Capital Market Liberalization and Management Tone Manipulation
How to promote the high-quality development of listed companies through capital market liberalization is a major issue facing the current financial reform,and the frequent management tone manipulation highlights the"pain points"and"blocking points"in corporate governance.Taking Shanghai A-share listed companies from 2010 to 2020 as the research sample,this paper examines the impact of the Shanghai-Hong Kong Stock Connect program on management tone manipulation based on PSM-DID model.The study finds that the introduction of the Shanghai-Hong Kong Stock Connect program can inhibit management tone manipulation behavior,and its governance effect is mainly achieved by alleviating corporate financing constraints and improving corporate transparency.It is more pro-nounced in samples of institutional investors with relatively high-level governance,private enterprises,executives with lower levels of o-verconfidence,and leadership separation.Further research shows that the intensity of industry competition weakens the inhibitory effect of capital market opening on management tone manipulation,while analyst tracking strengthens its governance effect.The economic consequences test finds that the Shanghai-Hong Kong Stock Connect program reduced the bankruptcy risk and improved the financial performance by restricting management tone manipulation.This study confirms that capital market Opening has governance spillover effects from the perspective of management tone manipulation,and also provides empirical evidence for promoting listed companies to improve the quality of textual information disclosure.
capital market openingShanghai-Hong Kong Stock Connect programmanagement tone manipulationPSM-DID model
NETL
NSTL
万方数据
维普
