关 键 词 ：MSCI指数；企业投资决策；双重差分模型；异质性分析
This paper studies the influence of being members of MSCI Emerging Market Index on investment decision of Chinese listed enterprises based on the difference-in-difference model. We find that being members of MSCI Index affects both level and efficiency of the investment. Specifically, being members of MSCI Index mainly affects the investment decision of enterprises with overseas business and management shareholding. In these enterprises, the investment level of enterprises with insufficient investment increases significantly, while the investment efficiency decreases with no significance; The investment level of enterprises with excessive investment increases with no significance, while the investment efficiency decreases significantly. In general, being members of the MSCI Index increases the investment level of enterprises with overseas business and management shareholding, while the investment efficiency shows a downward trend. Thus a further observation is necessary to examine the positive effect of this inclusion index on the development of Chinese capital market in the future.