资本市场开放降低公司代理成本了吗?——基于“沪港通”的实验证据

Has the Opening of Capital Market Reduced the Agency Cost of Companies?——Based on the Experimental Evidence of “Shanghai-Hong Kong Stock Connect” Program

持续扩大资本市场对外开放是我国深化金融领域供给侧改革、实现经济高质量发展的重要举措。借助"沪港通"的实施这一准自然实验,选取2012—2016年中国A股上市公司面板数据,基于倾向得分匹配法和双重差分模型实证,检验了资本市场开放与公司代理成本之间的相互关系以及可能的影响渠道。实证分析发现,资本市场开放能够降低公司代理成本;进一步分析发现,在公司信息环境较差、治理水平较低时,资本市场开放对降低公司代理成本的作用更显著。

Continued expansion of capital market opening to the outside world is an important measure for China to deepen the supply-side reform in the financial sector and achieve high-quality economic development. With the help of the quasi-natural experiment of the implementation of"Shanghai-Hong Kong Stock Connect"program, based on the Propensity Score Matching and Differences-in-Differences Model,this paper selects the panel data of Chinese A-share listed companies from 2012 to 2016, and empirically tests the relationship between capital market opening and agency cost and the possible influencing channels. Empirical analysis shows that the opening of capital market has significantly reduced the agency cost of companies;further analysis shows that the above impact of the connect is more pronounced for firms in poorer information environments and lower corporate governance levels.