一、主题：The Effect of the China Connect
二、主讲人：马畅，复旦大学泛海国际金融学院助理教授。2018年获得约翰霍普金斯经济学博士，2012年获得中国人民大学经济学硕士，2009年获得南开大学经济学学士。2020年在芬兰银行交流访问。研究领域包括国际金融、宏观经济和宏观审慎政策等。在Journalof International Economics、Oxford Research Encyclopedia Of Economics andFinance等国际期刊发表多篇论文。获得上海浦江计划资助，担任Journalof Development Economics, Economic Letters等SSCI期刊匿名评审。
Abstract:. We document the effect on Chinese firms of the Shanghai (Shenzhen)-Hong Kong Stock Connect. The Connect was an important capital account liberalization introduced in the mid-2010s. It created a channel for cross-border equity investments into a selected set of Chinese stocks while China’s overall capital controls policy remained in place. Using a difference-in-difference approach, and with careful attention to sample selection issues, we find that mainland Chinese firm-level investment is negatively affected by contractionary U.S. monetary policy shocks and that firms in the Connect are more adversely affected than those outside of it. These effects are stronger for firms whose stock return has a higher covariance with the world market return and for firms relying more on external financing. We also find that firms in the Connect enjoy lower financing costs, invest more, and have higher profitability than unconnected firms. We discuss the implications of our results for the debate on capital controls and independence of Chinese monetary policy.