The “Shanghai-Hong Kong Stock Connect” program is an important measure of stock market liberalization. Based on the DID model, we use Shanghai A-share listed firms from 2010 to 2019 as samples to investigate the impact of capital market opening on the firm internationalization strategy. The empirical results indicate that: the implementation of the connect has a significant positive impact on the internationalization scope, internationalization speed and regular internationalization rhythm. Further studies show that international board of directors plays an important role in the relationship between capital market liberalization and internationalization strategy of micro enterprises. The mechanism of above effect is through improving the information environment and relieving the financing constraints of the company. This study revealed the effectiveness of the connect from the perspective of corporate governance, and provided theoretical evidence and empirical reference for the follow-up implementation of connectivity mechanism.