摘要
探索数智技术如何赋能证券监管,对优化监管效能和促进资本市场高质量发展具有重要意义。本文利用地方证监局差异化应用科技监管系统的独特场景,研究发现科技监管可显著提升资本市场执法有效性,其作用机制是降低信息不对称和提升信息处理能力。截面分析显示,这一效应在上市公司经营风险和治理风险更高时更显著。此外,科技监管还能发挥事前监管作用降低上市公司违规风险,提升对会计师事务所的执法有效性,以及增强证券交易所的监管效能。本文为深入探索数字经济时代金融监管的数字化转型路径和完善现代金融监管体系提供了重要启示。
In recent years,the widespread application of digital technologies has led to increasingly complex patterns and more concealed methods of securities-related illicit activities in the capital market.This trend has presented significant challenges to traditional regulatory models reliant on manual risk identification.Against this backdrop,technological regulation-as a proactive regulatory approach-has emerged as an indispensable means to address these challenges.By harnessing advanced technologies such as big data,cloud computing,artificial intelligence and blockchain,technological regulation enables the timely and comprehensive collection of regulatory data,alongside automated and efficient risk detection.Consequently,it achieves"full-chain"empowerment across pre-event,in-process and post-event supervision through this proactive regulatory approach.A systematic examination of how digital and intelligent technologies enhance securities regulation and enforcement efficacy is therefore of critical importance--not only for mitigating systemic financial risks and strengthening financial oversight but also for fostering the high-quality development of the capital market.To empirically validate these propositions,this study leverages the unique research setting of differentiated technological regulation system adoption across regional offices of the China Securities Regulatory Commission(CSRC).The empirical results demonstrate that technological regulation significantly enhances the effectiveness of capital market enforcement,with the reduction of information asymmetry and improvement of information processing capability identified as two key underlying mechanisms.Cross-sectional analysis reveals that this effect is particularly pronounced among listed firms exhibiting higher operational and governance risks.Further analysis indicates that technological regulation additionally reduces violations occurrence rates by listed firms,strengthens enforcement efficacy concerning accounting firms and enhances the regulatory capacity of securities exchanges.Collectively,these findings yield several key contributions to the literature.First,the study represents one of the pioneering empirical examinations of the economic consequences arising from technological innovation in regulatory models,thereby providing substantive evidence for Technology Governance Theory while enriching the literature on securities regulators'adoption of emerging technologies.Second,the findings demonstrate that technological innovation serves not merely to augment public enforcement mechanisms but to fundamentally transform their regulatory paradigms-an insight that significantly expands existing research on securities regulation.Third,the analysis reveals that technological regulation systematically enhances the effectiveness of capital market enforcement.These results suggest that regulatory authorities should prioritise the continued integration of technological solutions,further refine information collection and data analytics capabilities and ultimately establish a modernised,technology-driven and proactive enforcement model.
作者
袁薇
陈运森
张颖
Yuan Wei;Chen Yunsen;Zhang Ying
出处
《世界经济》
北大核心
2025年第8期96-122,共27页
The Journal of World Economy
基金
国家自然科学基金面上项目(72272168)、国家自然科学基金青年项目(72402152)
教育部人文社会科学研究青年项目(24YJC630278)的资助。
关键词
科技监管
主动式监管
执法有效性
违规稽查
technological regulation
proactive regulatory approach
enforcement efficacy
penalties for violations
