以开放促改革:来自沪深港通实施与行政处罚性监管的证据

Promote Reform through Opening-up:Evidence from Shanghai/Shenzhen-Hong Kong Stock Connect and Administrative Punitive Supervision

以沪港通和深港通为基础的股票市场互联互通机制(沪深港通)是我国近年来推行的重要资本市场开放举措,而在开放条件下如何优化监管方式、提升监管执法效能,一直是监管部门关注的重点。本文采用双重差分法实证检验沪深港通实施对公司受到行政处罚性监管的影响。研究发现,沪深港通的实施显著降低了标的公司受到行政处罚性监管的可能性以及处罚力度,且主要体现在民营企业、QFII持股较少的企业以及分析师关注较多的企业。拓展性检验发现,该影响主要由沪深港通机制下交易活跃股以及外资持股较多的公司所致。此外,沪深港通的实施不仅显著提升了行政处罚性监管的及时性,还提高了监管的精度。在持续深化资本市场制度型开放背景下,本文研究对进一步提升监管质效具有重要启示。

The stock market connectivity mechanism based on the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect is an important capital market liberalization measure implemented by China in recent years.How to optimize regulatory methods and ultimately improve the efficiency of the enforcement under the conditions of capital market liberalization has always been a focus of attention for regulatory authorities.Using the difference-in-differences method,this paper tests the impact of the Shanghai/Shenzhen-Hong Kong Stock Connect on the administrative punitive supervision.The result shows that the implementation of the Shanghai/Shenzhen-Hong Kong Stock Connect has significantly reduced the possibility and intensity of the administrative punitive supervision of the eligible firms.This result is mainly revealed in private firms,firms with less QFII shareholdings and firms with more analysts' attention.The expansion test finds that the impact of the Shanghai/Shenzhen-Hong Kong Stock Connect is mainly caused by the active trading shares and the firms with more foreign shareholdings.In addition,further tests show that the timeliness and accuracy of the administrative punitive supervision have significantly improved after the Shanghai/Shenzhen-Hong Kong Stock Connect.The conclusion has important implications for improving the quality and efficiency of capital market regulation in the context of continuously deepening the institutional opening of the capital market.