“广开言路”能抑制公司违规吗  

Corporate Fraud Prevention

作　　者：陈良银 黄俊[2] 陈信元[2] CHEN Liangyin;HUANG Jun;CHEN Xinyuan(Shanghai University of International Business and Economics,201620;Shanghai University of Finance and Economics,200433)

机构地区：[1]上海对外经贸大学会计学院,201620 [2]上海财经大学会计与财务研究院,200433

出　　处：《财贸经济》2024年第1期89-105,共17页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“激励机制、人力资本与公司价值”(72072107);国家自然科学基金青年项目“数字政府建设与资本跨区域流动——基于企业异地投资的视角”(72302141);中央高校基本科研业务费专项资金项目“数字经济高质量发展的特征及驱动策略研究”(2023110139)。

摘　　要：借助中国资本市场的研究场景,从企业内部机制设计的视角,本文利用A股上市公司2003一2019年数据,考察了作为企业内部信息传递机制的内部人举报制度对公司违规行为的影响。实证结果显示,公司内部人举报制度的建立和完善有助于降低公司发生违规行为的概率。截面回归分析的结果显示,内部人举报制度对公司违规行为的抑制作用在内部控制质量较差、分析师跟踪程度较低以及媒体报道较少的公司中较为显著。作用机制检验的结果表明,当员工维权意识更强、薪酬更高和有财务专业背景董事比例更高时,内部人举报制度对公司违规的抑制作用更为明显。进一步分析表明,内部人举报制度还有助于降低公司受到监管问询的概率。本文研究在丰富公司举报制度和违规行为影响因素相关文献的同时,也为上市公司和监管方提供了一定的参考,对全面理解公司内部机制设计、规范内部人行为和促进公司健康发展具有重要意义。Guiding companies to establish more robust internal governance mechanisms has become an important means of restraining corporate fraud.Among these mechanisms,internal whistleblowing,a mechanism that leverages the information advantages of internal employees,is receiving increasing attention from regulatory authorities and listed companies.Driven by the common need of regulatory authorities and listed companies for internal whistleblowing,a systematic internal whistleblowing mechanism is taking shape.According to Article 43 of the Basic Norms for Enterprise Internal Control jointly issued by five ministries in 2008,“Enterprises should establish a reporting and complaint system and a whistleblower protection system”.In reality,statistics show that approximately 25.7%of listed companies have explored and established internal whistleblowing mechanisms.In contrast to the growing attention and practices of regulatory authorities and listed companies,the academic research on internal whistleblowing mechanisms is relatively scarce,especially in terms of largesample empirical analysis.Moreover,the practices of Chinese listed companies provide an important research setting for examining internal whistleblowing mechanisms.Currently,a certain number of listed companies in China have established internal whistleblowing mechanisms,but since regulatory authorities do not mandate such a mechanism,listed companies differ significantly in this regard.Based on data from A-share listed companies for the years spanning from 2003 to 2019,this study investigates the effect of the internal whistleblowing mechanism on corporate fraud.We found that companies with an internal whistleblowing mechanism-and a sound one-have a lower probability of engaging in fraud.The results of cross-sectional tests indicate that in companies with poor internal control and less analyst following and media coverage,the internal whistleblowing mechanism can more significantly suppress corporate fraud.The results of the mechanism test suggest that this inhi

关 键 词：内部人举报制度 分析师跟踪 内部治理 公司违规 

分 类 号：F275[经济管理—企业管理]