一线金融监管的治理效应及其作用机制——兼论《证券交易所管理办法》的修订效果

Governance Effect and Mechanism of Front-line Supervision——Also on the Revision Effect of Measures on Stock Exchange

近年来,加强以沪深交易所为主要依托的一线金融监管成为“转变政府职能、创新监管方式”的重要举措。本文基于2004—2018年沪深交易所处罚公告数据,探讨了一线金融监管的治理效应及其作用机制。实证研究发现:(1)由于沪深交易所天然的信息优势和治理效应,一线金融监管提升了上市公司的信息披露质量和内部治理水平,该作用效果受到被处罚次数和公示单位的影响。(2)机制检验表明,一线金融监管还具有外溢效应:可通过引发媒体和投资者的普遍关注形成有效的监管合力,从而实现共同维护资本市场秩序的目的。(3)2017年修订的《证券交易所管理办法》进一步强化了一线金融监管效果。通过上述研究,本文一方面丰富了金融监管、信息披露、内部治理效果这些领域的研究;另一方面旨在通过检验一线金融监管的治理效应,为政府职能部门“放松管制、加强监管”提供经验证据。

In recent years,strengthening the front-line financial supervision based on Shanghai and Shenzhen Stock Exchange has become an important measure to"transform government functions and innovate supervision methods".Based on the penalty announcement data of Shanghai and Shenzhen Stock Exchange from 2004 to 2018,this paper discusses the governance effect and mechanism of front-line financial supervision.The empirical research finds that:(1)Due to the natural information advantage and governance effect of Shanghai and Shenzhen Stock Exchange,front-line financial supervision improves the information disclosure quality and internal governance level of listed companies,and the effect is affected by the number of penalties and the publicity units.(2)The mechanism test shows that front-line financial supervision also has spillover effect:it can form effective regulatory synergy by attracting the attention of the media and investors,so as to jointly maintain the order of the capital market.(3)The revised"Measures on Stock Exchange"in 2017 further strengthened the effect of front-line financial supervision.Through the above research,on the one hand,this paper enriches the research on financial regulation,information disclosure,internal governance effect;On the other hand,it aims to provide empirical evidence for government functional departments to"relax regulation and strengthen supervision"by testing the governance effect of front-line financial supervision.