资本市场开放与会计信息可比性——来自“沪港通”的经验证据

刘  焱1; 姚海鑫2; 杜燕婕3

资本市场开放与会计信息可比性——来自“沪港通”的经验证据

引用本文：刘焱1,姚海鑫2,杜燕婕3.资本市场开放与会计信息可比性——来自“沪港通”的经验证据[J].财经理论与实践,2020,(1):55-62

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作者	单位
刘焱1,姚海鑫2,杜燕婕3	（1.上海大学悉尼工商学院，上海 201800； 2. 辽宁大学新华国际商学院，辽宁沈阳 110036； 3. 杜燕婕埃森哲(中国)有限公司，上海 201800）

中文摘要:以2014年“沪港通”的实施作为外生事件，基于双重差分模型实证检验“沪港通”政策对于会计信息可比性的影响。研究发现：“沪港通”政策的实施显著提升了上市公司会计信息的可比性；“沪港通”政策通过公司治理机制提高了上市公司会计信息的可比性。“沪港通”政策对于提高我国资本市场的会计信息质量具有一定的积极作用，为我国后续资本市场进一步对外开放提供了经验证据。

中文关键词:沪港通会计信息可比性资本市场开放公司治理

Stock Market Liberalization and Accounting Information Comparability: Evidence from “Shanghai-Hong Kong Stock Connect” Scheme

Abstract:Based on the double-difference model. this paper empirically investigates the impact of the "Shanghai-Hong Kong Stock Connect" policy on the comparability of accounting information. We find that the implementation of the "Shanghai-Hong Kong Stock Connect" policy significantly improves the comparability of accounting information of listed companies. In-depth research we find that the "Shanghai-Hong Kong Stock Connect" policy improves the comparability of accounting information of listed companies through corporate governance mechanisms. The research shows that the "Shanghai-Hong Kong Stock Connect" policy has a positive effect on improving the accounting information quality of China's capital market, and provides empirical evidence for the further stock market liberalization in China.

keywords:Shanghai-Hong Kong Stock Connect accounting information comparability stock market liberalization corporate governance

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