摘要
利用2016年起逐步实行的负面清单政策这一准自然实验,以我国A股上市公司2011—2020年数据为基础,研究放松市场准入管制对企业信息披露质量的影响。研究发现:实施负面清单政策会显著降低上市公司信息披露质量,在一系列检验后结论稳健。机制分析表明,负面清单政策下市场竞争强化、投资机会增加及投资主体丰富均会导致企业信息披露质量下降。异质性分析验证了信息披露质量的“抵御竞争”作用,即资源禀赋弱、行业壁垒高、地区发展差的企业信息披露质量下降更多。经济后果表明,企业降低信息披露质量是出于提升经营绩效和市场价值的目的。
Based on the quasi natural experiment gradually implementing negative list system since 2016, the paper used the data of A-share listed companies from 2011 to 2020 to explore the impact of the deregulation of market entry on enterprise information disclosure quality. We found that, the implementation of negative list system shall significantly reduce the information disclosure quality of listed companies, and the conclusion was robust after a series of tests. Mechanism analysis showed that the intensification of market competition, the increase of investment opportunities and the diversification of investors under the background of negative list system can lead to the decline of information disclosure quality. Heterogeneity analysis verified the“anti-competition”effect of information disclosure quality. In other words, there were more declines in the enterprises with weaker resource endowments,higher industry barriers, and poorer regional development. Economic consequences showed that, the decline of enterprises’ information disclosure quality aimed at improving their business performance and market value.
作者
耿明阳
谢雁翔
金振
GENG Ming-yang;XIE Yan-xiang;JIN Zhen(Business School,Nankai University,Tianjin 300071,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2022年第11期79-93,共15页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目(71772091)
天津市研究生科研创新项目(2021YJSB079)。
关键词
负面清单政策
信息披露质量
放松管制
抵御竞争
negative list system
information disclosure quality
deregulation
anti-competition
