摘要
本文基于我国上海证券交易所2007~2016年间A股上市公司数据,运用双重差分模型,实证检验了沪港通机制对公司融资约束的影响。研究发现,沪港通的开通有助于缓解公司面临的融资约束。通过分析其与分析师跟踪、审计质量以及交叉上市等外部治理机制的关系,发现沪港通机制可作为治理机制的有益补充,降低信息不对称及相应代理问题,从而缓解公司融资约束。本文丰富了融资约束的相关研究,并从公司面临的融资约束这一角度,揭示了资本市场互联互通所发挥的公司治理效用,对促进资本市场的发展也具有一定现实意义。
Using the data of Chinese listed A-shares in Shanghai Stock Exchange during 200/- 2016, this paper empirically studies the impact of the Shanghai-Hong Kong Stock Connect on financing constraints based on difference-in-difference model. This paper finds that the Shanghai- Hong Kong Stock Connect reduces financing constraints. Furthermore, by revealing the relationship between the program and some external governance mechanisms such as analyst coverage, auditing quality and cross-listing, this paper also finds that the Shanghai-Hong Kong Stock Connect can be a useful complementary governance mechanism to reduce information asymmetry and corresponding agency problems to eventually reduce financing constraints. This study enriches the literature of financing constraints and reveals positive governance effects of the Shanghai-Hong Kong Stock Connect, and meanwhile sheds light on the benefits of market interoperability for developing the capital market.
作者
师倩
姚秋歌
SHI Qian;YAO Qiu-ge
出处
《财务研究》
2018年第2期62-72,共11页
Finance Research
关键词
沪港通
融资约束
双重差分
公司治理
Shanghai-Hong Kong Stock Connect
financing constraints
difference-in-difference model
corporate governance
