摘要
投资者保护是维护资本市场稳健发展的基石,而推动中小股东司法救济实践对于中小股东保护具有重要意义。本文利用我国A股上市公司2017—2023年的中小股东诉讼数据,基于盈余管理的视角检验了中小股东诉讼机制对上市公司的治理效应。研究发现,中小股东诉讼对应计盈余管理的影响呈显著的负相关性,而对真实盈余管理的影响则不显著。机制检验发现,中小股东诉讼具有震慑效应和监督效应,主要通过降低大股东利益侵占、提高分析师关注度和机构投资者的持股来降低企业盈余管理,提高公司治理。异质性检验发现,在法治水平较低、股权较为分散、行业竞争程度较低和内部控制水平较差的公司,诉讼的治理效应更加显著;此外,在新《证券法》实施后,中小股东诉讼对企业盈余管理的影响更加显著,表明完善资本市场法治建设可以提高中小股东诉讼的震慑作用。本文的研究结论为中小股东投资者保护和企业提高治理水平提供了实践启示。
Investor protection is the cornerstone of maintaining the steady development of the capital market,and promoting the judicial remedy practice of minority shareholders is of great significance for the protection of minority shareholders.Using the litigation data of minority shareholders of Chinese A-share listed companies from 2017 to 2023,this paper examines the governance effect of minority shareholders'litigation mechanism on listed companies from the perspective of earnings management.The results show that minority shareholder litigation has a significant negative impact on accrual earnings management,but has no significant impact on real earnings;The mechanism test shows that minority shareholder litigation has deterrent effect and supervision effect,which can reduce the expropriation of major shareholders,increase the attention of analysts and institutional investors,so as to reduce corporate earnings management and improve corporate governance;Further tests show that the governance effect of litigation is more significant in companies with lower level of rule of law,more dispersed ownership,lower level of industry competition and poor level of internal control.In addition,after the implementation of the new Securities Law,the impact of minority shareholder litigation on corporate earnings management is more significant,indicating that improving the construction of capital market legal guarantee can improve the deterrent effect of minority shareholder litigation.The research conclusions of this paper will provide practical enlightenment for the protection of minority shareholders and the improvement of corporate governance.
作者
张宏亮
李胤文
王靖宇
ZHANG Hongliang;LI Yinwen;WANG Jingyu
出处
《金融监管研究》
北大核心
2025年第6期73-90,共18页
Financial Regulation Research
基金
国家社会科学基金项目“注册制下机构投资者促进企业持续创新的模式、机制及制度设计”(项目编号:21BGL098)
北京市教育委员会科研计划项目“北京产学研创新链驱动供应链韧性提升的模式及机制研究”(项目编号:SM202410037004)
北京物资学院青年科研基金项目“链主企业数字化转型对供应链韧性的影响研究”(项目编号:2024XJQN11)的资助。
关键词
股东诉讼
盈余管理
公司治理
投资者保护
Shareholders Litigation
Earnings Management
Corporate Governance
Investor Protect
