沪港通机制提升了公司价值吗

On the Role of Shanghai-Hong Kong Stock Connect Mechanism in Enhancing Firm Value

沪港通的实施是我国资本市场对外开放一项重大的创新举措。基于现代资本市场理论,运用双重差分思想与安慰剂检验,考察沪港通机制对上市公司价值的影响。研究发现,沪港通推出后,标的公司价值显著提升;通过倾向得分匹配、重置实验发生时刻、替换核心测度指标等稳健性测试,结论依然显著;进一步分析表明,沪港通机制通过吸引更多的分析师跟踪、增加股票流动性来实现价值提升效应。此研究结论不仅丰富了企业价值影响因素的分析范式,同时也为探索我国股票市场开放对实体经济的影响提供了经验证据。

The implementation of the Shanghai-Hong Kong Stock Connect is a major innovation in the opening up of China＇s capital market to the outside world. Based on the modern capital market theory,the DID model and Placebo test is employed to examine the impact of the Shanghai-Hong Kong Stock Connect mechanism on the value of the listed companies. It is found that the value of the underlying company is significantly increased after the launch of the Shanghai-Hong Kong Stock Connect. The results are still significant through the robustness tests in terms of the matching of tendencies score,resetting experiment time and the replacement of the core measurement index. Further analysis shows that the Shanghai-Hong Kong Stock Connect mechanism can improve firm value through attracting more analysts＇ tracking and increasing the liquidity of stock. The results not only enrich analysis paradigm for influencing factors of firm value,but also provide empirical evidence for exploring the impact of China＇s stock market opening on the real economy.