Abstract
Capital market liberalization is an important part of Chinese opening-up strategy, and the Shanghai-Hong Kong Stock Connect is a substantial reform of capital market liberalization in China. It not only directly affects stock price risks, but also indirectly affects corporate behavior. Taking 2012-2017 Chinese A-share market listed companies as a sample, using propensity score matching and difference-in-difference methods, this paper studied the impact of Shanghai-Hong Kong Stock Connect on corporate innovation efficiency. Results shows that the implementation of the Shanghai-Hong Kong policy not only increase corporate innovation level, but also has a significant positive impact on the innovation efficiency of enterprises. The research results provide theoretical basis and practical evidence for Chinese subsequent capital market opening policy.
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