Research On The Influence Of Capital Market Opening On Enterprise Investment Efficiency

While China is actively participating in the world economic cycle,the capital market is also gradually opening up,and deepening the opening of the capital market has been paid more and more attention by the government.This paper focuses on the economic effect of capital market opening at the micro level and studies the impact of capital market opening on the investment efficiency of listed companies in China.In terms of research ideas,this paper introduced the exogenous event of "Shanghai-Hong Kong Stock Connect" policy in 2014,selected the samples as A-share listed companies from 2012 to 2016,and divided the samples into "Shanghai-Hong Kong Stock Connect" policy experimental group and control group through appropriate screening methods,and obtained 2420 effective observation values.Then select double difference model to evaluate the policy of "Shanghai-Hong Kong Stock Connect" effect,in order to further explore its action mechanism,this paper combines the research of scholars at home and abroad in the asymmetric information theory and principal-agent theory,on the basis of establishing the stock information content and agency cost these two intermediary variables are used to analyze the transmission mechanism,A stepwise regression model is constructed to judge the mediating effect.The final empirical results show that the opening of capital market significantly improves the investment efficiency of listed companies.This economic effect is on the one hand because the opening of capital market improves the stock price information content of listed companies,on the other hand,because the opening of capital market reduces the agency cost of enterprises.Further in the heterogeneity analysis,the empirical results show that the mediating effect of stock price information content is more obvious in stocks with high financing constraints.After empirical analysis,this paper proposes that the country should continue to expand the level of capital market opening and actively improve the quality of information disclosure of listed companies,so as to promote the efficiency of listed companies’ resource allocation.