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倪骁然| 第277期双周学术论坛暨龙马奋进系列讲座

[发布日期]:2019-04-08  [浏览次数]:

一、主题:How Can Capital MarketLiberalization Encourage Corporate Investment: Evidence from the Shanghai-HongKong 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》、Journalof Corporate Finance、Pacific-Basin Finance Journal、EuropeanFinancial 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:中央财经大学沙河校区丁香园1号楼301会议室

五、主持人:彭俞超,中央财经大学金融学院讲师

摘要:Employing the launch of theShanghai-Hong Kong Stock Connect Program as a quasi-exogenous shock, whichallows a sub-group of stocks to be investible while others are leftnon-investible by foreign investors, we find that stock market liberalizationencourages capital investment of A-share listed firms. Further analysisindicates that the launch of the program improves investment efficiency,alleviates agency problems, and facilitates equity and debt financing. We failto observe symmetric effects for H-share listed firms. Overall, our findingsindicate that the prospect of increased monitoring associated with capitalmarket liberalization may incentivize firms to seize growth opportunities inorder to attract more foreign capital inflows.



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