政府监管、自主裁量与审批效率

发布时间：2018-01-04 08:19

本文关键词：政府监管、自主裁量与审批效率　出处：《金融研究》2012年03期 　论文类型：期刊论文

【摘要】：本文以2004年至2009年我国证券市场中申请撤销特别处理的ST类公司为研究样本,考察了转轨经济环境下我国政府监管部门执行自主裁量审批的效率。通过研究,我们发现:(1)监管部门在对ST摘帽进行审批时,在精确性规则的基础上明显地运用了原则性规定,利用自主裁量的审批空间考察了申请公司的财务特征以及公司治理水平;(2)摘帽成功的公司其后续财务业绩、盈余质量显著优于摘帽失败的公司,监管部门运用自主裁量审批权将"实质上"未达要求的公司筛选出来,并对其作出区别对待。本文对于理解和评价政府监管在我国资本市场中的作用、政府审批的实际执行效率,以及重新审视政府职能转变获得的进展等问题,提供了新的可供参考的理论依据和经验证据。
[Abstract]:From 2004 to 2009, this paper takes St companies which apply for revocation of special treatment in China's securities market as the research samples. This paper investigates the efficiency of implementing discretionary examination and approval in China's government regulatory department under the transitional economic environment. Through the research, we find that the supervision department is examining and approving St removal cap. On the basis of the rules of accuracy, the principle rules are obviously applied, and the financial characteristics and corporate governance level of the applicant company are investigated by the examination and approval space of its own discretion. (2) the subsequent financial performance of the successful company whose earnings quality is significantly better than that of the failed company. The regulatory authority uses the discretion to screen out the companies that "substantially" fail to meet the requirements. This paper is to understand and evaluate the role of government supervision in China's capital market, the actual implementation of government approval efficiency, as well as re-examine the progress of the transformation of government functions, and so on. It provides a new theoretical basis and empirical evidence for reference.
【作者单位】：中国人民大学博士后流动站;交通银行博士后工作站;兴业证券投资银行部;
【基金】：国家自然科学基金面上项目(71172144) 教育部人文社会科学重点研究基地重大研究项目(2009JJD790031) 中国博士后科学基金面上项目(2011M500465)的资助
【分类号】：F832.51
【正文快照】： 一、引言政府审批作为实现政府监管的重要手段，审批活动的执行效率一直备受关注。政府审批效率评判的主要依据是其在监管过程中设置的自主裁量规则产生的经济后果。政府监管部门在制定审批规则时，除了设置一定的精确性条例外，还会保留一定的自主裁量的审批空间，，即所谓的

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