| 摘要: |
| 本文基于沪深港通这一外生事件，探讨了资本市场开放对公司信息披露质量的影响。研究发现，沪深港通交易机制实施后，沪深港通标的公司信息披露质量显著提升。在进行更换回归模型、剔除干扰数据等稳健性检验后，以上结论仍成立。异质性检验发现，资本市场开放对信息披露质量的提升效应在两职合一、两权分离度高的企业和非国有企业中更显著。此外，资本市场开放对信息披露质量的提升效应在高成长性和低成长性的企业中无显著差异。本文丰富了资本市场开放微观效应相关研究，为进一步推动资本市场开放提供了一定理论依据。 |
| 关键词: 资本市场开放；信息披露质量；沪深港通 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:重庆市社会科学规划项目“数字化转型促进重庆市企业创新的作用机理及效应研究”（2021NDYB047） |
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| The Impact of Capital Market Opening on the Quality of Corporate Information Disclosure——The Evidence from the Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect |
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LI Qin-yang,SHI Yu-jie
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School of Economics and Management,Southwest University
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| Abstract: |
| Based on the exogenous policy of Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect,this paper discusses the impact of capital market opening on the quality of corporate information disclosure.The study found that after the implementation of the Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect trading mechanism,the quality of information disclosure of the target companies of Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect has been improved.After replacing the regression model and eliminating the interference data,the above conclusion still holds.The heterogeneity test finds that the improvement effect of capital market opening on the quality of information disclosure is more significant in enterprises with a high degree of separation of two positions and two rights,and non-state-owned enterprises.In addition,there is no significant difference in the improvement effect of capital market opening on the quality of information disclosure among high-and low-growth companies.This paper enriches the research on the micro-effects of capital market opening,and provides a theoretical basis for further promoting the opening of the capital market. |
| Key words: Capital Market Liberalization；the Quality of Information Disclosure；Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect |
