资本市场开放与公司内部控制质量——基于“沪港通”的证据  

Capital Market Opening and Internal Control of Enterprises:Evidence from“Shanghai-Hong Kong Stock Connect”

作　　者：田雪丰 徐成凯 田昆儒 TIAN Xuefeng;XU Chengkai;TIAN Kunru(School of Economics,Nankai University,Tianjin 300191,China;China Bohai Bank Co.,Ltd,Tianjin 300171,China;School of Accounting,Tianjin University of Finance and Economics,Tianjin 300202,China)

机构地区：[1]南开大学经济学院,天津300191 [2]渤海银行股份有限公司,天津300171 [3]天津财经大学会计学院,天津300202

出　　处：《南京审计大学学报》2021年第6期51-60,共10页Journal of Nanjing Audit University

基　　金：国家社会科学基金项目(18BGL185)。

摘　　要：以中国“沪港通”交易制度的实施为政策背景,采用多时点双重差分模型,考察资本市场开放对标的公司内部控制质量的影响,研究发现,“沪港通”交易制度的实施显著提升了公司的内部控制质量,在控制其他因素并经过安慰剂检验、去除A+H股影响、改变周期范围等稳健性检验后,结论依然成立。机制检验表明,“沪港通”主要通过内部和外部两种机制对公司内部控制质量产生影响,其中,内部机制是对股价波动性风险控制,外部机制是审计师声誉风险与政府部门监管。Taking the implementation of the trading system of“Shanghai-Hong Kong stock connect”in China as the policy background,this paper uses the multi-time point double difference model to investigate the impact of the opening of the capital market on the quality of internal control of the target company.The results show that the implementation of the trading system of“Shanghai-Hong Kong stock connect”has significantly improved the quality of internal control of relevant companies,and the conclusion remains valid after controlling other factors and passing the placebo test,removing the influence of A+H shares and changing the cycle after the robustness test.The mechanism test shows that“Shanghai-Hong Kong stock connect”exerts an impact on the quality of internal control mainly through internal and external mechanisms.The internal mechanism is to control the risk of stock price volatility while the external mechanism lies in auditor reputation risk and government supervision.

关 键 词：沪港通 资本市场开放 内部控制 股价波动性风险 审计师声誉风险 政府部门监管 审计质量 

分 类 号：F275[经济管理—企业管理]