我国上市公司舞弊揭发制度建设:基于内容分析的经验证据

公司舞弊揭发制度又称吹哨制度,是抑制公司舞弊、提高公司治理质量的重要制度安排。本文回顾了国外上市公司舞弊揭发立法规制发展情况,指出了我国上市公司舞弊揭发制度建设亟需改进的领域。通过内容分析法对我国128家上市公司反舞弊制度文本从组织设计、舞弊行为界定、舞弊揭发方式、流程等角度展开经验评价,发现我国上市公司舞弊揭发制度存在对损害公共利益的违法行为关注较少、舞弊揭发组织制度设计不健全、对舞弊外部揭发渠道不明确等问题。最后,从公司治理与外部立法视角对我国上市公司舞弊揭发的制度完善及立法建设提出了具体建议。

Corporate fraud disclosure system is also known as whistle-blowing system, which is an important institutional arrangement of suppressing corporate fraud and improving corporate governance quality. The research introduces regulatory system of whistle-blowing in foreign countries, and analyzes the areas which need improvement for China＇s whistle-blowing regulations. The research then performs a textual content analysis for whistle-blowing rule of 128 Chinese listed companies, which covers organizational design, whistle-blowing behavior identification, and whistle-blowing approach and process. The research shows that there are some problems in the fraud disclosure system of listed companies in our country, such as less attention to the illegal behaviors that harm the public interest, imperfect design of the fraud disclosure organization system and unclear external disclosure channels for fraud. The research also provides advice for how to improve whistle-blowing regulation in China＇s security market from the perspectives of corporate governance and legislation.