摘要
全面注册制改革强化了交易所监管职责,依靠信息披露制度让公司自律,依靠问询函、监管函等常态化监管手段纠正公司违规行为,加大违法违规行为处罚力度。全面注册制改革有效降低了上市公司股价崩盘风险,此效果依赖于有效的监管制度。外部人监管的强力度能保障信息披露机制发挥作用,并有效抑制公司股价崩盘风险。本文揭示了全面注册制下强监管改革对资本市场运行效率的影响,为资本市场改革的正当性提供了理论支持和实证证据,助力金融高质量发展。
The comprehensive registration system reform fortifies stock ex change supervisory roles through an enhanced information disclosure framework,facilitat ing corporate self-discipline.Regular supervisory measures such as Inquiry letters and regulatory notices are adopted to rectify corporate noncompliance,coupled with intensified penalties for infractio ns.This reform effectively reduces listed companies'stock price collapse risk,which is attributed to effective supervisory mechanisms.External supervision ensures the functionality of these mechanisms,ther eby limiting collapse risk.This paper underscores the reform's impact on market efficiency,substantiating the legitimacy of capital market reforms with theoretical and empirical evidence,to support high-quality financial development.
出处
《浙江金融》
2025年第2期44-58,共15页
Zhejiang Finance
基金
浙江省哲学社会科学规划“党的十九届六中全会和省委十四届十次全会精神研究阐释”专项课题“防止资本无序扩张研究”(项目编号:22LLXC12YB)
关键词
全面注册制改革
强监管机制
信息披露
股价崩盘风险
Comprehensive Registration System Reform
Strong Supervision Mechanism
Information Disclosure
Stock Price Crash Risk
