Abstract: Based on the perspective of corporate transparency, using A-share listed companies from 2012 to 2015 as samples and using the quasi natural experimental platform of the "Shanghai Hong Kong Stock Connect" opening up, a double difference model was used to examine the impact of capital market opening on corporate transparency. Research has found that larger daily trading volume of stocks, fewer zero return days, and a decrease in analyst tracking are related to capital market openness, which can improve the transparency of listed companies. Further analysis indicates that the potential ways for capital market openness to improve transparency of listed companies are influenced by the level of external judicial efficiency and the optimization of internal corporate governance.

Keyword: Capital market openness; Shanghai-Hongkong Stock Connect; Corporate transparency; Information quality