投资者实地调研与上市公司违规:作用机制与效果检验  

Investors’Site Visit and Corporate Violation:Mechanism and Effect

作　　者：卜君 孙光国 Bu Jun;Sun Guangguo

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,116025

出　　处：《会计研究》2020年第5期30-47,共18页Accounting Research

基　　金：财政部“会计名家培养工程”和辽宁省教育厅青年科技人才“育苗”项目(LN2020Q01)的资助。

摘　　要：上市公司质量是一国经济发展和资本市场运行的基石。本文分别从事前和事后的视角考察了投资者实地调研与上市公司违规之间的作用机制及其作用效果。研究发现,在事前,投资者实地调研能够通过发挥信息效应与治理效应抑制公司违规行为;在事后,投资者实地调研还能够提高违规行为被稽查的效率。进一步地,对作用效果深入考察后发现对于违规空间更大、违规动机更强、所处行业可实地观察信息更多的公司,投资者实地调研对其违规行为产生的影响更加明显。研究结果为当前监管部门规范上市公司运作、完善投资者实地调研制度、加强投资者保护等方面提供了有益的启示。The quality of listed companies is the cornerstone of a country’s economic development and capital market operation.From the perspective of both before and after,this paper investigates the mechanism and effect between investors’site visit and the violation of listed companies.The results show that in advance,the investor’s site visit can restrain the company’s violate behaviors by giving play to the information effect and the governance effect.After the event,the investor’s site visit can also improve the efficiency of detection of violation behavior.Furthermore,after in-depth investigation,this paper finds that for companies with larger space for violation,stronger motivation for violation and in the industry which has more information to be observed on the spot,the impact of investors’site visit on their violation behavior is more obvious.The results of this paper provide some beneficial enlightenment for the regulatory authorities to standardize the operation of listed companies,improve the system of investors’site visit and strengthen investor protection.

关 键 词：实地调研 上市公司违规 违规稽查 

分 类 号：F832.51[经济管理—金融学]