Capital market opening and corporate environmental performance: Empirical evidence from China

被引：18

作者：

Zhang, Rongwu ^{[1
]}

Fu, Wenqiang ^{[1
]}

Lu, Tong ^{[2
]}

机构：

[1] Guangzhou Univ, Sch Management, Guangzhou 510006, Guangdong, Peoples R China

[2] Univ Houston, CT Bauer Coll Business, Houston, TX 77204 USA

来源：

FINANCE RESEARCH LETTERS | 2023年 / 53卷

关键词：

Capital market opening; Corporate environmental performance; Financing constraints; Green innovations; LIBERALIZATION; GROWTH; OPENNESS; ECONOMY; POLICY;

D O I：

10.1016/j.frl.2022.103587

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of capital market opening on corporate environmental performance (CEP), using Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as quasi-natural experiments. We find that capital market opening can improve CEP, and our conclusion is robust after a placebo test and a series of robustness tests are conducted. Further investigations show that the opening policy loosens corporate financing constraints and promotes corporate green innovations. We also explore the motivation of this relationship: the improvement of CEP after the opening of the capital market is accompanied by increases in corporate value.

引用

页数：7

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