Does stock market liberalization make firms more productive? - Evidence from Shanghai & Shenzhen-Hong Kong stock connect

被引：0
|
作者：
Liu X. [1 ]
Ding H. [1 ]
Li S. [1 ]
Li G. [1 ,2 ,3 ]
机构：
[1] School of Business, Sun Yat-sen University, Guangzhou
[2] Business School, Sun Yat-sen University, Shenzhen
[3] Advanced Institute of Finance, Sun Yat-sen University, Guangzhou
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2021年 / 41卷 / 12期
基金：
中国国家自然科学基金;
关键词：
Firms' productivity; Shanghai & Shenzhen-Hong Kong stock connect; Stock market liberalization;
D O I：
10.12011/SETP2020-2600
中图分类号：
学科分类号：
摘要：
Stock market liberalization is an important way for China to integrate into the world economy. This paper uses the Shanghai & Shenzhen-Hong Kong stock connect as a quasi-experiment to examine the impact of the stock market liberalization on Chinese firms' productivity. Empirical results show that the stock market liberalization of China has significantly increased the firms' productivity, and the effect is more pronounced in firms with lower information transparency, worse corporate governance and in the region with poorer legal environment. Further analysis show that improving the output but not input efficiency is the important channel, through which stock market liberalization positively affects firms' productivity. In all, this paper provides a reliable empirical basis for China further opening the financial market. © 2021, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
引用
收藏
页码：3115 / 3128
页数：13
相关论文
共 58 条
  • [1] Li O Z, Liu H, Ni C., Dividend taxes, investor horizon, and idiosyncratic volatility, The Accounting Review, 96, 3, pp. 403-430, (2021)
  • [2] Wan D, Yang X G., Pricing power of rise-favor asymmetry of positive feedback trading in China's stock market, Systems Engineering-Theory & Practice, 39, 1, pp. 1-18, (2019)
  • [3] Liu X D, Liu C, Liu S C, Et al., Dose herd behavior increase stock price volatility, Systems Engineering-Theory & Practice, 34, 6, pp. 1361-1368, (2014)
  • [4] Chen Z J, Dong Y J, Zhang S M., Which is the important factor that influences the development if the stock market, the investor sentiment or the leverage trading?, Journal of Systems Science and Mathematical Sciences, 39, 10, pp. 1655-1671, (2019)
  • [5] Shi Y D, Cheng H., Investor sentiment and asset pricing anomaly, Systems Engineering-Theory & Practice, 39, 8, pp. 1907-1916, (2019)
  • [6] Lu C, Liu Y, Yang X G., Asymmetry of investor sentiment and the reason: Evidence from Chinese stock market, Journal of Systems Science and Mathematical Sciences, 40, 4, pp. 612-633, (2020)
  • [7] Sun Y F, Wang C Y, Su M Y., Research on the influence of investor sentiment on stock price crash risk r Based on the mesomeric effect on excessive investment by enterprises, Journal of Systems Science and Mathematical Sciences, 40, 4, pp. 657-685, (2020)
  • [8] Xiong X, Xu K W, Shen D H., Investor sentiment and futures market functions: Evidence from SCI 300 index futures market, Systems Engineering-Theory & Practice, 40, 9, pp. 2252-2268, (2020)
  • [9] Zhong Q L, Lu Z F., Can market liberalization improve the stock price informativeness? Evidence from Shanghai-Hong Kong stock connect, Management World, 34, 1, pp. 169-179, (2018)
  • [10] Lian L S, Zhu S, Chen C., Stock market liberalization and corporate investment sensitivity to stock price: Evidence from Hong Kong-Shanghai stock connect, China Industrial Economics, 3, pp. 100-118, (2019)
123456