资本市场开放与超额在职消费——基于“陆港通”的准自然实验  

Capital Market Liberalization and Excess Perquisite Consumption:a Quasi-experiment of Mainland-Hong Kong Stock Connect

作　　者：赵东 王爱群[1] 闫盼盼 Zhao Dong;Wang Aiqun;Yan Panpan

机构地区：[1]吉林大学管理学院,吉林长春130012

出　　处：《证券市场导报》2020年第10期60-71,共12页Securities Market Herald

基　　金：国家社会科学基金青年项目“新常态下我国系统性金融风险度量监测与协作型调控机制研究”(项目编号:17CJY057);教育部人文社会科学研究一般项目“内部控制缺陷披露、利益相关者感知与经济后果研究”(项目编号:13YJA630085);吉林省社会科学基金项目“吉林省企业研发支出资本化对工业经济绩效的影响研究”(项目编号:2018B76)。

摘　　要：“陆港通”是我国资本市场开放的关键步骤,对于规范上市公司治理具有重要作用。基于“陆港通”实施背景,本文以2010―2018年沪深A股上市公司为样本,通过构建双重差分模型探讨了资本市场开放对公司超额在职消费的影响。研究发现,“陆港通”显著降低了管理层的超额在职消费水平;股权集中度越高,“陆港通”标的公司超额在职消费下降的幅度越大;该结论在使用PSM方法控制样本选择偏差以及进行安慰剂检验后依然稳健。进一步分析表明,“陆港通”实施后,公司财务信息质量的改善是资本市场开放抑制标的公司超额在职消费的影响路径;并且,当外部信息环境较差时,资本市场开放对超额在职消费发挥了更大的治理效应。上述研究结果表明,资本市场开放有助于约束管理层的隐性私利侵占行为。本文丰富了资本市场开放治理效应的相关研究,也为监管部门继续完善并推进互联互通交易机制提供了经验证据。Mainland-Hong Kong Stock Connect is a key step to open up China’s capital market and plays an important role in standardizing the governance of listed companies.Based on the implementation background of Mainland-Hong Kong Stock Connect,this paper takes Shanghai and Shenzhen A-share listed companies from 2010 to 2018 as a sample,and discusses the impact of stock market liberalization on corporate excess perquisite consumption through the construction of a difference-indifference model.It is found that the Mainland-Hong Kong Stock Connect has significantly reduced the excessive perquisite consumption level of the management,and the higher the ownership concentration,the greater the decline in excess perquisite consumption.This conclusion remains robust after controlling for sample selection bias using the PSM method and conducting the placebo test.Further mechanism analysis shows that after the implementation of the Mainland-Hong Kong Stock Connect,the improvement of the company’s financial information quality is an influence path that stock market liberalization restrains the excess perquisite consumption of the target company.In addition,when the external information environment is poor,the opening of the capital market has a greater governance effect on excess perquisite consumption.The above research results show that stock market liberalization helps to restrain the management’s hidden embezzlement,which not only enriches the related research on the governance effect of stock market liberalization,but also provides empirical evidence for the regulatory authorities to continue improving and promoting the interconnection trading mechanism.

关 键 词：资本市场开放 陆港通 公司治理 超额在职消费 

分 类 号：F832.5[经济管理—金融学]