会计与财务[2019年第1期] Stock Market Liberalization and Corporate Cash Holdings: Evidence from China

发布时间:2019-12-19

作  者Yunsen Chen,Xin Dai,Jianqiao Huang *,Xiaoran Ni

关键字:Stockmarketliberalization;Cashholdings;Mainland-HongKongConnect;Quasi-naturalexperiment

摘要/Abstract

We examine the impact of stock market liberalization on corporate cash holdings using the sequential enactment of Mainland-Hong Kong Stock Connect Program as quasi-natural experiments. We find that stock market liberalization is associated with significant reductions in cash holdings. This effect mainly appears among firms with small managerial ownership, high separation of ownership and control, severe financial constraints, and limited investment opportunities. Overall, our study offers original evidence about how stock market liberalization in emerging economies affects firms’ liquidity management decisions.

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