Internationalization of Capital Markets and Transparency of Supply Chains:A Quasi-natural Experiment Based on the Inclusion of A-Shares in the MSCI Index
The internationalization of capital market is not only the need to expand international financing and make better use of international financial market but also has multiple external governance effects on the development of China's capital market and the behavior of listed companies.Based on the quasi-natural experiment that A-shares are included in MSCI index,this paper studies the influence of internationalization of capital market on supply chain transparency.It is found that the inclusion of A-shares in MSCI index helps to improve the transparency of supply chain,internationalization strategy and merchant guild culture have played positive and negative regulatory effects respectively in this process.This role is more significant in enterprises that are not state-owned,have a high degree of economic policy uncertainty and a high concentration of supply chain.The mechanism analysis shows that the internationalization of capital market can alleviate the degree of information asymmetry and improve the level of corporate governance by introducing foreign investors,thus improving the transparency of supply chain.The test of economic consequences shows that the internationalization of capital market can improve the value of enterprises and alleviate excessive debt by improving the transparency of supply chain.This paper enriches the related literature on supply chain transparency,and provides important experience for China to deepen the opening of capital market and accelerate the construction of a"double-cycle"new development pattern.
internationalization of capital marketsupply chain transparencyinternationalization strategymerchant guild culture
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