证券市场监管降低企业再次违规的效力研究

Study on the Effectiveness of Securities Market Regulation in Reducing Corporate Reviolation

在监管部门不断推进监管制度改革的背景下,我国证券市场上市企业的违规现象仍层出不穷,甚至呈现逐年增长的态势。鉴此,研究证券市场监管处罚效度及其影响因素,进而提升监管效度,对于维护市场秩序具有重大意义。本文运用生存模型及面板泊松回归,实证考察了监管处罚在避免上市企业再违规方面的效度及其影响因素。研究发现:(1)监管处罚具有震慑作用,能有效避免企业的再违规行为;(2)随着监管力度的增强,企业再次违规被发现并被严厉处罚的风险增加;(3)高管团队同质性与媒体报道数量分别从内部治理与外部监督两方面对监管处罚效度产生影响,具体表现为高管团队同质性越高,企业越容易发生再违规行为;积极的媒体报道越多,越有助于避免企业的再违规行为,而消极的媒体报道越多,越不利于避免企业的再违规行为。

The phenomenon of violations by listed companies in China’s securities market is endless and even shows a trend of increasing year by year.As the regulators continue to promote the reform of the regulatory system,it is of great significance to study the validity of regulatory penalties and their influencing factors to maintain the market order.Using survival models and panel Poisson regressions,this paper empirically investigates the effectiveness of regulatory penalties and their influencing factors in avoiding firms’re-violation.The study finds that:(1)regulatory penalties have a deterrent effect and can effectively avoid firms’re-violation;(2)with the strengthening of supervision,the risk of firms’re-violation being detected and severely punished increases;(3)in addition,the homogeneity of executive teams and the number of media reports respectively,have an impact on the effectiveness of regulatory penalties from both internal governance and external supervision,specifically,higher homogeneity of the executive team makes firms more likely to commit re-violation;more positive media coverage helps avoid re-violation,while more negative media coverage does not help avoid re-violation.