监管信息公开与上市公司违规  

Regulatory Information Disclosure and Corporate Fraud

作　　者：李文贵 邵毅平 LI Wen-gui;SHAO Yi-ping(School of Accounting,Zhejiang University of Finance and Economics,Hangzhou,Zhejiang,310018,China)

机构地区：[1]浙江财经大学会计学院,浙江杭州310018

出　　处：《经济管理》2022年第2期141-158,共18页Business and Management Journal ( BMJ )

基　　金：浙江省哲学社会科学规划一般项目“浙江民营企业创始人的企业家精神配置效应及其经济后果研究”(20NDJC126YB);国家自然科学基金面上项目“社会信任视角下的决策权配置与民营企业创新:理论分析与实证检验”(72072155)。

摘　　要：论文通过手工收集中国证监会各派出机构2009—2019年的监管信息公开数据,检验发现,监管信息公开越多,上市公司涉及违规的可能性越小,违规次数显著更少;这种抑制效应主要存在于民营企业。区分监管信息类型后发现,前述抑制效应主要源自规范性监管信息公开,而不是行政许可、行政处罚和监管措施类信息公开。区分违规主体后发现,监管信息公开能显著抑制公司和大股东的违规行为,但对高管人员违规没有显著影响;同时,监管信息公开能显著减少公司经营违规,但对信息披露违规没有显著影响。大股东行为、内部控制在监管信息公开和公司违规之间具有部分中介效应,但监管信息公开未能通过改善信息披露质量而影响公司违规行为。相关影响后果检验还发现,监管信息公开在抑制公司违规的基础上能显著增加公司专利申请的数量。As the most important regulator of the capital market, China Securities Regulatory Commission(CSRC) is responsible for maintaining the smooth operation of the capital market, and promoting the high-quality development of the capital market.Since May 2008,the CSRC and its agencies have actively disclosed regulatory information about 135538 and have dealed with applied information publicity about 5553 by the end of 2019.On the other hand, compliance management is the basis of sustainable development of listed companies.Illegal behavior will not only seriously damage the confidence of investors and the value of shareholders, but also increase the instability of the capital market and affect the efficiency of capital allocation.This paper intends to analyze the economic consequences of regulatory information disclosure from the perspective of corporate fraud.Specifically, the following three questions are to be answered: first, can the disclosure of regulatory information restrain corporate fraud? Second, is there a significant difference in the impact of regulatory information disclosure on corporate fraud between state-owned enterprises and non-state-owned enterprises? Third, what is the specific mechanism of regulatory information disclosure to restrain corporate fraud?Based on the regulatory information disclosure data of CSRC from 2009 to 2019,the results show that the more regulatory information disclosure, the less likely the listed companies are to be involved in violations, and the number of violations is significantly less.The inhibitory effect of regulatory information disclosure on corporate fraud mainly exists in non-state-owned enterprises.After distinguishing the types of regulatory information disclosed, it is found that the impact of regulatory information disclosure on corporate fraud mainly comes from the normative regulatory information disclosure, rather than punishment information and administrative licensing information disclosure.Meanwhile, it is found that the disclosure of regulatory informa

关 键 词：监管信息公开 公司违规 内部控制 大股东行为 信息披露质量 

分 类 号：F272.3[经济管理—企业管理]