摘要
基于2017—2020年沪深A股上市公司数据,探讨上市公司所处地区营商环境优化对公司违规行为的影响。研究发现:优化营商环境有助于抑制公司违规行为的发生,且该结论在经过内生性问题处理和稳健性测试后仍然成立。作用机制检验结果表明,优化营商环境通过减轻企业经营压力(缓解融资约束、降低纳税负担)、改善企业内部控制以及强化企业外部监督(吸引机构投资者和分析师关注),降低了其违规行为发生的概率。进一步研究显示,营商环境优化可以显著弱化公司违规倾向,但并不会提高公司违规被稽查的概率;优化营商环境对不同类型的公司违规行为均存在显著抑制作用。
Based on the data of China's A-share listed companies from 2017 to 2020,this paper explores the impact of business environment where listed companies are located on corporate violations.This paper has found that optimizing the business environment helps to inhibit occurrence of corporate violations,and this conclusion still holds after dealing with endogeneity issues and robustness testing.The results of mechanism test indicate that optimizing the business environment reduces the probability of corporate violations by alleviating operating pressures(easing financing constraints and reducing the burden of tax burdens),improving corporate internal controls,and strengthening corporate external supervision(attracting the attention of institutional investors and analysts).Further research shows that optimizing the business environment can significantly weaken the propensity of corporates to violate regulations,but it will not increase the probability that corporates be audited for violations.The business environment has a significant inhibitory effect on different types of corporate violations.
作者
吴世农
陈韫妍
王建勇
WU Shinong;CHEN Yunyan;WANG Jianyong(Xiamen University,Xiamen 361005;Xiamen National Accounting Institute,Xiamen 361005)
出处
《财贸研究》
北大核心
2023年第9期96-110,共15页
Finance and Trade Research
基金
国家自然科学基金重大项目“中国制度和文化背景下公司财务政策的理论与实践研究”(71790601)。
关键词
营商环境
公司违规
经营压力
内部控制
外部监督
business environment
corporate violations
operating pressure
internal control
external supervision