违规处罚对上市公司财务绩效的影响研究

Research on the Influence Mechanism of Violation Punishment on the Financial Performance of Listed Companies

文章以我国2011—2020年A股上市公司为对象,研究上市公司遭受违规处罚对财务绩效的影响。研究发现,违规处罚对上市公司财务绩效的影响显著为负,违规处罚能够通过融资约束来降低上市公司财务绩效;同时,社会责任有效调节违规处罚与财务绩效之间的关系,违规处罚与社会责任的交互效应能够促进上市公司财务绩效的提升。通过进一步构建多期DID模型,发现加大违规处罚力度也会对上市公司财务绩效造成冲击。

This paper takes China's A-share listed companies from 2011 to 2020 as the research object,and studies the impact of violation punishment on financial performance of listed companies.As a result,violation punishment has a significant negative impact on the financial performance of listed companies,illegal punishment can reduce the financial performance of listed companies by intensifying financing constraints.At the same time,social responsibility also effectively regulates the relationship between violation punishment and financial performance,and the interaction between violation punishment and social responsibility can promote the financial performance of listed companies.Through rurther constructing a multi-phase DID model,it is found that increasing the penalties for violations will also have an impact on the financial performance of listed companies.