引导性监管有效吗?——来自“质量回报双提升”行动的证据  

Is Guiding Regulation Effective?Evidence from the“Dual Improvement in Quality and Returns”Initiative

作　　者：熊凌云[1] 彭林鑫 杨李娟 刘伟清 Xiong Lingyun;Peng Linxin;Yang Lijuan;Liu Weiqing

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]江西财经大学应用经济学博士后流动站,江西南昌330013

出　　处：《证券市场导报》2025年第4期27-39,共13页Securities Market Herald

基　　金：国家社会科学基金一般项目“数字经济时代数据安全风险与大中小企业融通创新研究”(24BJY201);江西省自然科学基金管理科学类(决策咨询)项目“江西省科技企业信用风险评估模型及其预警机制研究”(20244BAA10053);江西省教育厅科学技术研究青年项目“国家绿色数据中心赋能企业新质生产力的机制与政策研究”(GJJ2400410)。

摘　　要：引导性监管能够克服行政处罚性监管高成本和非处罚性监管被动适应的局限,是一种重要的证券监管创新。本文以深市A股上市公司为研究对象,手工整理响应深交所“质量回报双提升”专项行动的上市公司数据,考察上市公司发布“质量回报双提升”公告的市场反应。研究发现,公司发布“质量回报双提升”公告,展示了其强化主营业务、提升创新能力、提高信息披露质量和公司治理水平的决心,增强了投资者对企业未来发展的信心,进而使市场产生积极反应。异质性分析发现,在创新水平低、代理成本高、投资者保护程度低和信息不对称程度高的企业中,引导性监管的有效性更显著。进一步分析发现,“质量回报双提升”公告产生的市场反应是短期的;公告内容的实质性与诚意度越高,市场反应越积极;优质公司对“质量回报双提升”行动的响应更积极、响应速度更快。本文对监管机构进一步强化引导性监管、提升上市公司质量和回报水平具有重要启示。Guiding regulation is an important innovation in securities regulation,addressing the high costs of punitive administrative regulation and the passivity of non-punitive approaches.Using A-share listed companies on the Shenzhen Stock Exchange as the research sample,this study manually compiles data on firms responding to the Shenzhen Stock Exchange’s“Dual Improvement in Quality and Returns”initiative and examines the market reaction to“Dual Improvement in Quality and Returns”announcements issued by listed companies.The study finds that companies issuing“Dual Improvement in Quality and Returns”announcements demonstrate their commitment to strengthening core business operations,enhancing innovation capacity,improving information disclosure quality and corporate governance levels.This,in turn,boosts investor confidence in the company’s future development,leading to positive market reactions.The heterogeneity analysis finds that the effectiveness of guiding regulation is more pronounced in firms with lower levels of innovation,higher agency costs,weaker investor protection,and greater information asymmetry.Further analysis reveals that the market reaction to the“Dual Improvement in Quality and Returns”announcement is short-term.The more substantive and sincere the announcement content,the stronger the market’s positive reaction.High-quality companies tend to respond more actively and quickly to the“Dual Improvement in Quality and Returns”initiative.This study provides important insights for regulators seeking to further strengthen guiding regulation and improve the quality and returns of listed companies.

关 键 词：引导性监管 投资者保护 质量回报双提升 市场反应 

分 类 号：F832.5[经济管理—金融学]