期刊
FINANCE RESEARCH LETTERS
卷 53, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2022.103587
关键词
Capital market opening; Corporate environmental performance; Financing constraints; Green innovations
This study examines the impact of capital market opening on corporate environmental performance (CEP) using Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as quasi-natural experiments. The findings suggest that capital market opening can enhance CEP, and this conclusion remains robust even after conducting placebo tests and various robustness tests. Further analysis demonstrates that the opening policy alleviates corporate financing constraints and stimulates corporate green innovations. The study also explores the underlying motivation of this relationship, revealing that the improvement in CEP after capital market opening is accompanied by an increase in corporate value.
This study investigates the impact of capital market opening on corporate environmental performance (CEP), using Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as quasi-natural experiments. We find that capital market opening can improve CEP, and our conclusion is robust after a placebo test and a series of robustness tests are conducted. Further investigations show that the opening policy loosens corporate financing constraints and promotes corporate green innovations. We also explore the motivation of this relationship: the improvement of CEP after the opening of the capital market is accompanied by increases in corporate value.
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