交通基础设施升级与上市公司违规减少  

Transportation Infrastructure Upgrades and Reduced Violations of Listed Companies

作　　者：闫佳敏 金刚[1] YAN Jiamin;JIN Gang(BusinessSchool,Nanjing University,Nanjing,210093)

机构地区：[1]南京大学商学院

出　　处：《中国经济问题》2024年第5期104-118,共15页China Economic Studies

基　　金：国家自然科学基金项目(72373063);国家社会科学基金重大项目(19ZDA049)。

摘　　要：减少上市公司违规行为是保障资本市场有效运行的基石。本文考察了交通基础设施升级对公司违规行为的影响效应及其机制。研究发现,高铁开通显著减少了公司的违规行为,且这一影响主要体现在违规空间更大的企业、国有企业以及行业竞争激烈的企业。构造“最小生成树”工具变量克服内生性问题且进行平行趋势等稳健性检验后,上述结论依然成立。高铁开通对公司违规行为的影响效应既来自公司内部信息透明度的提升,也源于外部治理环境的改善。其中,高铁开通不仅便利了分析师与审计机构等传统外部主体的监管,也同时促进了媒体的异地监督。Reducing violations by listed companies is the cornerstone of ensuring the effective operation of the capital market.This paper examines the effect of transportation infrastructure upgrading on corporate violations and its mechanism.It is found that the opening of high-speed rail significantly reduces corporate violations,and this effect is mainly reflected in firms with more space for violations,state-owned enterprises,and firms with fierce competition in the industry.After constructing the“minimum spanning tree”instrumental variable to overcome the endogeneity problem and conducting robustness tests such as parallel trend,the above conclusion still holds.The effect of the opening of high-speed rail on corporate violations comes from both the improvement of internal information transparency and the improvement of external governance environment.In particular,the opening of high-speed rail not only facilitates the monitoring by traditional external agents such as analysts and auditors,but also promotes off-site monitoring by the media at the same time.

关 键 词：高铁开通 公司违规 信息不对称 外部治理 

分 类 号：F512[经济管理—产业经济] F832.51