资本市场开放与会计信息可比性——来自“沪港通”的经验证据

Stock Market Liberalization and Accounting Information Comparability: Evidence from “Shanghai-Hong Kong Stock Connect” Scheme

以2014年"沪港通"的实施作为外生事件,基于双重差分模型实证检验"沪港通"政策对于会计信息可比性的影响。研究发现:"沪港通"政策的实施显著提升了上市公司会计信息的可比性;"沪港通"政策通过公司治理机制提高了上市公司会计信息的可比性。"沪港通"政策对于提高我国资本市场的会计信息质量具有一定的积极作用,为我国后续资本市场进一步对外开放提供了经验证据。

Based on the double-difference model.this paper empirically investigates the impact of the"Shanghai-Hong Kong Stock Connect"policy on the comparability of accounting information.We find that the implementation of the"Shanghai-Hong Kong Stock Connect"policy significantly improves the comparability of accounting information of listed companies.In-depth research we find that the"Shanghai-Hong Kong Stock Connect"policy improves the comparability of accounting information of listed companies through corporate governance mechanisms.The research shows that the"Shanghai-Hong Kong Stock Connect"policy has a positive effect on improving the accounting information quality of China’s capital market,and provides empirical evidence for the further stock market liberalization in China.