资本市场开放与金融稳定——基于投资者情绪波动视角

Capital Market Liberalization and Financial Stability:An Analysis on Investor Sentiment Volatility

基于投资者情绪波动视角,本文使用2011-2019年的中国A股上市公司数据,通过构建多期DID模型实证检验了资本市场开放对金融稳定的影响。结果表明:资本市场开放整体上抑制了投资者情绪波动,该结论在经过一系列稳健性检验后仍然成立。进一步分析发现,治理水平越低、信息透明度越差,资本市场开放对于投资者情绪波动的抑制作用越强,说明资本市场开放通过治理渠道和信息渠道抑制了投资者情绪的波动。

Based on the perspective of investor sentiment volatility,this paper uses the data of Chinese A-share listed companies from 2011 to 2020 and multi-period DID model to empirically test the impact of stock market liberalization on financial stability.The results show that the stock market liberalization suppresses the fluctuation of investor sentiment as a whole.And this conclusion is still valid after a series of robustness tests.Further,tests show that the effect of stock market liberalization on the stability of investor sentiment is more obvious in the enterprises with lower degree of information transparency and governance level,which indicates that the stock market liberalization could influence investor sentiment volatility through information channel and corporate governance channel.