投资者实地调研对企业庞氏融资的治理效应:“眼见为实”还是“雾里看花”?  

The Governance Effect of Investor Site Visit on Corporate Ponzi Financing:Seeing the Truth or Seeing in the Fog?

作　　者：王伊攀 张含笑 Wang Yipan;Zhang Hanxiao(School of Finance,Shandong Technology and Business University,Shandong Yantai 264005,China)

机构地区：[1]山东工商学院金融学院,山东烟台264005

出　　处：《上海财经大学学报（哲学社会科学版）》2023年第5期61-76,共16页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金青年项目“区域政策协同效应影响企业转型升级机制创新研究”(17CJY027)。

摘　　要：党的二十大明确提出,维护国家安全要以经济安全为基础。但近年来日益凸显的企业庞氏融资风险对经济安全构成严峻挑战,因此探寻有效的治理工具成为重要议题。投资者实地调研在揭示庞氏融资方面具备市场化、利益相关性强的优势,但其治理效果尚不明确。文章从信息效应和监督效应两个维度检验了投资者实地调研对企业庞氏融资的影响,结果表明投资者实地调研能有效抑制企业庞氏融资,发挥“眼见为实”的治理效应。其作用机制主要在于通过改善企业信息质量和效率、增强监督完备程度发挥作用,并且治理效果因投资者调研偏好、机构投资者合谋可能性的不同而存在差异。这不仅为防范企业庞氏融资风险提供了有效工具,也有助于更全面地认识投资者实地调研的治理效应。In recent years,the financial market has witnessed frequent incidents of uncertainty and instability,with various risks overlapping and continuing to ferment.As the main financing body of the financial market,the collection of Ponzi financing by enterprises has aggravated the vulnerability of the financial market and posed a serious challenge to economic security.However,existing literature mostly focuses on the causes and consequences of Ponzi financing,while research on prevention and governance tools has not been sufficiently emphasized and explored.Using listed companies from 2010 to 2020 as the research sample,this paper analyzes the effective measures for governing corporate Ponzi financing from the perspective of direct stakeholders(i.e.,investors),and empirically examines the impact and mechanism of investor site visit on corporate Ponzi financing.The findings of this paper indicate that:Investor site visit can constrain corporate Ponzi financing behavior.In terms of the information effect,investor site visit suppresses Ponzi financing by improving the quality and efficiency of corporate information disclosure,while enhancing information transparency plays a positive moderating effect.In terms of the supervision effect,investor site visit curbs Ponzi financing by reducing corporate investment in financial assets,while media supervision has a negative moderating effect.Investor site visit has a more significant effect on smaller-sized and more growth-oriented companies,and those with a lower proportion of institutional investor ownership.This paper quantifies Ponzi financing from a micro-level corporate perspective and extends the micro-level research on financial risks.It fully considers the agency of stakeholders(i.e.,investors),providing concrete and feasible tools for governing corporate Ponzi financing,and analyzes the mechanism and applicable situations of investor site visit,offering insights for achieving a fine-grained governance effect.The study provides a concrete and feasible tool for regulator

关 键 词：庞氏融资 投资者实地调研 信息效应 监督效应 

分 类 号：F272.3[经济管理—企业管理]