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制度环境与证券监管——基于2001-2018年证监会行政处罚决定书的分析

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英文标题: Institutional Environment and Securities Regulation: An Analysis Based on the CSRC’s Administrative Penalty Decision Documents from 2001 to 2018
摘要: 制度执行是制度发挥作用的关键环节,而制度执行又受制度环境的影响。本研究通过对中国证监会2001-2018年行政处罚决定书的分析,系统考察了制度环境因素对证券监管执法强度和效率的影响,并对执法的市场反应进行了初步评估。研究发现:(1)证券监管行政执法强度和效率随不同年份而波动,受监管注意力的影响较大;(2)市场化程度高的地区执法效率较高,对政治关联度高的机构执法效率较低,但市场化程度和政治关联度并不影响执法强度;(3)从市场反应来看,违规上市公司遭受行政处罚对该公司短期股价存在负面影响,但对中长期股价不存在显著影响。
英文摘要: Institutional enforcement is a key aspect of the functioning of the system, which in turn is influenced by the institutional environment. Based on the administrative penalty decision documents made by China Securities Regulatory Commission (CSRC) from 2001 to 2018, this study systematically examines the impact of institutional environment factors of securities regulatory enforcement and provides a preliminary assessment of the market response to enforcement. The study finds that: (1) The intensity and efficiency of administrative enforcement of securities regulation fluctuates across years and is strongly influenced by regulatory attention. (2) Enforcement efficiency is higher in areas with high marketization and lower for agencies with high political affiliation, but marketization and political affiliation do not affect enforcement intensity. (3) In terms of market response, there is a negative effect of administrative penalties on non-compliant listed companies on the short-term stock price of that company, but there is no significant effect on the medium-and long-term stock price.
作者: 盛智明、周仁磊
作者单位: 上海大学社会学院
期刊: 社会学研究
年.期:页码 2021.6:
中图分类号:
文章编号:
关键词: 制度环境;制度执行;证券监管
英文关键词:
项目基金:

本研究是上海市“曙光计划”项目(19SG36)的阶段性成果。

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