国际化如何抑制经济“脱实向虚”提供了新的理论支撑。

关键词: 资本市场国际化, 企业金融化, 信息传递效率, 信息透明度, 行业竞争

Abstract: This paper selects Chinese A-share listed companies from 2011 to 2021 as the research sample, and uses the inclusion of A-shares in the Mingsheng Emerging Markets Index (MSCI) in 2018 as a quasi-natural experiment of capital market internationalization, and employs a double-difference model to examine the impact of capital market internationalization on corporate financialization and its mechanism. Capital market internationalization is found to significantly reduce corporate financialization. The mechanism test finds that capital market internationalization has a positive governance effect on corporate financialization by enhancing the information content of stock prices and the efficiency of information transmission, increasing the transparency of corporate information and alleviating corporate financing constraints. Heterogeneity analysis shows that the governance effect of capital market internationalization on firms’ allocation of financial assets is more pronounced among non-state-owned firms and firms exposed to stronger industry competition. Further research finds that capital market internationalization can contribute to the improvement of firms’ total factor productivity by inhibiting firms’ financialization. The research in this paper provides new theoretical support for how capital market internationalization can stop economic entities being distracted from their intended purpose.

Key words: capital market internationalization, corporate financialization, information transmission efficiency, information transparency, industry competition