我国证券市场监督成效研究：政府管制与媒体效应

发布时间：2018-01-12 20:30

本文关键词：我国证券市场监督成效研究：政府管制与媒体效应　出处：《华南理工大学》2014年博士论文　论文类型：学位论文

【摘要】：证券市场是世界各国政府行政干预的主要领域。在这一领域，投资者完全依照产品所传递的信息判断证券价值并进行决策，又因为此种会计信息公共品属性，信息不对称的可能性较大，造成的后果也更为严重，从而使得信息披露的管制成为各国证券市场政府管制的关键部分。在世界各国普遍加强政府管制的同时，国内外证券市场中的各种违规欺诈丑闻也不断爆发，美国的安然、世通，我国的基金黑幕、银广夏、郑百文、蓝田股份、琼民源、东方电子、科龙、凯恩股份、两面针、宗申动力、苏州恒久、江苏三友、酒鬼酒、万福生科、新大地。大量的违规案例导致证券市场信息失真，资源配置扭曲，，严重挫伤投资者信心，影响市场效率，这些市场失灵的表现足以证明要想解决目前市场混乱局面政府管制必须加强。目前状况，加强政府管制有效果吗？政府管制在我国资本市场具有市场反应吗？当世界各国积极采取政府管制应对扑面而来的公司欺诈和丑闻案件时，媒体力量的崛起已经成为影响公司政策制定和应对棘手案件不可忽视的力量。就我国资本市场而言，2012年底，《大众证券报》采用读者投票和专家评选相结合的方式推出“2012年十大黑榜上市公司候选名单”，其中有5家上市公司都是由于媒体质疑最终接受证监会处罚。2012年7月16日，已经过会一个多月的新大地被证监会列入终止审查的名单。它是继立立电子（002257）、苏州恒久（300060）、胜景山河（002525）之后，A股市场第四家已成功过会、但因媒体质疑而被证监会终止审查的案例。这些案例都说明媒体作为连接上市公司和投资者之间沟通的信息桥梁，在国内外大量公司舞弊事件的揭露和处理过程中，都发挥着非常积极的正面作用。国内外学者研究媒体作用时，通常单独研究媒体在各国不同的资本市场中是否发挥了舆论监督作用。但本文将媒体监督（即社会监督）与政府管制（政府监督）结合起来研究，探讨媒体报道对证券市场政府管制的影响。这一研究视角不仅是对政府管制研究领域的拓展也为媒体领域提供了新的研究思路。通过理论分析和制度背景分析，本文认为：针对目前我国证券市场政府管制的缺陷以及我国媒体自身因素与外界因素的制约，两种监督单独实施管制都会发生“管制死角”，而将两者相机结合，互相补充，能够更好发挥的证券市场的管制效率。本文使用2005-2011年间在我国深沪A股上市公司为样本，研究所提供的经验证据证实了上述理论推断。本文研究的主要发现如下：第一，我国证券市场政府管制具有正向市场反应，即我国证监会对上市公司违规行为的处罚公告的确具有信息含量；若媒体在证监会处罚公告之间提前曝光了上市公司的负面消息，则证监会处罚公告的市场反应正向效应更大，即媒体的提前报道促进了政府管制的市场正向效应；第二，本文用违规公司处罚前后的业绩（ROA）的变动来验证违规公司是否做出改变，研究发现，违规公司处罚后一年的ROA显著高于处罚前一年的ROA，即违规公司迫于压力停止了违规行为，进行公司整改，最终提高了业绩；当媒体在证监会处罚公告公布前报道违规公司负面消息，处罚后一年ROA比处罚前一年的ROA增加幅度更明显，这证明面对媒体负面报道所施加的公共压力，企业改正地更为彻底。综合上述分析得出本文结论：在我国证券市场中，政府管制具有效率，媒体舆论监督作用的发挥能够促进政府管制效率。这即证明了我国目前证券管制政府管制与社会监督（媒体舆论监督）相结合的必要性和有效性。媒体舆论监督和政府监督两者相机结合，取长补短，才能更加有效的完善市场机制，增强市场透明度，维持资本市场的健康稳定。本文的研究对深入理解通过我国证券市场管制模式以及维持市场健康稳定发展具有重要的理论和实践意义。第一，本文的研究将有助于丰富媒体研究文献，本文有关媒体作用的研究并不拘泥媒体自身，而将其与政府干预结合起来，利用媒体报道的信息职能和治理职能，研究在我国现实背景下，媒体对政府管制效率的影响，重点强调两者相互补充，协调互动的监督机制，这种相互结合的监督机制将避免单独管制下的不足并更好的发挥整体的证券市场管制效果。第二，由于研究视角创新，得出的结论更符合我国目前证券市场管制现实。作为政策制定者，在考虑提高市场管制效率的时候，应该充分重视发挥社会舆论监督的作用，努力营造媒体监督职能发挥作用的土壤和氛围，并从制度层面放松政府对媒体的控制；最后，媒体自身也要苦修内功，提升媒体公信度，以充分发挥媒体监督职能并有效促进政府管制效果，维护健康稳定的证券市场。
[Abstract]:The securities market is the main field of world government intervention. In this field, in accordance with the investors fully transfer product information to determine the value of securities and make decision, and because of the public goods attribute of accounting information, the possibility of information asymmetry caused by the larger, after the fruit is more serious, so that the information disclosure regulation has become the key some countries government regulation of securities market. The general strengthening of government regulation in the world at the same time, a variety of domestic and foreign securities market illegal fraud scandal has erupted, Enron, WorldCom, China fund shady, Yinguangxia, Zheng Baiwen, Lantian shares, qiongminyuan, Dongfang electronics, Kelon, Kaine shares, Liangmianzhen, Zongshen, Suzhou long, Jiangsu Sanyou, alcoholic liquor, Edmond branch, the new land. A large number of cases of illegal securities market lead to information distortion, distort the allocation of resources, a serious setback It hurts investors' confidence and affects the efficiency of the market. The performance of these market failures is enough to prove that government regulation must be strengthened if we want to solve the current market chaos. Now, is it effective to strengthen government regulation? Is there a market reaction of government regulation in China's capital market?
When the world government actively face the coming corporate fraud and scandal, the rise of the power of the media has become the impact of company policy and deal with difficult cases cannot be ignored. It is concerned, China's capital market by the end of 2012, "public securities > by readers voting and expert selection combining way launched the" 2012 ten black list of listed companies list, which has 5 listed companies are due to the media questioned the final acceptance of the SFC punishment.2012 in July 16th, has been more than a month in the new Land Commission was included in the termination of the review list. It is the second Li Li Electronics (002257), Suzhou (permanent 300060), scenic mountains and rivers (002525), A stock market in fourth has been successful too, but due to the media questioned by the Commission on the termination of the review of the case. These cases are described as the connection of listed companies and investment media In the process of disclosure and treatment of a large number of fraud incidents at home and abroad, the bridge of information between the investors has played a positive and positive role.
Domestic and foreign scholars to study the role of the media, usually in different media is studied separately in the capital market to play the role of public opinion. But the media supervision (i.e. social supervision) and government regulation (government supervision) to combine research, to explore the influence of media market securities the government regulation. This is not only a research perspective expansion of government regulation research and also provides new ideas for the research field of media. Through theoretical analysis and system background analysis, this thesis thinks: Aiming at the defects of government regulation of China's securities market and restricting China's media internal factors and external factors, two supervision regulation will separate "regulation dead" and the two camera combination, complement each other, can better play the stock market regulation efficiency.
This paper uses 2005-2011 years in China's Shanghai and Shenzhen A shares of listed companies as a sample, this study provides empirical evidence to confirm the above theoretical inference. Major findings of this study are as follows: first, China's government regulation of securities market has a positive market reaction, the China Securities Regulatory Commission for listed companies violations punishment announcement does have information if the media content; in the SFC punishment announcement between early exposure to negative news of listed companies, the market reaction is positive effect of the SFC penalty notice more, namely media reports in advance to promote the market positive effect of government regulation; second, the performance of the company before and after the illegal punishment (ROA) changes to verify illegal does the company make changes, the study found that violations of the company a year after ROA was significantly higher than that of punishment punishment one year before ROA, the company that is illegal under pressure to stop the illegal line As for the company rectification, and ultimately improve the performance; when the media in the SFC punishment announcement before the offending company reported negative news, punishment one year after ROA than punishment one year before the increase of ROA is more obvious, which proves that public pressure exerted by the face of negative media coverage, the enterprise is more comprehensive correct completely. The conclusions of this paper are as follows: the stock market in China, the government regulation is effective, play the supervision function of media to promote the efficiency of government regulation. It is proved that China's current securities regulation government regulation and social supervision (media supervision) the effectiveness and necessity of the combination of media supervision and the government. The two cameras with each other, supervision, can more effectively improve the market mechanism, enhance market transparency, maintain a healthy and stable capital market.
This paper through in-depth understanding of the regulation of China's securities market and maintain the healthy and stable development of the market has important theoretical and practical significance. First, this study will help to enrich the media research literature, this paper studies the role of the media is not only the media itself, but with the government intervention combined with media reports the information function and management function, in our country the study background, media influence on government regulation efficiency, with emphasis on the two complement each other, supervision mechanism of coordination and interaction, mutual supervision mechanism of this combination will avoid alone under the control of the deficiency and better play to the overall stock market regulation effect. Second, the research perspective innovation, the conclusion conforms to our country present securities market regulation reality. As policy makers, in consideration of improving market regulation efficiency, should be The full attention of public opinion play a supervisory role, and strive to create a media supervision function to play the role of soil and atmosphere, and relax government control of the media from the system level; finally, the media itself must be amended, to enhance the media credibility, to give full play to the media supervision function and effectively promote the effect of government regulation, to maintain a healthy and stable in the stock market.

【学位授予单位】：华南理工大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;D630;G206

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