This paper takes the random inspection system of the China Securities Regulatory Commission(CSRC)as a quasi-natural experiment to investigate the influence of fairness of regulation and law enforcement on the high-quality development of enterprises and its internal mechanism.The study finds that the CSRC random inspection system significantly improves the total factor productivity of listed companies,suggesting that the fairness of regulation and law enforcement can effectively promote the high-quality development of enterprises.This conclusion remains valid after a series of robustness tests.Further testing on the fairness effect of the random inspection system shows that compared with the effect of external regulation,the promotion effect of the random inspection system on the high-quality development of enterprises is mainly due to the improvement of the"randomness"and"openness"of regulation and law enforcement.The mechanism test finds that the fairness of regulation and law enforcement promotes the high-quality development of enterprises by enhancing the quality of accounting information and exerting the deterrent effect of penalizing violations.
random inspectionsupervision and enforcing lawhigh-quality developmenttotal factor productivityfairness
国家科技期刊平台
NSTL
万方数据
