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277th BiweeklyAcademic Forum

Published:2019-04-08  Views:

Topic: How CanCapital Market Liberalization Encourage Corporate Investment: Evidence from theShanghai-HongKong Stock Connect Program

Speaker: Xiaoran NI, holding a Ph.D. inEconomics of the School of Economics and Management of Tsinghua University, is anAssociate Professor at the School of Economics/Wang Yanan Institute ofEconomics of Xiamen University. He published papers in “Economic Research Journal”, “Management World”, “Economics(Quarterly)”, "China Industrial Economy", “Journal of CorporateFinance”, “Pacific-Basin Finance Journal”, “European Financial Management”,“Economics Letters” and other important journals at home and abroad.


Time: 12:30-13:30, Friday, April12, 2019

Venue: Room 301, Building No.1 of Dingxiang Park, Shahe Campus of CUFE

Moderator: AssistantProfessor Yuchao PENG, School of Finance, Central University of Finance andEconomics

Abstract:Employing the launch of theShanghai-Hong Kong Stock Connect Program as a quasi-exogenousshock, whichallows a sub-group of stocks to beinvestiblewhile others are leftnon-investible by foreigninvestors, we find that stock market liberalizationencourages capital investment of A-share listed firms.Further analysisindicatesthat the launch of the program improves investment efficiency, alleviatesagency problems, and facilitates equity and debt financing. We failto observe symmetric effects forH-share listed firms. Overall, our findingsindicate that the prospect of increased monitoring associatedwith capitalmarket liberalization mayincentivize firms to seize growth opportunities inorder to attract more foreign capital inflows.




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