How Does the “Shanghai-Shenzhen-Hong Kong Stock Connection Schemes” Impact the Excess Goodwill?

Qunyang Du, Zhennan Sun, Tianle Yang and Xinran Shi

Emerging Markets Finance and Trade, 2025, vol. 61, issue 5, 1151-1159

Abstract: Emerging capital markets are critical to global economic development and financial market stability. Therefore, with annual data of 2,701 listed firms from 2012 to 2020, the paper evaluates the effect of “Shanghai-Shenzhen-Hong Kong Stock Connection schemes” (SHSZ&HKSC) on excess goodwill with the quasi-natural experiment. The results show that the SHSZ&HKSC significantly reduces excess goodwill, where the potential paths of influence are analyst attention and foreign ownership. The in-depth analysis suggests that the reducing effect is more pronounced in firms with higher technological innovation and management quality.

Date: 2025
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DOI: 10.1080/1540496X.2024.2420600

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