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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 4 期

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How Shanghai鄄Hong Kong Stock Connect Influences Cash Holdings

YANG Xingquan & LI Shasha
(School of Economics and Management, Shihezi University, Shihezi, Xinjiang 832003, China)

Abstract: As another milestone of China蒺s capital market opening to the outside world, the opening of the Shanghai鄄Hong
Kong Stock Connect not only has a profound impact on the linkage between Shanghai and Hong Kong but also has a series of mar鄄
ket effects. Taking the Shanghai鄄Hong Kong Stock Connect as a policy shock and all A鄄share listed companies from 2010 to 2017
as samples, this paper discusses how the Shanghai鄄Hong Kong Stock Connect affects the company蒺s cash holdings. The results
show that Shanghai鄄Hong Kong Stock Connect can improve the cash holding level of a company, and its main approach is govern鄄
ance effect rather than the effect of relieving financing constraint. The increase in cash holdings stems from the reduced cash dis鄄
sipation caused by curbing the over鄄investment, and the surplus funds are used for R&D investment and dividend distribution.
Further research shows that the Shanghai鄄Hong Kong Stock Connect can improve the cash holding value. Moreover, the above鄄
mentioned effect is more significant in the companies with high agency cost and low growth. Therefore, we should pay full atten鄄
tion to the external governance effect of Shanghai鄄Hong Kong Stock Connect, promote and consummate the opening mechanism of
capital market and give full play to the market function of capital market opening to the world.
Key Words: capital market opening; Shanghai鄄Hong Kong Stock Connect; cash holding; corporate governance; financial
constraint; cash holding value
(本文责编摇 潘端莲)

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