资本市场开放对上市公司代理成本的影响研究——基于陆港通的经验证据

Research on the Impact of Capital Market Liberalization on the Agency Cost of Listed Companies:Based on the Empirical Evidence of Lugang Stock Connect

加强资本市场对外开放是我国推动经济与社会发展的一项重要举措,文章以2011-2020年沪深A股上市公司为样本,利用“陆港通”的运行这一外生事件,检验了资本市场开放对上市公司两类代理成本的影响,并探究信息透明度对资本市场开放与代理成本之间关系的中介效应,进一步分析了不同所有权性质的公司资本市场开放对代理成本影响的差异性。

Strengthening the opening up of the capital market to the outside world is an important measure to promote economic and social development in China,the article takes the Shanghai and Shenzhen A-share listed companies from 2011 to 2020 as a sample,using the exogenous event of the operation of"Land-Port Connect",tests the impact of capital market opening on the two types of agency costs of listed companies,and explores the intermediary effect of information transparency on the relationship between capital market opening and agency costs,and further analyzes the difference in the impact of capital market opening on agency costs of companies of different ownership nature.