统计研究

自主创新能力提升是增强企业核心竞争力的关键因素，深入探究资本市场开放如何支持企业自主创新对于培育创新型经济发展至关重要。本文基于“沪深港通”交易制度的实施构造准自然实验，以识别资本市场开放对企业自主创新的影响。结果表明，我国资本市场开放通过优化投资者结构，降低企业风险承担，促使劳动力技能升级，最终助推企业自主创新能力提升。异质性分析表明，在融资约束较高、外部融资依赖程度较高、行业竞争度较高、全要素生产率较高、内部治理效率和外部监督水平较高的企业中，资本市场开放对其自主创新能力的助推效应更为凸显。“沪深港通”交易制度实施对标的企业周边非上市企业的自主创新及当地的创新创业活动均具有显著的正向溢出效应。本研究不仅为促进实体经济创新型发展提供新经验证据，也为完善金融支持创新体系提供重要的理论指导。

The improvement of innovation performance is the key factor to enhance the core competitiveness of firms. Thus, exploring how capital market opening-up supports firms' indigenous innovation is of great importance to promoting innovative economic development. This study selects the implementation of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect(SH-HK and SZ-HK stock connect) as an exogenous shock of capital market opening-up, and constructs a quasi-natural experiment to identify the impact of capital market opening-up on firms' innovative development. The results show that the implementation of SH-HK and SZ-HK stock connect can significantly promote the innovation performance of firms, and the conclusion is still valid after a series of robustness tests. Optimizing investor structure, reducing risk-taking and improving labor skills are three channels that allow capital market opening-up to promote innovation performance. The effect is much stronger in firms with more stringent financing constraints, more dependence on external finance, higher industrial competition, higher total factor productivity, stronger internal governance efficiency and external supervision. In addition, there is a significantly positive spillover effect on innovation performance of non-listed firms in the same area of target firms of SH-HK and SZ-HK stock connect and local entrepreneurial activities. This study provides new empirical evidence on promoting the innovative development of the real economy from the perspective of capital market opening-up, and the findings offer important theoretical guidance for improving the financial system supporting innovation.