经济管理学刊（中英文版）

资本市场对外开放降低股价崩盘风险吗？ — 基于“沪深港通”机制的实证研究

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作者：曹洪絮，朱嘉能

摘要：

本研究以沪深港通为背景，采用双重差分模型（DID）分析资本市场开放对中国上市公司股价崩盘风险的影响。结果表明，沪深港通显著降低了公司股价崩盘风险，主要机制包括提高公司治理水平和增加股价特质信息含量。此外，政策对非四大会计师事务所审计、分析师关注度低及市场化程度高的公司效果更为显著。通过稳健性检验，结论依然成立。本研究拓展了资本市场开放对股价崩盘风险影响的文献，为政策制定者和公司提供了重要启示。

关键词：沪深港通；股价崩盘风险；信息披露；公司治理

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