Will External Guarantees Affect the Transparency of Accounting Information of Listed Companies?A Perspective from the Regulatory Role of Securities Supervision
Against the backdrop of high-quality development proposed by the 20th National Congress of the Communist Party of China,this study empirically analyzes the impact of external guarantees on the transparency of accounting information as well as the differential regulatory effects of different securities regulatory methods.Leveraging data on external guarantees and the transparency of accounting information from listed companies spanning 2015 to 2021,the findings reveal that there is a significant negative correlation between external guarantees and the transparency of accounting information,that is,the higher the proportion of external guarantees,the lower the transparency of accounting information.In comparison with random inspections conducted by the China Securities Regulatory Commission,inquiry supervision by stock exchanges and administrative penalty supervision by the China Securities Regulatory Commission exhibit a notable negative moderating effect on the relationship between external guarantees and the transparency of accounting information.Further research finds that the relationship between external guarantees and the transparency of accounting information is more significant in non-state-owned companies and those with lower management shareholding ratios.Therefore,companies must exercise rigorous caution in approving external guarantees,while regulatory agencies should enhance existing regulatory methods and strengthen supervision of companies with external guarantees so as to promote greater transparency in accounting information.
external guaranteestransparency of accounting informationsecurities regulation
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