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【4月22日】第277期双周学术论坛暨龙马奋进系列讲座

[发表时间]:2019-04-08 [来源]:金融学院 [浏览次数]:

  一、主题:How Can Capital Market Liberalization Encourage Corporate Investment: Evidence from the Shanghai-Hong Kong Stock Connect Program

  二、主讲人:倪骁然,2017年毕业于清华大学经济管理学院获经济学博士学位,现任厦门大学经济学院/王亚南经济研究院助理教授,曾在《经济研究》、《管理世界》、《经济学(季刊)》、《中国工业经济》、Journal of Corporate Finance、Pacific-Basin Finance Journal、European Financial Management、Economics Letters等国内外重要期刊发表论文。

  三、时间:2019年4月12日(周五),中午12:30-13:30

  四、地点:兴旺娱乐 沙河校区丁香园1号楼301会议室

  五、主持人:彭俞超,兴旺娱乐 金融学院讲师

  

  摘要:Employing the launch of the Shanghai-Hong Kong Stock Connect Program as a quasi-exogenous shock, which allows a sub-group of stocks to be investible while others are left non-investible by foreign investors, we find that stock market liberalization encourages capital investment of A-share listed firms. Further analysis indicates that the launch of the program improves investment efficiency, alleviates agency problems, and facilitates equity and debt financing. We fail to observe symmetric effects for H-share listed firms. Overall, our findings indicate that the prospect of increased monitoring associated with capital market liberalization may incentivize firms to seize growth opportunities in order to attract more foreign capital inflows.

  


[编辑]:孙颖