关键词: 资本市场开放, 沪港通, 企业财务风险

Abstract: Expanding stock market liberalization and preventing risks in economic and financial fields are important objectives of current economic workBased on the institutional background of “ShanghaiHong Kong Stock Connect Program”，this paper studies the impact of stock market liberalization on corporate financial risk and its mechanismThis paper shows that stock market liberalization effectively mitigates corporate financial risk，and the conclusion is still valid after the robustness testThrough the mechanism test，it is found that stock market liberalization not only relieves financing constraints，but also improves investment efficiency，thus leading to a reduction in corporate financial riskFurther research shows that this effect is more significant for nonstateowned firms and firms with weaker governanceAccordingly，the conclusion of this paper indicates that “ShanghaiHong Kong Stock Connect Program” can mitigate corporate financial risk，avoid financial distress and bankruptcy，which plays a positive role in preventing and resolving micro enterprise risksThis provides a theoretical basis for further expanding stock market liberalization and preventing risks of listed companies

Key words: stock market liberalization, ShanghaiHong Kong Stock Connect Program, corporate financial risk