沪港通改善了上市公司信息环境吗?——基于分析师关注度的视角  

Has the Shanghai-Hong Kong Stock Connect Improved the Information Environment of Listed Companies?Based on the Perspective of Analyst's Attention

作　　者：郭阳生[1] 沈烈[1] 郭枚香 GuoYangsheng;Shen Lie;Guo Meixiang

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第1期33-43,共11页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金项目“风险投资与企业技术创新投融资:作用机制和绩效研究”(71402189);中南财经政法大学优秀博士学位论文培育项目“资本市场开放、信息环境及其经济后果研究”(2018Y1148)。

摘　　要：本文以2011~2016年沪深两市上市公司为样本,运用PSM-D ID模型,检验沪港通机制对上市公司信息环境的影响。研究发现,沪港通实施后标的公司分析师跟踪人数增加,预测精确度提高。进一步研究表明,沪港通机制借助公司信息环境渠道产生价值提升效应。研究结论不仅丰富了分析师预测行为影响因素的分析范式,同时也为探索我国资本市场开放的经济后果提供了微观证据。Using the samples of A-share listed companies from 2011 to 2016 and the PSM-DID model,this paper studies the impact of the Shanghai and Hong Kong stock connect on the information environment of the listed companies.The study jBnds that after the Shanghai and Hong Kong stock connect,the number of analyst coverage increased significantly,and the accuracy of the forecast was improved.Further analysis shows that the Shanghai and Hong Kong stock connect improves the value of the enterprise by improving the information environment of the listed companies.Not only does the conclusion enriches the analysis paradigm of influencing factors of analysts"behavior,but it also provides microcosmic evidence on the influence of Chinas stock market opening on capital allocation efficiency.

关 键 词：资本市场开放 信息环境 分析师跟踪 沪港通 

分 类 号：F83[经济管理—金融学]