上市公司监管问询方式创新的影响研究——来自股票市场反应的证据

Influence of Supervision Inquiry Mode Innovation of Listed Companies:Evidence from Stock Market Reaction

上海证券交易所2020年对上市公司年报监管进行创新,由以往全部采用问询函的方式转换为监管问询函和监管工作函并行的监管模式。监管工作函的披露机制不同于问询函,公司无须在收函时立即进行对外披露,而是可以在公司回函时一同对外披露,旨在以此减少从收函到回函的时间周期内因信息不对称所导致的股价波动。以A股上市公司数据为样本,结果支持了上述政策效应。研究发现,相对于问询函收函公告,市场对于工作函回函公告日附近的负面反应程度更小。进一步研究显示,相比问询函收、回函公告日附近的累计市场反应之和,市场对于工作函回函公告日附近的累计市场反应在总量上无统计差异。此外,在监管问询函和工作函并行的方式下,工作函的实施并未加大问询函的市场影响。

Shanghai Stock Exchange innovated the supervision of the annual reports from the listed companies in 2020 by transforming from the previous mode of all adopting inquiry letters to the current supervision mode of adopting parallel supervision inquiry letters and supervision working letters. The disclosure mechanism of supervision working letters is different from that of inquiry letters. Instead of disclosing to the public at the time of receiving the letters, the companies concerned can do the disclosure to the public while replying to the letters so as to reduce the stock price volatility caused by the information asymmetry in the time cycle from letter receipt to letter reply. With the data of A-share listed companies as the sample, the empirical results support the above policy effects. It is found that compared with the announcement of the inquiry letter receipt, the market has smaller negative reaction degree near the announcement date of the working letter reply. Further research shows that compared with the sum of the cumulative market reactions near the announcement date of the inquiry letter receipt and reply, the accumulated market reactions of the market near the announcement date of the working letter reply has no statistical difference in terms of total amount. In addition, under the mode of parallel supervision inquiry letters and working letters, the implementation of working letters has not increased the market influence of the inquiry letters. The above research conclusions will help policymakers to deepen their understanding of the economic consequences of capital market supervision policies.