学校代码：10272
学号：2021214794
上海财经大学
SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS
硕士学位论文
MASTER OF DISSERTATION
论文题目资本市场开放与融资约束
——基于A 股纳入MSCI 指数的证据
作者姓名郑家宁
院(系所)会计学院
专业财务管理
指导教师黄继章
完成日期2023年5月
摘要2018年6月，明晟公司开始将中国A 股纳入MSCI 新兴市场指数，宣告我
国资本市场对外开放又迈进了一大步。本文的研究聚焦于A 股入摩企业的融资
约束。对众多国内企业而言，融资难始终是限制发展的一个重要因素。大部分企
业尤其是中小企业都会面临融资约束困境。
本文以信息不对称理论和前景理论为基础，构建了双重差分模型探究A 股
入摩对企业融资约束的影响。首先，本文以2014—2021年期间入选A 股上市公
司财务数据作为研究样本，通过多元线性回归检验了A 股入摩对企业融资约束
程度的影响。为保证结果的可靠性，本文使用平行趋势检验、倾向得分匹配（PSM-
DID）和更换被解释变量等方法进行了稳健性检验。在此之外，基于理论分析的
成果，本文构建中介效应模型，检验了信息透明度在A 股入摩影响企业融资约
束过程中的中介效应。最后，本文考察了对于两个维度上不同特质的企业该影响
的不同。
经过理论分析和实证检验，本文得出以下结论：（1）资本市场开放缓解了企
业的融资约束度。（2）资本市场开放通过降低信息不对称程度缓解融资约束。（3）
资本市场开放对企业融资约束的缓解效应在媒体关注度低的企业中更为显著。
（4）资本市场开放对企业融资约束的缓解效应在机构持股比例低的企业中更为
显著。
本文从企业融资约束视角研究了A 股入摩政策的效应，丰富了国内资本市
场开放在企业微观层面的研究成果，并通过实证研究验证了A 股入摩政策影响
企业融资约束的作用机制，对于缓解融资约束的对策的探究具有重要的实践意
义。
关键词：资本市场开放融资约束信息不对称
Abstract
Abstract
In June 2018,MSCI began to include China A shares in the MSCI Emerging
Markets Index,which marked a big step forward in the opening-up of China's capital
market.The research of this paper focuses on the financing constraints of A-share
entering motorcycle enterprises.For many domestic enterprises,the difficulty of
financing is always an important factor limiting development.Most enterprises,
especially small and medium-sized enterprises,will face financing constraints.
Based on the theory of information asymmetry and behavioral economics,this
paper constructs A difference-difference model to explore the influence of A-share
investment on corporate financing constraints.Firstly,this paper takes the financial
data of A-share listed companies from 2014to 2021as research samples to test the
influence of A-share entry on the degree of corporate financing constraint through
multiple linear regression.In order to ensure the reliability of the results,parallel trend
test,propensity score matching (PSM-DID)and replacement of explained variables
were used to test robustness.In addition,based on the results of theoretical analysis,
this paper constructs an intermediary effect model to test the intermediary effect of
information transparency in the process of A-share investment in MOAB affecting
corporate financing constraints.Finally,this paper examines the difference in the
impact on firms with different characteristics in two dimensions.
Through theoretical analysis and empirical test,this paper draws the following
conclusions:(1)The opening of the capital market alleviates the degree of financing
constraints of enterprises.(2)The opening of the capital market alleviates financing
constraints by reducing the degree of information asymmetry.(3)The easing effect of
capital market opening on corporate financing constraints is more significant in
enterprises with low media attention.(4)The easing effect of capital market opening
on corporate financing constraints is more significant in enterprises with low
institutional shareholding ratio.
From the perspective of corporate financing constraints,this paper studies the
effect of A-share entry policy in Mozambique,enriching the research results of
domestic capital market opening on the micro level of enterprises,and verifies the
Abstract
mechanism of the effect of A-share entry policy on corporate financing constraints
through empirical research,which has important practical significance for the
exploration of countermeasures to alleviate financing constraints.
Key words:capital market opening financing constraint information
asymmetry
目录
第一章引言...............................................................................................1
第一节研究背景....................................................................................1
第二节研究意义....................................................................................2
第三节研究思路与方法........................................................................2
一、研究思路.......................................................................................2
二、研究方法.......................................................................................3
第四节结构安排....................................................................................3
第五节研究创新与不足........................................................................4
一、研究创新.......................................................................................4
二、可能存在的不足...........................................................................4
第二章文献综述......................................................................................5
第一节资本市场开放相关研究...........................................................5
一、宏观经济.......................................................................................5
二、股票市场.......................................................................................6
三、公司治理.......................................................................................7
第二节融资约束相关研究....................................................................7
一、影响因素.......................................................................................8
二、度量方法.......................................................................................8
第三节文献评述....................................................................................9
第三章理论分析与研究假设..................................................................9
第一节信息不对称理论........................................................................9
第二节前景理论..................................................................................10
第三节研究假设..................................................................................11
第四章研究设计....................................................................................12
第一节样本选择与数据来源.............................................................12
第二节变量定义..................................................................................12
一、被解释变量.................................................................................12
二、解释变量.....................................................................................13
三、控制变量.....................................................................................13
四、中介变量.....................................................................................13
第三节模型构建..................................................................................14
一、双重差分模型.............................................................................14
二、中介效应模型.............................................................................15
第五章实证结果与分析........................................................................15