企业风险与上市公司违规

Enterprise Risk and Listed Company Violation

目前企业风险视角的上市公司违规问题未被关注。本文以2012—2019年沪深A股制造业上市公司为样本,使用Z-Score模型衡量企业风险,检验企业风险对上市公司违规行为的影响及其影响机制,并进一步检验内部控制、产权性质在企业风险影响违规行为过程中的作用。结果表明:企业风险是上市公司违规行为的诱因;企业风险通过加剧业绩下滑压力、造成外部融资困难对违规行为产生影响。进一步研究表明:良好的内部控制可以通过防范企业风险进而抑制违规行为,但无法在企业风险影响违规行为中起抑制作用;企业风险对违规行为的影响在国企、非国企间没有明显差异。实证结果从企业风险角度为监管机构、上市公司治理违规提供借鉴,也为利益相关者依据风险因素识别违规可能性提供新的参考。

At present,the violation of listed company from the perspective of enterprise risk has not been paid attention to.This paper takes 2012-2019 Shanghai and Shenzhen A-share listed manufacturing companies as samples,and uses the Z-Score model to measure the enterprise risk,and empirically examines the impact of enterprise risk on listed company violations and its influence mechanism,and further examines the role of internal control and the ownership type in the process of enterprise risk impact violations.Empirical research finds that enterprise risk has a positive impact on listed company violation behavior,and enterprise risk has an impact on violations by exacerbating the pressure of performance decline and causing external financing difficulties.Further research results indicate that internal control can curb violation behavior by guarding against enterprise risk,but it cannot play a moderating role in enterprise risks affecting violations.There is no significant difference between state-owned enterprises and non-state-owned enterprises in the impact of enterprise risk on violation.The empirical results provide reference for regulatory agencies to govern violations from the perspective of enterprise risk,and provide inspiration for listed company governance violations.In addition,research results provides a new reference basis for stakeholders on how to identify the possibility of violations based on enterprise risks.