股票市场开放影响企业内部控制有效性机理探究——来自中国实施“沪深港通”交易制度的经验证据

The Impact of Stock Market Opening on Firms Internal Control:Evidencs from China s“Shanghai Shenzhen Hong Kong Stock Connect”

来自中国实施“沪深港通”交易制度的经验证据证实,股票市场开放影响上市公司企业内部控制有效性且影响具有差异性。笔者以中国A股市场实施“沪深港通”这一股票市场开放政策的准自然实验,基于2013—2019年间中国A股相关上市企业研究样本的有效数据,运用双重差分模型的实证方法,实证检验了股票市场开放与企业内部控制有效性之间的关联及其变化。检验结果证实:股票市场开放与上市公司企业内部控制有效性正相关。股票市场开放通过改善外部信息环境,缓解了企业外部投资者与管理层间存在的信息不对称与代理问题,进而正向提高了上市公司企业内部控制有效性;股票市场开放正向影响企业内部控制有效性的显著差异性通过进一步的异质性分析验证。本研究通过以中国实施“沪深港通”交易制度的经验证据实证检验股票市场开放与企业内部控制有效性之间的影响机理,拓宽了公司治理和证券监管方面的学术探索边界,研究结论为保障中国股票市场的健康发展提供了理论依据和实证。

Evidence from China s“Shanghai Shenzhen Hong Kong Stock Connect”shows that the stock market opening affects the effectiveness of enterprises internal control and the impact is heterogeneous.Using the Chinese A-share listed firms data from 2013 to 2019,based on a quasi natural experiment of the implementation of the“Shanghai Shenzhen Hong Kong Stock Connect”,we bulid a difference-in-difference model and empirically test the linkages between the stock market opening and the effectiveness of enterprises internal control.The results indicate that the stock market opening is positively correlated with the effectiveness of enterprises internal control.The enterprises external information environment is improved in the process of stock market opening,which is helps to alleviate information asymmetry and principal-agent problems between outsider investors and managers,and thus promotes the effectiveness of enterprises internal control.The significant difference in the positive impact of stock market opening on the effectiveness of enterprises internal control is verified through further heterogeneity analysis.Based on the evidences from China s“Shanghai Shenzhen Hong Kong Stock Connect”,this paper explores the impact mechanism between stock market opening and the effectiveness of enterprises internal control,which broadens the research boundary in corporate governance and securities regulation,its conclusion can provide a basis for the healthy development of the Chinese stock market.