Capital Market Liberalization and Listed Company Liquidity Management：Empirical 
Research based on Shanghai-Hong kong and Shenzhen-Hong kong Stock Connect

Abstract

Abstract: Based on the background of the continuous opening of China′s capital market and the implementation of Shanghai- Hong Kong stock connect and Shenzhen- Hong Kong stock connect, this paper studies the impact of capital market opening on liquidity management of listed companies in China from the perspective of cash holding and financial flexibility accumulation.The results show that the implementation of the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the sensitivity of the increase of cash holdings of listed companies to the net operating cash flow, and weakens the negative correlation between the accumulation of financial flexibility and investment expenditure of listed companies.Further research shows that the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect improves the market value of accumulated financial flexibility of listed companies; in non-state-owned holding companies, the implementation of Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect reduces the dependence of the same group effect of corporate investment on financial flexibility, and weakens the same group effect of increasing cash holdings.

Key words: capital market liberalization, Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect, liquidity management, cash holding, financial flexibility

JIANG Yong-hong，ZENG Chen-guang，HE Lu-li. Capital Market Liberalization and Listed Company Liquidity Management：Empirical Research based on Shanghai-Hong kong and Shenzhen-Hong kong Stock Connect [J]. 商业研究.

References

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Capital Market Liberalization and Listed Company Liquidity Management：Empirical Research based on Shanghai-Hong kong and Shenzhen-Hong kong Stock Connect

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