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论文编号：	13116
作者编号：	2120202829
上传时间：	2022/6/6 19:07:42
中文题目：	资本市场开放对上市公司财务违规行为的影响——基于“沪深港通”政策的实证研究
英文题目：	The impact of Capital Market Opening on Financial Irregularities of Listed Companies——An Empirical Study Based on Shanghai（Shenzhen）-Hong Kong Stock Connect Policy
指导老师：	陆宇建
中文关键字：	资本市场开放；沪深港通；财务违规
英文关键字：	capital market opening；Shanghai（Shenzhen）-Hong Kong stock connect；financial irregularities
中文摘要：	改革开放以来，我国资本市场不断发展，给企业的快速发展提供了机会，但与此同时，也发生了公司为获取自身利益而进行财务违规的现象。企业作为资本市场中的重要角色，其财务违规行为会影响资本市场的健康运行。虽然资本市场具备自我调节能力，监管部门也加强了监管及惩处力度，但是，我国上市公司仍然会发生财务违规事件。为加快资本市场的完善，引入更加优秀的境外投资者，我国政府出台了“沪深港通”制度。“沪深港通”政策的实施，不仅有利于促进我国经济的繁荣发展，还能够通过境外投资者的监督减少上市公司的财务违规，更加有效地建设市场经济。 本文首先对资本市场开放、“沪深港通”政策、财务违规等重要内容进行文献回顾。接着基于有效市场假说、委托代理理论等相关理论，提出本文的研究假设，以我国非金融行业A股上市公司为研究对象，采用实证研究的方法，探究“沪深港通”政策对公司财务违规的影响，同时验证“沪深港通”政策对公司财务违规的作用机制，并对上述回归进行稳健性检验。最后引入上市公司股权性质、是否由“四大”审计、上市公司股权集中度以及上市公司董事长与总经理的二职合一进行进一步的分析。研究发现：（1）“沪深港通”政策的实施能够有效地抑制上市公司的财务违规行为；（2）股价信息含量以及公司治理在“沪深港通”政策对上市公司财务违规行为的抑制作用中起到了中介效应，验证了二者在其中的作用机制；（3）国有企业、国际“四大”的外部审计以及高股权集中度均减弱了“沪深港通”政策对公司财务违规的抑制作用，而董事长与总经理的二职合一促进了“沪深港通”政策对公司财务违规的抑制作用。最后通过研究结论提出相应的政策建议。
英文摘要：	Since the reform and opening up, the continuous development of my country's capital market has provided opportunities for the rapid development of enterprises, but at the same time, there have also been the phenomenon of financial irregularities by companies to obtain their own interests. Enterprises play an important role in the capital market, and their financial irregularities will have a serious impact on the capital market and affect the healthy operation of the capital market. Although the capital market has the ability to self-regulate, and the Chinese government and regulatory authorities have also strengthened supervision and punishment, the financial irregularities of Chinese companies are still emerging one after another. In order to speed up the improvement of the capital market and introduce more outstanding foreign investors, the Chinese government has introduced the "Shanghai（Shenzhen）-Hong Kong Stock Connect" system. The implementation of the "Shanghai（Shenzhen）-Hong Kong Stock Connect" policy is not only conducive to promoting the prosperity and development of my country's economy, but also can reduce the financial irregularities of listed companies through the supervision of foreign investors, and build a more effective market economy. This dissertation firstly reviews the literature on the opening of the capital market, the "Shanghai（Shenzhen）-Hong Kong Stock Connect" policy, and financial irregularities, and then takes Chinese non-financial A-share listed companies as the research object, using a combination of qualitative analysis and empirical testing. Explore the impact of the "Shanghai-Shenzhen-Hong Kong Stock Connect" policy on the company's financial irregularities, and verify the mechanism of the "Shanghai-Shenzhen-Hong Kong Stock Connect" policy on the company's financial irregularities, and conduct a robustness test for the above regressions. Finally, it introduces the nature of the listed company's equity, whether it is audited by the "Big Four", the concentration of the listed company's equity, and the combination of the chairman and the general manager of the listed company for further analysis. The study found that: (1) the implementation of the "Shanghai （Shenzhen）-Hong Kong stock connect" policy can effectively curb the financial violations of listed companies; (2) the information content of stock price and corporate governance play an intermediary role in the inhibition of the "Shanghai Shenzhen Hong Kong stock connect" policy on the financial violations of listed companies, and verify the mechanism of the two; (3) The external audit of state-owned enterprises, the international "big four" and the high equity concentration have weakened the inhibitory effect of the "Shanghai（Shenzhen）-Hong Kong stock connect" policy on the company's financial violations, while the combination of chairman and general manager has promoted the The inhibitory effect of the "Shanghai（Shenzhen）-Hong Kong Stock Connect" policy on companies' financial irregularities. Finally, through the research conclusions, this dissertation puts forward the corresponding policy suggestions, summarizes the shortcomings of this research, and looks forward to the future research direction.
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