关键词: 沪港通, 企业避税, 公司治理, 信息质量 ,

Abstract: As an important part of Chinas financial supplyside reform, stock market liberalization has significantly changed the characteristics of Chinas capital markets trader structure, which may have a profound impact on the selfinterest behavior of listed firms. Based on the institutional background of “ShanghaiHong Kong Stock Connect Program”, this paper shows that the stock market liberalization can inhibit corporate tax avoidance. Through the mechanism test, it is found that the stock market liberalization not only helps to improve corporate governance and suppress the executives incentives for tax avoidance and rentseeking, but also improves the corporate information quality and increases the cost of tax avoidance, thus leading to a reduction in corporate tax avoidance. Further research shows that this effect is more significant for firms in regions with low tax collection and management intensity. Accordingly, the conclusion of this paper indicates that “ShanghaiHong Kong Stock Connect Program” can serve as an effective external governance mechanism, promoting the regulation of corporate behavior and helping improve the efficiency of tax collection and management. This provides a theoretical basis for further deepening the opening up of the financial market.

Key words: “ShanghaiHong Kong Stock Connect Program”, corporate tax avoidance, corporate governance, information quality