信息披露监管模式变更影响企业投资效率吗?——基于双重差分模型的实证检验

Does the Change of Information Disclosure Supervision Model Affect the Investment Efficiency of Enterprises?--Empirical Test Based on DID Model

基于制度变迁理论考察信息披露监管模式由“辖区监管”变更为“分行业监管”对投资效率的影响。研究发现:分行业信息披露监管模式的实施有效抑制了上市公司非效率投资行为,且对于低质量信息披露以及高盈余管理行为的上市公司抑制效应更加明显;提高会计信息可比性,降低代理成本是其发挥抑制作用的重要路径。在排除了替代性解释和内生性问题以及通过安慰剂检验后,研究结论仍然成立。

Based on the theory of institutional change,this paper investigates the impact of the change of information disclosure supervision mode from“jurisdiction supervision”to“industry supervision”on investment efficiency.The study found that the implementation of the information disclosure supervision model by industry effectively inhibits the inefficient investment behavior of listed companies,and the inhibitory effect is more obvious for the listed companies with low quality information disclosure and high earnings management behavior.Improving the comparability of accounting information and reducing agency costs are important paths for them to play an inhibitory role.The results remained true after controlling for alternative explanations and endogeneity problems,as well as placebo tests.