年报问询函能抑制企业非效率投资吗?  

Can Annual Report Inquiry Letters Suppress Inefficient Enterprise Investment?

作　　者：曾辉祥[1] 龚方圆 孟双武[2] ZENG Huixiang;GONG Fangyuan;MENG Shuangwu(School of Business,Central South University,Changsha 410083,China;Xiangya Stomatological Hospital,Central South University,Changsha 410008,China)

机构地区：[1]中南大学商学院,湖南长沙410083 [2]中南大学湘雅口腔医院,湖南长沙410008

出　　处：《山东财经大学学报》2023年第3期108-120,共13页Journal of Shandong University of Finance and Economics

基　　金：国家自然科学基金项目“企业环境失责的财务效应:环保督查动态响应视角”(71904208)。

摘　　要：作为交易所一线监管的重要手段,年报问询函制度的监管效果受到政策制定者与学术界的广泛关注。为了检验年报问询函对公司投资效率的影响,采用固定效应计量模型以2017—2019年中国A股主板上市公司为研究样本进行实证检验,结果表明:年报问询函能有效抑制被问询公司的非效率投资行为,且这种抑制效应会因问询回合、问询问题数量等特征而存在显著差异;进一步分析表明,公司所在地区的外部治理环境是年报问询函发挥其公司治理效应的重要边界条件。不仅丰富了年报问询函经济后果和企业投资效率影响因素的相关文献,也为完善资本市场监管体系和实现金融服务实体经济提供了参考。As an important means of frontline supervision by exchanges,the regulatory effect of the annual report inquiry letter system has received widespread attention from policy makers and academia.In order to test the impact of annual report inquiry letters on company investment efficiency,this study,with China A-share mainboard listed companies from 2017 to 2019 as research samples,conducts an empirical testing by adopting a fixed effect econometric model.The research results show that annual report inquiry letters can effectively suppress the inefficient investment behavior of the inquired companies,and there will be significant differences in this inhibitory effect due to the features of inquiry rounds and the number of inquiry questions.Further analysis shows that the external governance environment in the region where the company is located is an important boundary condition for annual report inquiry letters to exert their corporate governance effect.The research findings not only enrich the relevant literature on the economic consequences of annual report inquiry letters and the factors affecting enterprise investment efficiency,but also provide reference for perfecting the capital market regulatory system and achieving the goal of finance serving the real economy.

关 键 词：年报问询函 非效率投资 外部治理环境 监管转型 

分 类 号：F275.1[经济管理—企业管理]