沪港通政策的公司治理效应——基于事件研究法的实证分析

The Corporate Governance Effects of Shanghai-Hong Kong Stock Connecting Program——An Empirical Analysis Based on Event Study

本文以568只沪股通交易标的股票为研究对象,研究沪港通实施的公司治理效应。研究发现,理论上,沪港通的实施会使更多投资者参与到内地资本市场,从而对国内股票的需求将明显增加,因此从供求关系角度来看会导致股价上涨,然而与内地资本市场相比,香港资本市场完善的法律制度和上市公司治理机制对投资者更有吸引力。这种制度落差效应大于投资者参与效应,导致沪港通交易标的股票的短期市场反应为负。

In this paper, 568 shanghai-listed shares that Hong Kong investors can buy are used as samples to research the corporate governance effects of Shanghai-Hong Kong Stock Connecting Program（SH-HK SCP）. It＇s found that the theoretical analysis shows the implementation of the SH-HK SCP will allow more investors to participate in the mainland capital markets and the demand for domestic shares will significantly increase, so the stock price will rise due to the relationship between supply and demand, but compared with the mainland capital markets, the Hong Kong capital markets are more attractive to investors because of their sound legal systems and corporate governance mechanism. The effect due to system gap is greater than that due to investors to participate in markets, which makes the short-term market reaction to stocks in the SH-HK SCP negative.