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The effect of overseas investors on local market efficiency:evidence from the Shanghai/Shenzhen–Hong Kong Stock Connect

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Financial Innovation 2023年第1期9卷 1103-1134页

作者： Yan Meng Lingyun Xiong Lijuan Xiao Min Bai School of Economics and Management Inner Mongolia UniversityHohhot 010021Inner MongoliaChina School of Accountancy Jiangxi University of Finance and Economics169 Shuanggang East StQingshanhu DistrNanchang 330013China School of Accounting Finance and EconomicsUniversity of WaikatoHamiltonNew Zealand

Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market *** a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock *** further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock *** are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)*** findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance *** additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash *** conduct various robustness checks to corroborate our *** study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.

关键词： market efficiency Stock Connect market liberalization Overseas investors

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