关键词: 资本市场开放, 自愿性信息披露, 外部信息需求效应, 管理层激励效应

Abstract: On the background of Shanghai/ShenzhenHong Kong Stock Connect Program, this paper studies the impact of stock market liberalization on voluntary information disclosure. Based on the data of Ashare listed companies from 2011 to 2017 and using the management performance estimation to represent voluntary information disclosure, this paper uses multiperiod DID model to investigate the causal relationship between the willingness (and accuracy) of voluntary information disclosure and stock market liberalization.The results show that under the premise of controlling other factors, the stock market liberalization improves the willingness and accuracy of voluntary information disclosure, and the results are still robust after the robustness test. The mechanism analysis shows that the stock market liberalization influences the willingness and accuracy of voluntary information disclosure through the effect of external information demand and internal management incentive. In particular, this paper finds that the stock market liberalization has different function for Ashare listed companies with different environment.

Key words: stock market liberalization, voluntary information disclosure, external information demand, management incentive effect