预防性监管能减少企业非效率投资吗?——来自中注协年报审计监管约谈的经验证据

Can Preventive Supervision Reduce Corporate Inefficient Investment?--Empirical Evidence from the Annual Report Audit Supervision and Interview of Chinese Institute of Certified Public Accountants

中注协预防性监管作为会计师事务所行业自律监管的重要手段,在消除资本市场监管真空、增强微观企业竞争力和推动宏观经济高质量发展方面发挥着至关重要的作用。文章基于2012—2022年沪深A股上市公司数据,实证检验了中注协预防性监管对企业非效率投资的影响。研究发现,中注协预防性监管能够显著抑制企业非效率投资行为,既能缓解企业投资不足,又能改善企业投资过度。同时,中注协预防性监管对企业非效率投资的抑制作用在机构持股比例较低、分析师关注度较低,以及非交叉上市的企业中更加显著。机制分析发现,中注协预防性监管能通过缓解融资约束和降低代理成本两个渠道,分别改善企业投资不足和抑制企业投资过度。研究结论丰富了外部监管影响企业投资效率的相关文献,同时对完善中注协年报审计监管约谈制度、更好地服务资本市场健康发展具有重要启示意义。

The preventive supervision of the Chinese Institute of Certified Public Accountants(CICPA)plays a crucial role in eliminating regulatory vacuums in the capital market,enhancing the competitiveness of micro-enterprises,and promoting high-quality development of the macro economy as an important means of industry self-regulation and supervision of accounting firms.Based on data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2022,this article empirically examines the impact of CICPA's preventive supervision on corporate inefficient investment.The study finds that CICPA's preventive supervision can significantly curb inefficient corporate investment behavior,improving underinvestment and alleviating overinvestment of enterprises.Moreover,the inhibitory effect of CICPA's preventive supervision on inefficient corporate investment is more significant in companies with lower institutional shareholding,lower analyst attention,and those that are not cross-listed.Mechanism analysis reveals that CICPA's preventive supervision can improve underinvestment and curb overinvestment through two channels:alleviating financing constraints and reducing agency costs.The research conclusions enrich the relevant literature on the impact of external supervision on corporate investment efficiency and provide important implications for improving CICPA's annual report audit supervision and interview system,ultimately better serving the healthy development of the capital market.