Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022)

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The Impact of Capital Market Opening on the Corporates’ Financialization

Authors
Huiyuan Zheng1, Zhao Zhang2, *
1University of Southern California, Los Angeles, USA
2Xi’an Jiaotong University, Xi’an, China
*Corresponding author. Email: zhangzhao5356@126.com
Corresponding Author
Zhao Zhang
Available Online 29 March 2023.
DOI
10.2991/978-94-6463-124-1_16How to use a DOI?
Keywords
Capital market; financialization; economic development; international trade; real economy
Abstract

This paper studies the influence of the opening degree of the stock market represented by the stock market on the degree of financialization of corporates. Taking the Shanghai-Hong Kong Stock Connect as the experimental object, we find that the opening of the capital market can significantly improve the degree of financialization of corporates. After heterogeneity test and robustness test, the results are still valid. With the improvement of the degree of capital market opening and the difference of time, the effect of improving the financialization of corporates will be more obvious. In addition, with the active international trade, the influence of capital market on the financialization of different industries also changes with the change of influencing factors. The research of this paper proves that the development mode of “capital market opening intensifies corporate financialization” is still reasonable. This study also adds to the evaluation of the policy of capital market opening and is related to the research literature on the economic benefits of capital market opening.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
29 March 2023
ISBN
10.2991/978-94-6463-124-1_16
ISSN
2352-5428
DOI
10.2991/978-94-6463-124-1_16How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Huiyuan Zheng
AU  - Zhao Zhang
PY  - 2023
DA  - 2023/03/29
TI  - The Impact of Capital Market Opening on the Corporates’ Financialization
BT  - Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022)
PB  - Atlantis Press
SP  - 128
EP  - 138
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-124-1_16
DO  - 10.2991/978-94-6463-124-1_16
ID  - Zheng2023
ER  -