柔性监管:企业股价暴跌风险的事中识别与事后纠偏  

Flexible Regulation:Identification in Process and Correction after the Event of the Stock Price Crash Risk

作　　者：刘柏[1] 卢家锐 LIU Bai;LU Jiarui(School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学商学与管理学院,吉林长春130012

出　　处：《西安交通大学学报（社会科学版）》2022年第4期31-40,共10页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家社会科学基金项目(18BJY232)。

摘　　要：在中国金融风险易发高发期和强调监管包容性的背景下,以资本市场重要监管机构视角研究企业股价暴跌风险的事中识别与事后纠偏,即交易所柔性监管的风险治理逻辑。研究发现,股价暴跌风险越高,交易所发出年报问询函的概率越高,问询次数越多,越需要第三方中介发表核查意见,企业逾期回函时间越长,这表明交易所能从年报事中精准识别企业累积的风险。相对于低风险企业,交易所年报问询函能显著影响高风险企业的媒体报道、投资者关注度、高管薪酬、审计努力和股价定价效率,说明其借助市场力量发挥事后柔性纠偏作用。机制分析发现,投资者信息需求越强,股价暴跌风险越容易被交易所年报问询函事中识别,表明交易所提供的投资者信息互动平台是影响监管者风险识别的重要途径。由此提出应积极探索其他柔性监管手段,与传统处罚性监管结合,实现多种监管方式融合互补,发挥协同治理作用。This paper investigates the identification and correction of the stock price crash risk from the perspective of the exchange,an important regulator of the capital market,namely the risk management logic of the exchange’s flexible supervision,against the backdrop of China’s high risk-prone period and emphasis on regulatory inclusiveness.The results show that the higher the stock price crash risk,the higher the likelihood of the exchange issuing the annual report inquiry letter,the more times of enquiry,the more third-party intermediary agencies are required to issue verification opinions,and the higher the probability of enterprises responding late,indicating that the exchange can accurately identify the risks accumulated by enterprises from the annual report.Furthermore,as compared to low-risk firms,the exchange’s annual report enquiry letter has a considerable impact on media coverage,investor attention,executive compensation,audit efforts,and stock price pricing efficiency of high-risk enterprises,demonstrating that it serves as a post-flexible correction by market forces.The mechanism analysis shows that with the increase of investors’information demand,the stock price crash risk is more easily identified by the exchange’s annual inquiry letters,indicating that the information interactive platform provided by the exchange is an important way to influence the regulator’s risk identification.Therefore,it is proposed that other flexible supervision methods should be actively explored,combined with traditional punitive supervision,to realize the integration and complementation of various supervision methods,and to play a role in collaborative governance.

关 键 词：股价暴跌风险 柔性监管 年报问询函 风险识别 风险治理 投资者信息需求 

分 类 号：F832.5[经济管理—金融学]