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
  • [51] Bushman R M, Piotroski J D, Smith A J., What determines corporate transparency?, Journal of Accounting Research, 42, 2, pp. 207-252, (2004)
  • [52] La Porta R, Lopez De Silanes F, Shleifer A., Corporate ownership around the world, The Journal of Finance, 54, 2, pp. 471-517, (1999)
  • [53] Porta R L, Lopez-De-Silanes F, Shleifer A, Et al., Law and finance, Journal of Political Economy, 106, 6, pp. 1113-1155, (1998)
  • [54] Zhou X, Tao C Q., The impact of elements spatial agglomeration and institutional quality to TFP, Systems Engineering-Theory & Practice, 39, 4, pp. 1051-1066, (2019)
  • [55] Wang X L, Fan G, Hu L P., China's marketization index report by province (2018)[M], pp. 216-223, (2019)
  • [56] Xia L J, Fang Y Q., Government control, institutional environment and firm value: Evidence from the Chinese securities market, Economic Research Journal, 5, pp. 40-51, (2005)
  • [57] Wen Z L, Ye B J., Analyses of mediating effects: The development of methods and models, Advances in Psychological Science, 22, 5, pp. 731-745, (2014)
  • [58] Loderer C, Stulz R, Waelchli U., Firm rigidities and the decline in growth opportunities, Management Science, 63, 9, pp. 3000-3020, (2017)
123456