境外投资者引入会影响公司业绩波动性吗?——基于沪港通的双重差分检验  

Does the Entry of Foreign Investors Affect the Company's Performance Volatility?——Based on the Test of Difference-in-Difference on Shanghai-Hong Kong Stock Connect

作　　者：赵西卜[1] 杨丹[1] 邵贞棋 ZHAO Xi-bo;YANG Dan;SHAO Zhen-qi

机构地区：[1]中国人民大学商学院

出　　处：《财务研究》2019年第1期43-53,共11页Finance Research

摘　　要：本文以2014～2016年沪港通标的上市公司为研究对象,利用双重差分法研究境外投资者引入对公司业绩波动性的影响。研究发现,沪港通政策实施后,相比于非标的上市公司,标的上市公司的业绩波动性显著降低,且该现象在股权集中度较高的公司更为明显。研究表明沪港通实施能够有效加强公司治理,减弱大小股东之间的利益冲突问题。本文以沪港通政策为切入点,考察标的公司业绩波动性的变化,对研究公司治理的监督机制、推进资本市场对外开放和相应的政策实施路径具有参考价值。This paper takes the companies listed in the Shanghai-Hong Kong Stock Connect during 2014-2016 as the research sample,using the difference-in-difference method (DID )to study the influence of foreign investors'participation on company's performance volatility.The study finds that after the implementation of Shanghai-Hong Kong Stock Connect,the performance volatility of target companies is significantly lower than non-target companies;Moreover,this phenomenon is more obvious in companies with higher CEO power and equity concentration. The results indicate that Shanghai-Hong Kong Stock Connect can effectively strengthen corporate governance and weaken agent problem and conflicts of interest between large and small shareholders.This paper has reference value for studying the supervision mechanism of corporate governance and promoting the opening of the capital market.

关 键 词：境外投资者引入 业绩波动性 沪港通 公司治理 双重差分 

分 类 号：F275.1[经济管理—企业管理]