对上市公司纪律处分有效性的研究

发布时间：2018-01-10 06:15

本文关键词：对上市公司纪律处分有效性的研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券市场行政监管的效率及效果一直以来备受诟病，，上市公司的违规行为屡见不鲜、屡禁不止，严重损害了投资者的利益。纪律处分的有效性反映了证券市场良好运行的程度，为此，国内外学者展开一系列理论和实证研究。本文在归纳总结国内外相关领域研究文献的基础上，首先采用描述性统计方法对我国证券市场违规处分现状进行分析，发现我国监管体制存在处分力度轻、透明度低等问题。其次以2010-2013上半年在证监会、上海交易所和深圳交易所网站上公告的违规处分事件为样本，采用事件研究法检验违规处分公告对企业权益和负债的影响，分别用市场反应和贷款结构变化来衡量。结果显示：1.在公告日后的第三和第四个交易日，涉事公司股票的累积非正常回报率显著为负，反应滞后，持续时间短，说明从市场反应维度考察的纪律处分有效性整体上较弱。2.市场的负面反应程度与处分主体的权威性及处分力度呈正相关，对违规对象及违规原因并不敏感，仅对证券交易违规表现出明显的负面反应。3.纪律处分使得违规企业的贷款总量下降，长期和短期信用贷款比例明显降低，导致企业贷款成本显著增加，说明从对贷款的影响维度考察，纪律处分是有效性的。
[Abstract]:The efficiency and effectiveness of the administrative supervision of China's securities market has been much criticized, It is often seen. listed companies violations, repeated, serious damage to the interests of investors. Therefore effective disciplinary action reflects the good operation of the securities market, and the domestic and foreign scholars carried out a series of theoretical and empirical research based on the induction. Summary of research literature in related fields at home and abroad, first using descriptive statistics on China's securities market illegal punishment situation analysis, found that China's regulatory system are light punishment, transparency and other issues. Followed by 2010-2013 in the first half of the Commission, the Shanghai stock exchange and Shenzhen stock exchange announcement on the website of the illegal punishment for the sample event test of the effect of illegal punishment, notice the interests of businesses and liabilities respectively by using the method of event study, market reaction and loan structure change Measure. The results showed that: 1. in the days after the announcement of the third and fourth trading days, the cumulative involved stock abnormal returns are significantly negative, response lag, short duration, authority and punishment that positive response from the market investigation dimension of the disciplinary effectiveness of the overall.2. market weak negative reaction the degree of punishment and related subjects, is not sensitive to illegal objects and illegal reasons, only the illegal securities trading showed negative reaction to.3. significantly decreased the total amount of disciplinary loans of the enterprises, long-term and short-term credit loan ratio decreased significantly, resulting in corporate lending cost increased significantly, from the impact on the loan dimensions, disciplinary action is effective.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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