The Impact Of Capital Market On The Quality Of Enterprise Information Disclosure

The 14th Five-Year Plan clearly points out that building a modern economic system requires us to abandon the inertial thinking of single high-speed development and shift the focus of our work to high-quality economic development.Enriching the connotation of opening to the outside world and improving the level of two-way opening-up are the inevitable requirements of deepening the reform of the capital market and optimizing the quality of economic development.After the implementation of the "SH-HK stock connect"and "SZ-HK stock connect",the inclusion of A shares in the MSCI index,as another representative event in the process of China’s capital market opening to the outside world,marks an important step forward on the road of capital market interconnection.On the other hand,good information disclosure quality is a necessary condition for the sustainable development of listed companies,but at present,violations of information disclosure are common in China’s A-share market,which has seriously damaged the overall financing environment and damaged the interests of investors.In the past,many mathematicians focused on the economic consequences of capital market opening events such as "SH-HK stock connect and "SZ-HK stock connect",while there were relatively few studies on the inclusion of A shares in MSCI index.Therefore,under the new situation of financial services for the real economy and opening-up leading the development pattern,it is very significant for us to deeply explore the relationship between the inclusion of A shares in MSCI index and the quality of enterprise information disclosure.A shares are included in the MSCI index,and all stocks are naturally divided into treatment group and control group to form a quasi natural experimental platform.Therefore,this thesis uses the inclusion of A shares in MSCI index as the proxy event of capital market opening,uses the data of A-share companies from 2015 to 2020,and makes an empirical study based on Multiphase DID model to explore the impact of capital market opening on the quality of enterprise information disclosure,and further studies the difference of the impact in different situations and the transmission mechanism between the two.The empirical conclusions of this thesis are as follows:firstly,the inclusion of A shares in MSCI index significantly improves the quality of information disclosure of enterprises,and the results are robust after placebo test,propensity score matching estimation,considering the"Shanghai Shenzhen Hong Kong stock connect"mechanism and deleting the removed enterprises.Secondly,the results of heterogeneity analysis show that the enterprises with higher separation of two rights and smaller board of directors have greater improvement in the quality of information disclosure.This shows that the further opening of the capital market has made up for the deficiencies in the internal governance of enterprises to a certain extent.Finally,the research results of transmission mechanism show that the inclusion of a shares in MSCI index improves the quality of information disclosure by improving the information environment and increasing the proportion of institutional investors.The above conclusions not only accumulate empirical basis for the impact of A-share inclusion in MSCI index on the quality of enterprise information disclosure,but also provide experience for improving enterprise information disclosure system,promoting the two-way opening of capital market and the internationalization of other emerging capital markets.