This study examines the impact of capital market liberalization in China on corporate investment efficiency. It finds that a recent reform has restrained overinvestment and improved corporate information disclosure and corporate governance.
![Bridge over ocean](/-/media/images/hero/rpc-theme-heros/bridge-default.jpg?w=2560&hash=C67CE44B69F875C23628FEF2E3F26808)
This study examines the impact of capital market liberalization in China on corporate investment efficiency. It finds that a recent reform has restrained overinvestment and improved corporate information disclosure and corporate governance.