监管执法公平促进企业高质量发展了吗?——基于证监会随机抽查制度的准自然实验
马永强 1陈伟忠 1张正懿1
作者信息
- 1. 西南财经大学会计学院,四川成都 611130
- 折叠
摘要
本文以证监会随机抽查制度作为准自然实验,深入考察了监管执法公平对企业高质量发展的影响及其内在机理.研究发现,证监会随机抽查制度显著提升了上市公司的全要素生产率,即监管执法公平能够有效促进企业高质量发展.该结论经过系列稳健性检验后仍然成立.进一步检验随机抽查制度的公平性效果,发现相较于外部监管效果,随机抽查制度对企业高质量发展的促进作用主要源于监管执法"随机性"和"公开性"的提升.机制检验发现,监管执法公平通过改善会计信息质量、发挥违规惩戒效应来促进企业高质量发展.
Abstract
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.
关键词
随机抽查/监管执法/高质量发展/全要素生产率/公平性Key words
random inspection/supervision and enforcing law/high-quality development/total factor productivity/fairness引用本文复制引用
基金项目
国家自然科学基金国际(地区)合作与交流重点项目(72010107001)
国家自然科学基金面上项目(72372135)
出版年
2024
国家科技期刊平台
NSTL
万方数据