Does the Capital Market Opening Improve the Price Discovery Efficiency of Stock Market? An Empirical Research Based on Shanghai-Hong Kong Stock Connect

Table 7

Capital market opeing and earnings quality.

	Full sample		PSM sample
	Coefficient	T value	Coefficient	T value
Post	−0.002	−0.53	−0.001	−0.13
Open	0.012	3.26	0.012	1.65
Post  Open	0.003	0.54	−0.005	−0.62
Size	−0.008	−3.84	−0.004	−1.16
Leverage	0.004	0.53	0.005	0.42
Roa	−0.498	−13.04	−0.532	−8.22
Growth	0.002	0.33	0.004	0.72
Firstholder	0.021	2.31	0.000	1.97
Managershare	−0.018	−2.36	0	−1.05
Boardsize	0	0.26	0	−0.08
Independ	0.01	0.42	0.052	1.6
SOE	−0.001	−0.38	−0.010	−2.11
Dual	0	0.11	−0.004	−0.81
Big4	0.022	5.23	0.018	3.31
Analyst	0	−0.74	0	−0.74
Liquidity	−2.012	−1.23	−2.047	−0.82
MB	−0.044	−7	−0.047	−4.79
Turnover	−0.001	−1.1	0	−0.31
Age	0	−1.21	0	−0.79
Intercept	0.161	3.9	0.107	1.9
Industry	Yes		Yes
Adj R2	0.087		0.096
N	6491		2514

Note: indicates significance at the 1% level, indicates significance at the 5% level, and indicates significance at the 10% level.