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论文编号：	11881
作者编号：	2120183000
上传时间：	2020/6/23 14:10:28
中文题目：	违规行为强化效应与监管处罚有效性
英文题目：	Research on the strengthening effect of illegal behavior and the effectiveness of supervision and punishment
指导老师：	牛建波
中文关键字：	公司违规；强化效应；监管处罚
英文关键字：	corporate fraud; strengthening effect; regulatory punishment
中文摘要：	随着资本市场的不断发展，我国上市公司数量和发展质量得到显著提升，优质的上市公司是资本市场长远健康发展的基石，是提升我国经济创新能力和竞争力的核心力量和有力保障。然而，由于我国资本市场仍处于新兴转轨时期，法制法规建设不够健全，上市公司法律意识守规精神还有待进一步提高，在这一现实情境下，上市公司违规违规事件不断发生，引起国家相关部门的高度重视，不断加大监管处罚力度，然而上市公司的违法违规现象仍然屡禁不止，还有愈演愈烈之势。在存在违规行为的上市公司中，近半数出现连续多年持续违规现象，不仅对上市公司长远发展带来不利影响，也给利益相关者带来巨大的经济损失。基于此，本文对上市公司违法违规行为的动态演变过程进行探究，试图寻找上市公司连续多年持续违规的原因，上市公司的先前违规行为对其后续违规行为是否产生了强化效应，并在此基础上，探究监管处罚的有效性问题。 本文以A股2013-2017年发生违规行为的上市公司为样本，对其先前违规行为对后续违规行为的影响进行实证分析。研究发现：（1）上市公司过去1年、2年、3年内发生的违规行为越多，t年违规行为越多，即上市公司违规行为存在强化效应。对违规行为进行分类发现，信息披露违规、经营和交易违规均存在强化效应；（2）监管处罚能够对违规行为的强化效应产生抑制作用，表明监管处罚具有一定的有效性。受到监管处罚次数越多，受处罚的程度越大，监管处罚对违规行为强化效应的抑制作用越强。上述结论在进行了稳健性和内生性检验后仍然成立。 本文从违规行为动态演变视角，证明了违规行为存在的强化效应，拓展了违规行为影响因素的相关研究，并在此基础上探究监管处罚的有效性问题，为探究监管处罚的作用和影响提供新的视角和研究思路。同时，本研究也为上市公司进行风险决策提供了理论指导，有利于上市公司正确看待违法违规行为，提高自身风险认知水平，进行科学合理决策，避免违法违规行为发生。监管处罚虽然具有一定的有效性，但由于违规行为强化效应的存在，上市公司违法违规行为仍然屡禁不止，监管部门在提升监管处罚力度的同时还应注重监管审查水平的提升，对违规行为实现早发现、早调查、早处罚，缩短违法违规行为发生到处罚之间的时间间隔，有利于抑制违规行为的强化效应。
英文摘要：	With the continuous development of the capital market, the number and development quality of Listed Companies in China have been significantly improved. High quality listed companies are the cornerstone of the long-term healthy development of the capital market, and the core strength and strong guarantee to enhance China's economic innovation ability and competitiveness. However, due to the fact that China's capital market is still in the period of emerging transition, the construction of laws and regulations is not perfect, and the spirit of legal awareness and compliance of listed companies needs to be further improved. In this real situation, listed companies' violations and violations continue to occur, which has attracted the attention of relevant departments of the state and constantly increased regulatory penalties. Nevertheless, the illegal phenomenon of listed companies is still not only prohibited repeatedly, but also intensified. In the listed companies with violations, nearly half of them have continued to violate regulations for many years, which not only brings adverse effects on the long-term development of listed companies, but also brings huge economic losses to stakeholders. Based on this, this paper explores the dynamic evolution process of the illegal behaviors of listed companies, trying to find the reasons for the continuous illegal behaviors of listed companies for many years, whether the previous illegal behaviors of listed companies have strengthened their subsequent illegal behaviors, and on this basis, explore the effectiveness of regulatory penalties. In this paper, A-share listed companies with violations in 2013-2017 are taken as samples to analyze the impact of previous violations on subsequent violations. The results show that: (1) the more violations occurred in the past one year, two years and three years, the more violations occurred in t-year, that is to say, there is a strengthening effect on the violations of listed companies. According to the classification of violations, there are reinforcement effects in information disclosure violations, business and trading violations; (2) regulatory penalties can inhibit the reinforcement effects of violations, indicating that regulatory penalties have certain effectiveness. The above conclusion is still valid after the robustness and endogeneity test. From the perspective of the dynamic evolution of violations, this paper proves the strengthening effect of violations, expands the relevant research on the influencing factors of violations, and on this basis, explores the effectiveness of regulatory penalties, providing a new perspective and research ideas for exploring the role and impact of regulatory penalties. At the same time, this study also provides theoretical guidance for listed companies to make risk decision, which is conducive to the listed companies to correctly treat illegal behaviors, improve their risk awareness level, make scientific and reasonable decisions, and avoid illegal behaviors. Although the supervision punishment has certain validity, due to the existence of strengthening effect of violation, the violation of laws and regulations of listed companies is still prohibited for many times. The supervision department should pay attention to the improvement of supervision and review level, realize early detection, investigation and punishment of violations, and shorten the time interval between the occurrence of violations and punishment can be beneficial to restrain the strengthening effect of illegal behavior.
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