Research on the Influence of Capital Market Liberalization on Corporate M&A Financing: Based on Multi-period Difference-in-Difference Experimental Evidence of “Mainland-Hong Kong Stock Connect”

doi:10.15936/j.cnki.1008-3758.2024.01.003

Abstract

Abstract: The “Mainland-Hong Kong Stock Connect” policy is an important step in the opening of China's capital market. Using this exogenous event and taking the Shanghai and Shenzhen A-share M&A events from 2010 to 2019 as samples， this paper uses the multi-period Difference-in-Difference method to test the impact of “Mainland-Hong Kong Stock Connect” on corporate M&A financing. The results show that the connect can reduce the cost of equity and debt financing， expand the scale of external financing and alleviate the financing constraints. And this effect is more significant in undiversified M&A and in non-relevance corporations. By further exploring the influence mechanism of “Mainland-Hong Kong Stock Connect” on M&A financing， this paper finds that the policy alleviates the M&A financing problems of corporates through two ways: improving the information environment and strengthening the governance effect. Therefore， M&A corporates should respond to the “Mainland-Hong Kong Stock Connect” policy positively so as to introduce more mature foreign investors and improve the efficiency and effect of M&A.

Key words: “Mainland-Hong Kong Stock Connect”; merger and acquisition(M＆A); external financing costs; external financing scale; financing constraints

CLC Number:

F275

YAO Haixin， DU Xinyu， ZHANG Xiaoxu. Research on the Influence of Capital Market Liberalization on Corporate M&A Financing: Based on Multi-period Difference-in-Difference Experimental Evidence of “Mainland-Hong Kong Stock Connect”[J]. Journal of Northeastern University(Social Science), 2024, 26(1): 17-30.

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