不涸泽而渔:长期导向文化能否减少监管问询?

Not Drain the Pond to Get all the Fish:Can Long-Term Oriented Company Get Less Inquiry Letters?

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摘要本文基于监管问询在上市公司监管制度设计中的重要性,以及非正式的文化特征显著影响公司行为决策的背景,通过文本分析提取公司文化与问询数据,研究具有长期导向文化的公司是否较少受到监管层的问询。研究发现:其一,公司文化的长期导向程度越高,公司受监管问询的可能性越低;其二,就问询过程而言,长期导向文化越高的公司受到问询的力度越轻,问询词数越少、问题数量越少,对企业风险与管理层的问题也相对越少;其三,从产权性质来看,长期导向文化程度越高的民营企业中受到问询的可能性越低,但在国有企业未发现显著关系;其四,基于PSM-DID的研究设计,发现长期导向文化程度较高的公司受到问询后,更有可能改进内部控制水平,同时盈余反应系数也越高。 Based on the importance of regulatory inquiry in the design of regulatory system of listed companies and the background that informal cultural characteristics significantly affect corporate behavior decision-making,this paper uses text analysis to extract corporate culture and inquiry data to study whether companies with long-term oriented culture are less inquired by regulators.The study found that:first,the higher degree of long-term orientation culture a firm has,the lower possibility of regulatory inquiry the firm gets.Second,in terms of the inquiry process,companies with stronger long-term oriented culture are less inquired,less questions,and less questions about enterprise risks and management.Third,from the perspe ctive of the ownership structure,the long-term orientation culture makes private enterprises less likely to be questioned,but significant relationship isn’t found in state-owned enterprises.Fourth,based on the research design of PSM-DID,it is found that companies with high long-term oriented culture are more likely to improve the level of internal control and increase the earnings response coefficient after being questioned.

作者方巧玲徐慧宋祖泽文彩 Qiaoling Fang;Hui Xu;Zuze Song;Cai Wen(School of economics and Management,Fuzhou University,Fuzhou,China 350108;School of Accounting,Yunnan University of Finance and Economics,Kunming,China 650221;Sichuan Changhong Co.,Ltd.,Mianyang 621050;School of Management,Zhaotong University,Zhaotong,China 657000)

机构地区福州大学经济与管理学院云南财经大学会计学院深圳振邦智能科技股份有限公司昭通学院管理学院

出处《当代会计评论》 2023年第1期132-158,共27页 Contemporary Accounting Review

基金国家自然科学基金项目“企业集团内部市场与数字化转型:基于生产要素溢出的视角”(72362033) “经济政策不确定性、高管文化特征与公司并购”(71862036) “监管问询、公司外部治理与股价信息效率”(71902035) 教育部人文社科项目“双碳目标下混改促进国企低碳发展的作用机制与实现路径研究”(22YJA630025) 云南省基础研究计划项目“灾难冲击、企业集团内部市场与公司成本费用调整效率”(202101AT070219)的阶段性研究成果

关键词问询函文化长期导向产权性质 inquiry letter culture long-term orientation ownership structure

分类号 F270 [经济管理—企业管理] F275 [经济管理—企业管理] F832.51 [经济管理—金融学]

作者简介方巧玲,讲师,E-mail:29173013@qq.com;通讯作者:徐慧,副教授,E-mail:hui.xu@ynufe.edu.cn;宋祖泽,E-mail:2674312336@qq.com;文彩,助教,E-mail:1654274921@qq.com。