发审委员个人特征影响发审质量吗  

Dose the Personal Characteristics of the Public Offering Committee Members Affect the Issuance Quality

作　　者：徐巍 姚文韵[1] 尤梦颖 Xu Wei

机构地区：[1]南京财经大学会计学院,200035

出　　处：《会计研究》2022年第5期92-104,共13页Accounting Research

基　　金：国家社会科学基金项目(19BGL056)的资助

摘　　要：发行审核制度在很长一段时间内对中国资本市场产生了重大影响,本文从高阶理论出发,以性别特征作为切入点,利用每次发审会组成委员相对随机的特点,检验了发审委员个人特征和发审质量的关系。实证结果表明女性发审委员参与审核会显著降低申请公司过会率,而由女性发审委参与审核通过的公司,上市后会计业绩、市场业绩以及合规性均好于没有女性参与审核的上市公司。进一步研究发现,女性发审委员作用的发挥和其相对地位、职业背景相关。这些发现说明,在存在发行准入管制的情况下,资本市场的资产供给不可避免地受到管制执行者个体特征的影响。因此,在进一步的注册制改革中,放松管制,降低人为因素的干扰,将资源配置交由市场决定可能有其必要性和合理性。The Public Offering Review Committee plays a significant role in China’s capital market,in which the individual determines whether the company can be listed or not.Following the Upper Echelons Theory,this paper tests the relationship between the personal characteristics of the Public Offering Review Committee members and the Issuance Quality.The empirical result show that the participation of female committee members significantly reduced the pass rate of applicant companies.Listed companies approved by the female committee members have better accounting and market performance,lower violation probability,than those of the listed companies approved by an all-male Committee.Further study found that,effects of female Public Offering Review Committee members is related to their relative status and professional background.These findings indicate that the asset supply in the capital market is inevitably affected by the individual characteristics of the regulatory executors in the case of issuance access regulation.Therefore,in the further reform of the offering system,should reduce the interference of human factors,and allocate resources by the market.

关 键 词：发审委员 性别特征 发审质量 

分 类 号：F832.51[经济管理—金融学]