证券市场开放与信息治理——基于陆股通制度实施的准自然实验  

The Opening of the Capital Market and Information Governance Effect——A quasi-natural experiment based on the implement of“Shanghai Shenzhen-Hong Kong Stock Connect”

作　　者：刘慧芬 LIU Hui-fen(Guangdong University of Foreign Studies,Guangzhou 510006,China)

机构地区：[1]广东外语外贸大学会计学院,广州510006

出　　处：《科技和产业》2020年第11期92-98,210,共8页Science Technology and Industry

摘　　要：资本市场开放对新兴市场国家的宏微观层面都具有显著影响,侧重于从微观层面检验“陆股通”制度,引入的境外投资者,其所代表的中小投资者权益保护对审计定价机制的影响。研究结论发现,资本市场开放导致的大股东与中小股东间的代理冲突,显著提高了陆股通标的公司的审计风险溢价,而通过增加投资者参与决策、股权集中度以及提高“自我约束”等方面完善公司治理,对两者关系具有显著缓解作用。研究启示在于,解决中小股东权益保护的关键在于切实完善内部公司治理。The opening of the capital market has a significant impact on the macro and micro levels of emerging economies.This paper focuses on examining the influence of the“Shanghai Shenzhen-Hong Kong Stock Connect”system,the introduction of foreign investors,and the protection of the rights and interests of small and medium-sized investors on the auditing pricing mechanism from the micro level.Study found that the capital market opening intensified the agency conflicts between large shareholders and minority shareholders,improve audit risk premium.by increasing the investors to participate in decision-making,ownership concentration and improve the“self-discipline”,company can significant relief the relationship between agency conflicts and audit pricing.

关 键 词：资本市场开放 审计定价 信息治理 公司治理 

分 类 号：F272.3[经济管理—企业管理]