产品市场竞争与信息披露违规:诱发还是治理?——基于古诺和Mlogit模型的分析  

Product Market Competition and Information Disclosure Violations:Induced or Governed?——Analysis Based on Cournot and Mlogit Models

作　　者：贺宝成 阮孝青 HE Bao-cheng;RUAN Xiao-qing(School of Economics & Management, Shaanxi University of Science & Technology,Xi'an 710021, China)

机构地区：[1]陕西科技大学经济与管理学院,西安710021

出　　处：《哈尔滨商业大学学报（社会科学版）》2020年第2期18-31,共14页Journal of Harbin University of Commerce:Social Science Edition

基　　金：陕西省社科界2019年度重大理论与现实问题研究项目(2019Z013);西安市2019年度社会科学规划基金项目(19W44);西安市科技计划:社会发展示范工程软科学研究项目(2019111713RKX001SF005-6);陕西科技大学博士启动基金项目(BJ15-08)。

摘　　要：针对产品市场竞争对披露违规存在“诱发”和“治理”两种相悖观点,构建一个不完全信息古诺模型,利用2010—2017年沪深上市公司数据,采用二值Logit和Mlogit模型进行实证检验。研究结果表明,产品市场竞争越激烈,信息披露违规发生的概率就越高,在进行测度变量替换、倾向得分匹配等检验后结论依然稳健。进一步的异质性研究发现,产品市场竞争的“诱发”效应主要存在于非国有和绩效不佳的企业,对“未按规定披露信息”“误导性陈述”两类违规的影响最为显著,为从产品市场竞争视角防范信息披露违规提供了进一步的理论解释和经验证据。Aiming at the contradictory views of“inducing”and“governing”disclosure violations caused by product market competition,this paper constructs an incomplete information cournot model,using 2010-2017 data of Shanghai and Shenzhen listed companies,and uses binary Logit and MLogit models for empirical testing.The results show that the more intense the product market competition,the higher the probability of information disclosure violations,and the conclusion is still robust after the test of measure variable replacement and propensity score matching.Further heterogeneity study found that the“induced”effect of product market competition mainly exists in non-state-owned and underperforming enterprises,with the most significant impact on the two types of violations of“failing to disclose information in accordance with regulations”and“misleading statements”.This article provides further theoretical explanation and empirical evidence for preventing information disclosure violations from the perspective of product market competition.

关 键 词：产品市场竞争 信息披露违规 “诱发”效应 古诺模型 Mlogit模型 

分 类 号：F235[经济管理—会计学]