创新监管方式:分行业监管如何影响股价信息含量

Innovative Regulatory Approaches:How the Regulatory Mode by Industry Affects the Informativeness of Stock Price

分行业监管是监管机构创新监管方式、完善一线监管职能的重要举措。以2010—2019年沪深A股非金融类上市公司为样本,在分行业监管政策实施背景下,构建双重差分模型,实证检验了分行业监管对股价信息含量的影响及其作用机制。研究显示,分行业监管实施后,上市公司股票中的价格信息含量提升较为显著。究其机制,分行业监管提高了上市公司信息披露质量,表现为在会计盈余质量低的上市公司中,分行业监管对股价信息含量的提升效果更加明显。进一步分析则发现,分行业监管的政策效果受到同为外部监督机制的分析师以及媒体报道的影响,同时也受限于企业内部控制质量和两权分离度。实证结果说明,分行业监管的治理效应对股市具有积极影响,既丰富了监管机构一线监管的研究以及股价信息含量的影响因素研究,又为监管机构持续深化分行业监管、不断创新监管方式提供了理论支撑。

The regulatory mode by industry is an important measure introduced by the supervisory agencies to innovate supervisory methods and to improve front-line regulatory functions.By using a sample of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2019,a differential dual model is constructed under the background of the implementation of the regulation policies in different industries,and the effect of industry regulation on stock price information content and its mechanism is empirically examined.The Results shows that there is a significant improvement in the informativeness of stock price after the regulatory mode by industry.The mechanism lied behind that is the regulatory mode by industry improves the quality of information disclosure of listed companies and the effect of regulatory mode by industry on informativeness of stock price is more prominent among the listed companies with low accounting earnings quality.Further analysis shows that the policy effect of sector-specific supervision is influenced by the analysts and media reports of the same external supervision mechanism,and is also limited by the quality of internal control and the degree of separation of the two rights.Moreover,results show that the governance effect of regulatory mode by industry has a positive impact on the stock market.It not only enrichesthe research on the first line supervision of regulators and the influencing factors of stock price information content,but also provides theoretical support for regulators to continue to deepen the regulatory mode by industry and continuously innovating regulatory methods.