中国版SOX制度对上市公司财务绩效影响的效应测度

Measurement of Effect of Chinese Version of SOX on Financial Performance of Listed Companies

基于中国上市公司的数据,本文采用核匹配和DID方法测度了中国版SOX制度对于上市公司财务绩效的影响效应。研究发现,在控制其他因素影响的条件下,中国版SOX制度对上市公司财务绩效提升具有显著的促进效应。进一步研究发现:中国版SOX制度对于高质量审计的上市公司财务绩效具有促进效应,对低质量审计的上市公司财务绩效具有抑制效应;中国版SOX制度对于上市公司财务绩效的作用受到上市公司规模的影响,即上市公司规模越大,中国版SOX制度对于财务绩效的促进效应越大;中国版SOX对于低负债上市公司的财务绩效提升具有促进效应,但对于高负债上市公司的财务绩效提升具有抑制效应。因此,为了充分发挥中国版SOX制度对于上市公司财务绩效提升的促进作用,政府应采用配套法规提高上市公司的内控审计质量,还应慎重地将强制性披露内部控制审计的制度推广到中小板、创业板等上市公司。

Based on the data of Chinese listed companies, this paper uses kernel matching and the method of difference in difference(DID) to empirically test the effect of the Chinese version of the SOX system on the financial performance of listed companies. It is found that the Chinese version of the SOX system has a significant promoting effect on the financial performance of listed companies, excluding the effect of other factors on the financial performance of listed companies. A further research indicates that the Chinese version of the SOX system has a positive effect on the financial performance of the listed companies with high quality audit, but it has a restraining effect on the financial performance of the listed companies with low quality audit. Besides, the effect of the Chinese version of the SOX system on the financial performance of listed companies is affected by the scale of listed companies, that is, the larger the scale of listed companies, the greater the promotion effect of the Chinese version of the SOX system on the financial performance. Moreover, the Chinese version of SOX has a positive effect on improving the financial performance of low indebted listed companies, but it has an inhibitory effect on the financial performance of highly indebted listed companies. Therefore, in order to give full play to the role of the Chinese version of the SOX system in promoting the financial performance of listed companies, the government should adopt regulations to improve the internal audit quality of listed companies, and should also be cautious in extending mandatory disclosure of internal control audit system to the small and medium board, GEM(growth enterprise market), and other listed companies.