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论文编号：	13190
作者编号：	2120202815
上传时间：	2022/6/7 11:34:16
中文题目：	资本市场开放对企业财务重述的影响 --基于“沪深港通”的准自然实验
英文题目：	The Impact of Capital Market Opening on Enterprise Financial Restatement--A Quasi Natural Experiment Based on "Shanghai Shenzhen Hong Kong stock connect"
指导老师：	刘志远
中文关键字：	资本市场开放、沪深港通、财务重述、代理成本
英文关键字：	Capital market opening; Shanghai Shenzhen Hong Kong stock connect; Financial restatement; Agency cost
中文摘要：	我国已经进入中国特色社会主义新时代，国家正在全面推进改革开放，资本市场的对外开放是我国对外开放的重要组成部分。“沪港通”与“深港通”制度的实施，贯通了境内资本市场与香港资本市场甚至国外资本市场的联系，标志着资本市场由单向开放转为双向开放。资本市场的开放有利于完善我国金融体系的建设，提升金融服务实体经济的能力，促进我国经济高质量发展。企业进行财务重述表明以前的财务报告存在信息失真的情况，对于信息使用者以及企业本身都有不利影响。资本市场开放会引入更成熟的机构投资者和分析师，可以加强对上市公司的监管，改善公司治理水平，降低企业的财务重述行为。因此，本文基于“沪深港通”政策，研究资本市场开放对于企业财务重述的影响，并分析“沪深港通”的政策效应的作用机制。 本文以2010年-2020年沪深A股上市公司为研究样本，建立多期双重差分模型（DID），以“沪深港通”标的企业为实验组，非标的企业为对照组，研究资本市场开放对企业财务重述的影响，探究影响路径，并就高融资约束与低融资约束企业进行了分组讨论。通过实证研究，得出以下结论：（1）“沪深港通”制度的实施降低了企业财务重述的概率；（2）“沪深港通”制度的实施可以降低企业的第一类代理成本和第二类代理成本，从而降低企业财务重述的概率；（3）进一步研究发现，“沪深港通”制度对企业财务重述的影响在不同融资约束水平、不同审计师的企业中不同。“沪深港通”制度的实施显著降低了高融资约束企业、非“四大”审计企业财务重述的概率，在低融资约束以及“四大”审计的企业中，二者关系不显著。 本文的研究有助于评估“沪深港通”政策的实施效果，丰富了资本市场开放的经济后果以及财务重述动因的文献。
英文摘要：	China has entered a new era of socialism with Chinese characteristics. The country is carrying out reform and opening-up in an all-round way. The opening-up of capital market is an important part of China's opening-up. The implementation of "Shanghai- Hong Kong stock connect" and "Shenzhen-Hong Kong stock connect" links the domestic capital market with the Hong Kong capital market and even the overseas capital market, marking the transition from one-way opening to two-way opening. The opening of capital market is helpful to perfect the construction of China's financial system, promoting the ability of financial service to real economy, and improving the high-quality development of China's economy. The financial restatement of the enterprise indicates that there is information distortion in the previous financial report, which has a negative impact on the information users and the enterprise itself. The opening of capital market can bring in more mature institutional investors analysts, which can strengthen the supervision of listed companies, improve corporate governance and reduce corporate financial restatements. Therefore, based on the policy of "Shanghai-Shenzhen-Hong Kong stock connect", this paper studies the impact of capital market opening on corporate financial restatement. Besides, we also analyzes the mechanism of the policy effect of "Shanghai-Shenzhen-Hong Kong stock connect". This paper takes the listed companies of Shanghai and Shenzhen A shares from 2010 to 2020 as the example, and establishes the multi-time-point difference in differences model. We take the target enterprises of "Shanghai-Shenzhen-Hong Kong stock connect" as the experimental group, the non-target enterprises as the control group. We study the impact of capital market opening on corporate financial restatement. Through the empirical analysis, we draw the following conclusions. First,the opening-up policy reduces the probability of financial restatement. Second, it can reduce the first kind and the second kind of agency cost, and thus reduce the probability of financial restatement. Third, further research shows that the impact of the "Shanghai Shenzhen Hong Kong stock connect" system on corporate financial restatement is different in enterprises with different levels of financing constraints and different auditors. The implementation of the "Shanghai Shenzhen Hong Kong stock connect" system significantly reduces the probability of financial restatement of enterprises with high financing constraints and non "big four" audit enterprises. But, in enterprises with low financing constraints and "big four" audit, the relationship between the two is not significant. The study of this paper is helpful to evaluate the effect of the implementation of "Shanghai-Shenzhen-Hong Kong stock connect" policy, enrich the literature on the economic consequences of capital market opening and the motivation of financial restatement.
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