摘要
基于2016年深港通交易制度实施的准自然实验,本文利用2009~2018年A股深市非金融行业上市公司数据,采用多时点双重差分模型考察了资本市场开放对企业信息披露质量的影响。研究结果表明,深港通交易制度的实施能够提升企业信息披露质量;企业两权分离度越高、高管持股比例越低,深港通交易制度对其信息披露质量的提升效应越强。进一步研究表明,香港投资者持股比例较高企业的信息披露质量改善更为明显;深港通交易制度能够通过发挥信息效应改善企业信息环境,进而提升其信息披露质量。本文的研究拓展了企业信息披露质量影响因素的研究视角,丰富了资本市场开放的外部治理作用研究,为继续完善企业信息披露制度、持续深化金融体制改革和进一步推进资本市场开放提供了经验借鉴。
Based on the quasi-natural experiment formed by the Shenzhen-Hong Kong Stock Connect(SHSC)in 2016,this paper investigates the impact of capital market opening on corporate information disclosure quality and estimates the multi-period difference-in-difference model with the data of non-financial A-share listed companies in Shenzhen Stock Exchange from 2009 to 2018.The empirical results find that the SHSC is associated with the improvement of corporate information disclosure quality,and that this effect is stronger in companies with higher separation degree of two rights and companies with lower shareholding ratio of executives.Further research shows that,the information disclosure quality of companies with a higher share of Hong Kong investors has been significantly improved;the SHSC can improve corporate information environment through exerting its information effect,thereby enhancing information disclosure quality of companies.This paper expands the research perspective of factors affecting corporate information disclosure quality,reveals the external governance effect of capital market opening,and provides experience for the extended improvement of information disclosure system,the continuous deepening of financial system reforms and the further advancement of capital market opening.
作者
何瑛
李塽爽
HE Ying;LI Shuang-shuang
出处
《财务研究》
CSSCI
2021年第3期56-69,共14页
Finance Research
基金
国家社会科学基金重点项目(20AGL015)
教育部人文社会科学研究基金项目(19YJA630025)。
关键词
企业信息披露质量
资本市场开放
深港通交易制度
信息环境
corporate information disclosure quality
capital market opening
the Shenzhen-Hong Kong Stock Connect
information environment
