资本市场开放与公司自愿性信息披露

Stock Market Liberalization and Corporate Voluntary Disclosure

文章以2011-2018年沪深A股上市公司为样本,借助沪深港通交易制度这一外生事件,实证检验了资本市场开放对公司自愿性信息披露的影响。研究发现:沪深港通交易制度增加了标的公司自愿性业绩预告的发布倾向和频率。截面分析表明,沪深港通交易制度对自愿性业绩预告的改善作用在公司信息环境较差以及权益资本成本较高的公司中更显著。研究不仅丰富了上市公司自愿性信息披露的影响因素,也拓展了资本市场对外开放经济后果的视角,亦为沪深港通交易制度的进一步完善提供了启示。

With the sample of A-share firms listed in Shanghai and Shenzhen Stock Exchange from 2011 to 2018, this paper investigates the effect of stock market liberalization on corporate voluntary disclosure by using Shanghai-Hong Kong and ShenzhenHong Kong Stock Connect as exogenous events. We find that the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect increases the propensity and frequency of voluntary earnings forecast. The cross-sectional analysis shows that the improving effect of stock market liberalization on corporate voluntary disclosure is more pronounced in firms with weaker information environment and higher cost of equity capital. This paper not only contributes to the literatures on determinants of corporate voluntary disclosure, but also extends the economic consequences of stock market liberalization and provides reference for the further improvement of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.