Research On The Opening Of Capital Market And The Quality Of Listed Companies

For the quality of listed companies,The State Council,the CSRC in different meetings for many times put forward and introduced the relevant documents,listed companies,stock investors have also given its greater attention.As a reform and innovation mechanism for the opening up of the capital market,the implementation of the Shenzhen-Hong Kong Stock Connect trading system has attracted the attention of many scholars.So how to evaluate the quality of listed companies,whether the opening of the capital market can effectively improve the quality of listed companies.Existing studies have examined the economic consequences of the Shenzhen-Hong Kong Stock Connect system on the opening of the capital market,but there are insufficient studies on whether it will affect the quality of listed companies.Based on the above background,the thesis constructs the quality evaluation system of listed companies and explores the relationship between the opening of the capital market and the quality of listed companies.This thesis reviews the economic consequences of capital market opening and the research status of the factors affecting the quality of listed enterprises,evaluation,models and methods.Based on signal theory,principal-agent theory,stakeholder theory,balanced scorecard theory,ESG theory and endogenous growth theory,based on practical problems and related policy content,this thesis constructs a comprehensive quality evaluation system of listed companies from three dimensions of value creation,R&D innovation and ESG performance by entropy weight method,providing a model for quality evaluation of listed companies.Taking the A-share listed companies on the main board of Shenzhen from 2011 to 2020 as samples,this thesis uses the differential model and takes the Shenzhen-Hong Kong Stock Connect policy as an entry point to investigate how the opening up of the capital market affects the quality of listed companies.The results show that the quality of listed companies is improved after the opening of the capital market.According to the test results of intermediary mechanism,financing constraint can play an obvious intermediary role between the opening of capital market and the quality of listed companies.Further research shows that in the samples of state-owned enterprises,high concentration of equity,high proportion of institutional investors and low quality of information disclosure,the opening of capital market helps to improve the quality of listed enterprises.In this thesis,there are some innovations in the path analysis of the influence of capital market opening on the quality of listed companies.From the perspective of financing constraints,the mechanism of the influence of capital market opening on the quality of listed companies is deeply discussed,the evaluation methods of the quality of listed companies are expanded,and the research on the economic consequences of capital market opening is enriched.It breaks through the limitations of existing literature and enriches its overall content.