证券交易所一线监管的有效性研究:基于财务报告问询函的证据

Effectiveness of the Front-line Regulation of the Chinese Stock Exchanges:Evidence From Comment Letters

与以往研究主要集中于证监会监管不同,本文主要关注证券交易所一线监管的有效性。以上交所和深交所信息披露直通车改革的推行为契机,以上市公司收到交易所财务报告问询函为研究对象,研究发现公司收到问询函监管后盈余管理行为得到抑制,且针对前一年年报或当年季报/半年报的收函总数越多或同一财务报告被问询次数越多,则当年的盈余管理降低幅度越大,同时问询函细分特征及问题分类也会显著影响盈余管理程度的降低;进一步地,问询函的监管作用依赖于产权性质和信息环境,对于国有企业和信息环境较差的企业监管效果欠佳。结论表明,交易所通过问询函监管促进了资本市场健康发展,监管机构应加强以问询函为代表的一线监管,突出交易所作为一线监管的主体,从而实现党的十九大报告提出的"创新监管方式"和"防范重大风险"的要求。

Unlike previous studies that focused on penalty regulation of China Securities Regulation Commission,this paper focuses on the effectiveness of frontline regulation of the exchanges. Based on the financial report inquiry letters issued by the exchanges after the implementation of direct channel for information disclosure,we find that after receiving inquiry letters,the earnings management behavior is restrained. The greater number of receipts about the previous year’s annual report or the quarterly/semi-annual report or the more inquiries about the same financial report,the level of earnings management is lower. The characteristics of inquiry letters and the classification of questions also have influence on the earnings management. We further find the weaknesses in the implementation of the inquiry letter policy. The regulatory effect of the inquiry letter depends on the nature of property rights and the information environment. The conclusion indicates that exchanges have facilitated the healthy development of capital market through inquiry letters,and regulators should improve frontline regulation represented by inquiry letters and realize the requirements of'innovating regulatory methods'and'preventing major risks'put forward in the 19 th National Congress of the Communist Party of China.