资本市场开放能抑制上市公司违规吗?——来自“沪港通”的经验证据  

Can Stock Market Liberalization Restrain Corporate Fraud? Evidence from “Shanghai-Hong Kong Stock Connect” Scheme

作　　者：邹洋 张瑞君[1] 孟庆斌[1] 侯德帅 ZOU Yang;ZHANG Rui-jun;MENG Qing-bin;HOU De-shuai(Business School,Renmin University,Beijing 100872,China;School of Accounting,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]中国人民大学商学院,北京100872 [2]首都经济贸易大学会计学院,北京100070

出　　处：《中国软科学》2019年第8期120-134,共15页China Soft Science

基　　金：中国注册会计师协会委托项目(2018K20427)

摘　　要：本文以我国开启"沪港通"交易试点为背景,运用多期双重差分模型,以2007-2017年沪市A股上市公司为样本,研究了资本市场对外开放对上市公司违规行为的影响。研究结果表明:"沪港通"的开通有助于减少上市公司的违规行为,该结论在使用PSM方法校正样本选择性偏差后仍然稳健。进一步分析表明,"沪港通"抑制公司违规行为的途径是通过改善公司的信息环境或优化公司的治理结构,从而提高公司的违规成本、减少公司的违规行为。本文的研究表明资本市场开放在发现和防范上市公司违规行为方面扮演着重要角色,丰富了资本市场开放经济后果的研究,也从公司违规这一视角,揭示了"沪港通"机制所发挥的公司治理效用,为后续资本市场对外开放政策的推行提供了理论证据。In the background of that the "Shanghai-Hong Kong Stock Connect" scheme started, this paper studies the impact of stock market liberalization on corporate fraud. We estimate the multi-period difference-in-difference model with the data of the A-share listed companies in Shanghai Stock Exchange over the period of 2007-2017. The empirical results indicate that: first, the implementation of the Connect reduces the fraud propensity and frequency. These findings are robust after using the PSM method to revise the sample selection bias. Further studies show that the mechanism of above effect is increasing the detection ratioand lossseverity of committing fraud, through improving the information environment and governance structure of companies.The results of this research imply that stock market liberalization plays an important role in preventing and revealing corporate fraud. This study contributes to the researches about the economicconsequences of stock market liberalization, and reveals the governance effect ofthe Connect. In addition, it provides theoreticalevidence for the implementation of the follow-up stock market liberalization policy.

关 键 词：沪港通 资本市场开放 公司违规 公司治理 

分 类 号：F831.5[经济管理—金融学]