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

摘要： 本文以资本市场开放为研究对象，以沪港通和深港通为背景，研究资本市场开放对自愿性信息披露的影响，进一步了解自愿性信息披露的影响因素。基于2011—2017年沪深A股上市公司的数据，利用管理层业绩预测代表自愿性信息披露，采用多期DID模型考察资本市场开放对自愿性信息披露的意愿和精度影响，并检验其内在机制。研究发现，在控制了其他因素的前提下，资本市场开放提高了自愿性信息披露的意愿和精度，经过稳健性检验后结果仍然保持一致。机制分析表明资本市场开放通过公司外部信息需求效应和内部管理层激励效应影响自愿性信息披露的意愿和精度。进一步研究表明，资本市场开放对面临不同内外部环境的公司影响不同。

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