Taking listed companies of strategic emerging industries as the research subject, this paper uses KZ index to measure the degrees of financing constraints and financial intermediary as well as the stock market to represent the level of financial development. Then empirical models are constructed...

Using Shanghai-Hong Kong Stock Connect program as a quasi-natural experiment, we examine whether and how stock market liberalization affects companies’ R&D disclosure in China. Contrary to the positive impact of market liberalization on overall firm disclosure, we find that market...