随机现场检查能防止IPO企业"带病上市"吗?——基于会计信息质量的视角
Does Random On-Site Inspections Prevent the Misconduct of IPO Companies?——An Analysis from the Perspective of Accounting Information Quality
周冬华 1曾庆梅1
作者信息
- 1. 江西财经大学会计学院(江西南昌 330013)
- 折叠
摘要
证监会IPO随机现场检查是落实以信息披露为核心的证券发行监管制度、提升信息披露质量的重要手段.基于会计信息质量视角,分析证监会IPO随机现场检查的监管效应.研究发现,证监会随机现场检查能够显著抑制盈余管理,改善会计信息质量.作用机制分析发现,随机现场检查促使IPO企业更正前期会计差错,同时强化IPO企业面临的社会监督,其产生的溢出效应有助于进一步规范IPO企业的信息披露,从而提高会计信息质量.进一步研究发现,IPO随机现场检查对正向和负向盈余管理均有显著抑制作用,但对真实盈余管理无显著影响.同时,证监会随机现场检查的监管效应在实行注册制的创业板和科创板的企业中更加显著.此外,随机现场检查对IPO企业应计盈余管理的抑制作用能进一步降低IPO抑价率.
Abstract
Random on-site inspection of IPOs by the SEC is an important tool to implement the securities issuance regulatory system with information disclosure as the core and to improve the quality of information dis-closure.From the perspective of accounting information quality,this paper examines the regulatory effects of the SEC's random on-site inspection of IPOs.It is found that random on-site inspections by the SEC can signif-icantly suppress accrual surplus management and improve accounting information quality.An analysis of the function mechanism shows that random on-site inspections promote IPO firms to correct errors of prior periods and strengthen social supervision faced by IPO firms.The resulting spillover effect helps to standardize infor-mation disclosure of IPOs and to improve accounting information quality.Further study finds that random on-site inspections of IPOs are effective in suppressing both positive and negative accrual earnings management,while exhibiting no significant influence on real earnings management.Meanwhile,the regulatory effect of SEC random on-site inspections on the quality of accounting information is more significant for enterprises in the registration-based GEM and Star Market.In addition,the suppressive effect of random on-site inspections on accrual earnings management of IPO firms can effectively reduce IPO underpricing.
关键词
证券监管/IPO随机现场检查/会计信息质量/盈余管理Key words
SEC regulation/IPO random on-site inspections/accounting information quality/earnings man-agement引用本文复制引用
基金项目
国家自然科学基金面上项目(71972091)
出版年
2024
NETL
NSTL
万方数据