交易所财务问询监管与会计信息可比性--直接影响与溢出效应

Financial Inquiry Regulation of Exchanges and Accounting Information Comparability:Direct Effect and Spillover Effect

以上市公司会计信息可比性为切入点,探讨了中国资本市场监管方式转型背景下交易所财务报告问询函的监管效应。研究发现:交易所的财务报告问询函不但能提高收函公司的会计信息可比性,而且还能提高同行业、具有审计联结和董事联结关系的未收函公司的会计信息可比性。进一步研究发现:财务报告问询函提高会计信息可比性的影响机制是问询函能遏制管理层的机会主义动机、降低信息不对称和增加公司的违规成本,从而促使收函公司提高会计信息可比性;行业领先者、行业竞争者、“四大”事务所审计的公司、事务所重要客户收到问询函均能强化会计信息可比性的溢出效应。

Taking the comparability of accounting information of listed companies as the entry point, this paper explores the regulatory effect of the inquiry letters in the exchanges’ financial reports under the background of the transformation of the regulatory modes of China’s capital markets.The findings show that the financial report inquiry letter of exchanges can not only promote the comparability of accounting information of the letter-receiving companies, but also improve the comparability of accounting information of the non-letter-receiving companies in the same industry and having the audit-linking and director-linking relationships. The results of further research show that the influencing mechanism of the inquiry letters in financial reports on the improvement of the comparability of accounting information is that the inquiry letters can curb the opportunistic motivation of the management, reduce the information asymmetry and increase the cost of violation of the companies, thus promoting the letter-receiving companies to improve the comparability of accounting information. Upon receipt of inquiry letters, the industry leaders, the industry competitors, the companies audited by the"Big 4" firms, and the important clients of the firms can all enhance the spillover effects of the comparability of accounting information.