Capital Market Opening and Green Investors' Entry-A Quasi-natural Experiment of "Mainland-Hong Kong Stock Connect" Trading System
This study uses data from A-share companies from 2009 to 2022 and employs a multi-period double difference model to examine the impact of capital market liberalization on the entry of green investors.The research findings suggest that capital market liberalization can attract a larger number of green investors to invest in targeted companies,thus enhancing their stock holdings.Mechanism tests show that capital market liberalization,by easing corporate financing constraints and increasing levels of green innovation,as well as promoting green actions and corporate social responsibility,contributes to attracting green investors.Constraint tests indicate that in companies with high pollution risk,companies with high levels of executive environmental attention,and companies in eastern and central China,the promotion effects of capital market liberalization on the entry of green investors are more significant.
Capital Market OpeningGreen InvestorThe Shanghai-Hong Kong Stock ConnectThe Shenzhen-Hong Kong Stock ConnectMulti-period DID Model
NETL
NSTL
万方数据
