并购重组问询函监管的有效性分析  

Effectiveness Analysis of Regulation on Merge and Acquisition Inquiry Letters

作　　者：许文静[1] XU Wen-jing(School of Economics and Management,China University of Petroleum-Beijing,Beijing 102249,China)

机构地区：[1]中国石油大学(北京)经济管理学院,北京市102249

出　　处：《中国流通经济》2022年第10期92-106,共15页China Business and Market

基　　金：国家社会科学基金一般项目“多层复杂网络视角下系统性重要金融机构的识别与监管研究”(20BJY233)。

摘　　要：加强信息披露和全面监管是资本市场高质量发展的重要保障,证券交易所一线问询监管是创新监管方式的重要举措。聚焦并购重组问询函监管效应,以2015—2020年沪深A股发生重大资产重组交易的上市公司为研究对象,实证检验并购重组问询函对公司盈余管理行为的治理效应、影响机理以及公司治理水平与市场环境差异对监管效果的影响。研究表明,并购重组问询函能够抑制并购公司盈余管理水平,收函次数越多,问询函准确性越强,对盈余管理抑制作用越大。并购重组问询函向市场提供了增量信息,并通过缓解信息不对称发挥监管效应。公司内外部治理水平及市场环境等因素影响问询监管效果,内部控制质量越高,外部机构投资者监督力度越强,市场竞争程度越高,问询监管效果就越好。并购重组问询函对资本市场信息质量的提升作用可进一步强化问询监管制度,突出证券交易所一线监管的主体地位,并通过加大问询力度、提高问询质量、提升公司内外部治理水平,达到提升问询监管效率的目的。Strengthening information disclosure and comprehensive supervision is an important guarantee for the highquality development of the capital market,the front-line inquiry supervision of the stock exchange is an important measure to innovate the supervision way.The author focuses on the regulatory effect of merge and acquisition(M&A)inquiry letters.takes companies listed in Shenzhen and Shanghai A-share markets and with major asset restructuring transactions from 2015 to 2020 as the research object,and empirically tests the governance effect and influencing mechanism of M&A inquiry letters on the earnings management behavior of companies,and further tests the influence of differences in corporate governance level and market environment on regulatory effect.It is found that:M&A inquiry letters inhibit the earnings management level of M&A companies;and the more inquiry letters received and the more accurate the inquiry letters are will lead to the stronger inhibition of earnings management.M&A inquiry letters provide market with incremental information,and plays a regulatory effect by alleviating information asymmetry.The enterprises’internal and external governance level and market environment have impact on the effect of inquiry supervision;the higher quality of internal control,the stronger supervision of external institutional investors,and the greater degree of market competition will lead to the better effect of inquiry supervision.The role of M&A inquiry letters in improving the information quality of capital market can further strengthen the inquiry supervision system,highlight the dominant position of the front-line supervision of the stock exchange.And we can achieve the target of improving the efficiency of inquiry supervision by strengthening the inquiry,improving the inquiry quality and promoting the enterprises’internal and external governance level.

关 键 词：并购重组 问询函 盈余管理 一线监管 信息披露 

分 类 号：F275.5[经济管理—企业管理]