法律保护是行政监管的有效补充吗？——基于上市公司虚假陈述行政处罚的实证检验

Is Administrative Supervision an Effective Supplement for Legal Protection: Empirical Evidence Based on the Study of Administrative Penalty Events Involving False Statements of Listed Companies

本文考察了当上市公司因虚假陈述受到证监会行政处罚时,地区法律保护水平差异是否以及如何影响资本市场的短期反应。研究表明,地区法律保护水平与受罚公司累积异常收益率之间呈显著正相关,这表明法律保护水平发挥了补充治理作用,进一步分析发现其存在“事前威慑”和“事后监督”两种治理渠道。研究结果为法律保护的补充治理功能提供了证据支持,为加强投资者民事法律保护提供了理论参考。

This paper studies whether differences in legal protection level affect short-term capital market reactions when listed companies are subject to administrative penalties of misrepresentation from the CSRC.The results show that the legal protection level is positively correlated with the CAR,which means it plays a complementary role in corporate governance.Furthermore,we find that“ex ante deterrence”and“ex post supervision”are two main governance channels.The results provide evidence to support the complementary relationship of administrative supervision and civil litigation,and make theoretical basis for strengthening the civil legal protection of investors as well.