资本市场开放与会计稳健性——基于“沪港通”的准自然实验  

Capital Market Opening and Accounting Conservatism A Quasi-Natural Experiment Based on"Shanghai-Hong Kong Stock Connect"

作　　者：梁上坤[1] 文雯 王国俊[3] 于敏 Liang Shangkun;Wen Wen;Wang Guojun;Yu Min

机构地区：[1]中央财经大学会计学院 [2]北京联合大学管理学院 [3]南京大学工程管理学院 [4]北京大学光华管理学院

出　　处：《金融学季刊》2024年第1期50-70,共21页Quarterly Journal of Finance

基　　金：国家自然科学基金面上项目(72272164、71872196);国家社会科学基金重大项目(21&ZD145、19ZDA098)的研究成果。

摘　　要：近年来,我国大力推动了资本市场对外开放的进程。本文基于“沪港通”这一外生政策变化,探讨了资本市场对外开放对企业会计稳健性的影响后果与作用机理。本文研究发现:①“沪港通”的实施显著降低了标的企业的会计稳健性;②作用机制的分析显示,“沪港通”的实施引入境外投资者可以缓解企业的融资约束,降低其提供会计稳健性的动机;③结合企业治理水平分析,“沪港通”对会计稳健性降低的影响在治理水平低的企业中更显著;④结合企业地位及产权性质分析,“沪港通”对会计稳健性降低的影响在地位高组以及国有企业中更显著。综合上述结果表明,“沪港通”实施会通过境外投资者引入等影响企业的决策函数,作用于企业的披露策略。In recent years,our country has vigorously promoted the process of opening up the capital market.Based on the"Shanghai-Hong Kong Stock Connect"exogenous policy change,this paper discusses the impact and mechanism of capital market opening to the outside world on the accounting conservatism of enterprises.This paper finds that:@The implementation of Shanghai-Hong Kong Stock Connect significantly reduces the accounting conservatism of the target enterprises;②The analysis of the mechanism shows that the introduction of foreign investors in the implementation of the Shanghai-Hong Kong Stock Connect can ease the financing constraints of enterprises and reduce their motivation to provide accounting conservatism;③Combined with the analysis of corporate governance level,the impact of Shanghai-Hong Kong Stock Connect on the reduction of accounting conservatism is more significant in enterprises with low governance level;Combined with the analysis of the status of enterprises and the nature of property rights,the impact of"Shanghai-Hong Kong Stock Connect"on the reduction of accounting conservatism is more significant in the high-status group and state-owned enterprises.The above results show that the implementation of the Shanghai-Hong Kong Stock Connect will affect the decision function of enterprises through the introduction of foreign investors,and affect the disclosure strategy of enterprises.

关 键 词：资本市场对外开放 沪港通 融资约束 会计稳健性 

分 类 号：F832.51[经济管理—金融学] F275