摘要
基于2015—2020年A股上市公司数据,从公司权益资本成本的角度考察了中国监管问询机制带来的经济后果。研究结果表明,与未收到年报问询函的公司相比,收到年报问询函的公司在收函后面临更高的权益资本成本。在此基础上,采用中介效应检验证实了投资者信心是年报监管问询影响权益资本成本的一条有效路径。进一步分析发现,分析师不倾向于跟踪预测被出具问询函的企业,但收到重组类函件的企业在收函后权益资本成本反而更低。作为事后监管的一种重要手段,证券交易所问询函形式并未因其“非处罚性”而丧失效力,其不但有助于投资者及时调整投资决策,同时也有助于警示上市公司主动规范其信息披露行为。
Based on the data of A-share listed companies from 2015 to 2020,this paper studies the economic consequences of China's regulatory inquiry mechanism from the perspective of equity capital cost.The results show that companies that receive annual report inquiries face higher equity capital cost than those that do not.On this basis,we use the mediating effect test to confirm that investor confidence is an effective path to affect theequity capital cost.Further analysis shows that analysts are not inclined to track and forecast the companies that have been issued inquiry letters;however,the equity capital cost of companies that have received restructuring letters is lower on the contrary.As a main means of postmortem supervision,the supervision in the form of inquiry letter of China's stock exchange will not lose its effectiveness because of its non-punitive nature.Regulatory inquiry can not only help investors adjust investment decisions in time,but also alert listed companies to actively regulate their information disclosure behavior.
作者
张震
李一秀
郭照蕊
Zhang Zhen;Li Yixiu;Guo Zhaorui(School of Finance and Business,Shanghai Normal University,Shanghai 200234,China;BDO China Shu Lun Pan Certified Public Accountants LLP,Shanghai 200002,China)
出处
《东方论坛（青岛大学学报）》
2024年第5期69-84,共16页
Eastern Forum（JOURNAL OF QINGDAO UNIVERSITY）
基金
国家自然科学基金项目“公司—产业—城市嵌套网络视角下增强产业链应对重大外部事件冲击韧性研究”(72173087)
上海市哲学社会科学规划一般课题“基于外部利益相关者视角的交易所监管问询经济后果研究”(2020BJB007)的阶段性成果。
关键词
监管问询
权益资本成本
投资者信心
regulatory inquiry
equity capital cost
investor confidence
作者简介
张震,男,辽宁锦州人,经济学博士,上海师范大学商学院副教授,主要从事公司金融与资本市场研究;李一秀,女,山东济宁人,立信会计师事务所审计师,主要从事财务会计理论与方法研究;通讯作者:郭照蕊,男,内蒙古呼伦贝尔人,管理学博士,上海师范大学商学院副教授,主要从事资本市场会计与公司治理研究。
