资本市场开放对企业风险承担的影响研究——来自“沪港通”的经验证据

On the Impact of Capital Market Liberalization on Corporate Risk-Taking: Empirical Evidence from the “Shanghai-Hong Kong Stock Connect” Scheme

本文基于"沪港通"实施的外生事件,探究了资本市场开放对企业风险承担的影响。实证结果表明:"沪港通"的施行有利于减轻企业风险承担,且上述结论在经过一系列稳健性检验后依然成立。路径研究发现:"沪港通"的开通有利于提高企业投资效率和信息披露质量,进而减轻企业风险承担。进一步研究发现,相较于非国有企业和管理层持股比例较高的企业,"沪港通"开通对国有企业和管理层持股比例较低的公司风险承担的缓解作用更明显。本文揭示了"沪港通"施行对于减轻我国企业风险承担具有积极意义,为坚定推行资本市场对外开放政策提供参考依据。

Based on the exogenous events in the implementation of the "Shanghai-Hong Kong Stock Connect"(SHC) scheme,this paper examines the impact of capital market liberalization on corporate risk-taking.According to the empirical evidence,the implementation of SHC helps relieve corporate risk-taking,even after a series of robustness tests.The path analyses show that the SHC improves the efficiency of corporate investments and the quality of information disclosure,which further reduces corporate risk-taking.Furthermore,the implementation of the SHC has a more obvious effect on mitigating the risk-taking of state-owned enterprises and companies with the lower proportion of management shareholding than non-state-owned enterprises and those with the higher proportion of management shareholding.While revealing the positive significance of the SHC on corporate risk-taking in China,this study provides the reference for firmly implementing the policy of capital market liberalization.