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论文编号：	11668
作者编号：	2120182931
上传时间：	2020/6/19 16:50:46
中文题目：	证券交易所问询监管对上市公司盈余管理的影响研究
英文题目：	Research on the influence of inquiry letter regulation of stock exchange on earnings management of listed companies
指导老师：	李姝
中文关键字：	证券交易所；问询函件；真实盈余管理；应计盈余管理
英文关键字：	stock exchange; letters of inquiry; real earnings management; accrual earnings management
中文摘要：	在资本市场新一轮改革和《证券法》修订集中于注册制的背景下，信息披露在股票市场中的位置愈加重要，证券交易所的一线监管责任进一步加强。信息披露直通车业务正式开展后，证券交易所对上市公司公告以事后审核代替事前管制，发放问询函件成为上交所和深交所进行事中事后监管的重要方式，问询函件作为我国创新监管工具，也符合时下积极探索非处罚性监管措施、强调预防性监管的趋势。交易所自2014年公开发布对上市公司的问询函件，问询监管存在及时性高、针对性强的特点，受到投资者和媒体的广泛关注，为推进证券市场信息披露制度完善起到重要作用。在当今以信息披露为核心的证券监管背景下，研究承担一线监管职责的证券交易所的问询监管在约束应计盈余管理和真实盈余管理方面起到的作用，对健全问询监管制度和规范上市公司信息披露等具有重要意义。 本文以2015年-2018年沪深A股上市公司为研究样本，重点考察了问询函件对企业应计盈余管理和真实盈余管理的影响。研究发现：是否收到证券交易所问询函件与收到问询函件的数量与上市公司的应计盈余管理和真实盈余管理程度显著负相关；财务管理类问询函件、其他类问询函件与并购重组类问询函件对盈余管理的影响方向不同；在不同产权性质的企业中，问询监管主要影响的盈余管理种类不同。本文结论通过倾向指数匹配法、变量替换和变量滞后的稳健性检验。
英文摘要：	In the context of the capital market reform and the amendment of the securities law focusing on the registration system, information disclosure becomes more and more important in the stock market, and the first-line supervision responsibility of the stock exchange is further strengthened. After disclosure express officially launched, the stock exchange check announcements after listed companies issue instead of beforehand control. Distributing inquiry letters becomes an important way of the Shanghai stock exchange and Shenzhen stock exchange’s post-supervision. The inquiry letter, as an innovative regulatory tool in our country, is also in line with the current active exploration of non-punishment regulation and emphasis on preventive regulatory trends. Exchange inquiry has been used since 2014. It has the characteristics of high timeliness and strong pertinence, and has received extensive attention from investors and media. It plays an important role in improving the information disclosure system of the securities market. In the context of securities regulation with information disclosure as the core, it is of great significance to study the role of inquiry supervision of stock exchanges that assume front-line supervision responsibilities in restraining accrual earnings management and real earnings management, so as to improve the inquiry supervision system and standardize the information disclosure of listed companies. Taking A-share listed companies in Shanghai and Shenzhen exchange from 2015 to 2018 as research samples, this paper focuses on the impact of inquiry letters on accrual earnings management and real earnings management of enterprises. The results show that the degree of accrual earnings management and real earnings management of listed companies decreased with the receipt of inquiry letters from the stock exchange, and the more inquiry letters received, the more the degree of accrual earnings management and real earnings management decreased. Financial management inquiry letters, other inquiry letters and merger and reorganization inquiry letters have different influence on earnings management. Inquiry supervision can significantly reduce the accrual earnings management of non-state-owned enterprises and the real earnings management of state-owned enterprises. This paper concludes that the robustness tests of the propensity index matching, variable substitution and lag variable are carried out.
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