国有产权、政治关联与会计信息监管  

State-owned Property Rights,Political Connections and the Regulation on Accounting Information

作　　者：蔡吉甫[1] 易蓉 Jifu Cai;Rong Yi

机构地区：[1]江西财经大学会计学院 [2]江西财经大学信息管理学院

出　　处：《会计论坛》2022年第1期83-106,共24页Accounting Forum

摘　　要：本文以2003~2019年沪深A股上市公司的观测数据为样本,研究了国有产权和政治关联对证券市场会计信息监管的影响及其具有的层级效应。研究发现,中央层级的政治关联能够减轻甚至消除与之关联的民营企业因会计信息质量问题而面临的证监会处罚,而省级、市级和县级政治关联对证监会会计信息监管的影响则是弱化的。在国有产权方面,中央、省级和市级国有产权能够显著减轻证监会因会计信息质量问题对央属、省属和市属国有企业的处罚,而县级国有产权对证监会的监管没有影响。本文细化国有产权和政治关联的层级,弥补了现有相关研究的不足,丰富了选择性监管的研究内容和理论内涵,对监管部门深入把握国有产权和政治关联对会计信息监管的影响,加强证券市场执法,规范证券市场会计信息监管,提高上市公司会计信息质量,具有重要的政策启示。This paper theoretically and empirically investigates the effects of state-owned property rights and political connections on the regulation of CSRC on the quality of accounting information in the China's security market using a broad cross-sectional sample of firm-year observations of companies listed on Shanghai and Shenzhen Stock Exchanges in China during the period 2003-2019.Results show that the central-level of political connections can mitigate or even eliminate the punishment of CSRC on the associated private enterprises due to the quality of accounting information,while the effects of provincial,municipal and county-level political connections on the regulation of CSRC on accounting information are weakened.As far as state-owned property rights is concerned,central,provincial and municipal-level state-owned property rights can significantly reduce penalties imposed by CSRC on the the quality of accounting information associated state-owned enterprises,however,county-level state-owned property rights has no influence on CSRC's regulation.This paper refines the hierarchy of state-owned property rights and political connections,and remedies the defects of the existing research,and enriches the research content of selective regulation.The regulators should deeply understand the influence of the state-owned property rights and political connections on securities regulation,strengthen the law enforcement and regulation on accounting information in stock market,enhance the quality of accounting information of listed companies.

关 键 词：会计信息质量 选择性监管 国有产权 政治关联 层级效应 

分 类 号：F275[经济管理—企业管理] F271[经济管理—国民经济] F832.51[政治法律—政治学] D630[政治法律—中外政治制度]