证券交易所一线监管与企业高管变更——基于问询函的证据

摘要/Abstract

摘要：

监管问询是证券交易所一线监管的重要途径，本文从公司治理视角对问询函的经济后果进行研究。结果发现，企业是否收到问询函与高管变更概率显著正相关。进一步地，财务报告问询函会显著提高高管变更概率，且财务报告问询函总数越多、针对同一财务报告的问询次数越多或财务报告问询函包含的问题数量越多，高管变更概率越高。对财务报告问询函内容进行细分后发现，当财务报告问询函需要中介机构发表意见、涉及关联交易或并购等重大事项、回函承认存在错误、延期回函或收回函间隔天数越多时，企业高管变更概率越高。横截面分析发现，上述结果主要存在于市场化程度较高和公司治理较好的企业。最后，交易所问询函也会显著提高董事会秘书和财务总监的变更概率。结论为交易所问询函监管的有效性及2019年中央政治局会议首提“提高上市公司质量”的系列政策提供了重要证据。

关键词: 证券交易所, 一线监管, 问询函, 高管变更

Abstract:

Inquiry letter is an important front-line regulation tool of the stock exchange. This paper studies the economic consequences of inquiry letters from the perspective of corporate governance, and we find that inquiry letters are significantly positively correlated with the turnover of top management. Further analysis shows that the inquiry letters of financial reports are also significantly positively correlated with the turnover of top management:the more inquiry letters aiming at financial reports and the more questions asked about the same financial report, the higher turnover of top management. More detailed research finds that when the financial inquiry letter needs intermediary institutions to verify, involves related transactions, involves mergers and acquisitions, acknowledges mistakes, delays the reply or the more days between receiving date and replying date, then top management turnover rate become higher. Through cross-sectional analysis, this paper also finds that the positive relationship between inquiry letters and top management turnover mainly exists in enterprises with high marketization degree and good corporate governance. Finally, inquiry letters significantly increase the turnover of secretary of the board and CFO. The results provide important evidence for the effectiveness of exchange inquiry letter regulation and the series of policies proposed by the CPC Central Committee Political Bureau in 2019 to "improve the quality of listed companies".

Key words: stock exchanges, front-line regulation, inquiry letter, top management turnover

邓祎璐, 李哲, 陈运森. 证券交易所一线监管与企业高管变更——基于问询函的证据[J]. , 2020, 32(4): 194-205.

Deng Yilu, Li Zhe, Chen Yunsen. Front-line Regulation of Stock Exchanges and Top Management Turnover: Evidence Based on Inquiry Letters[J]. , 2020, 32(4): 194-205.

参考文献

[1] Coughlan A. T., Schmidt R. M. Executive Compensation, Management Turnover, and Firm Performance:An Empirical Investigation[J]. Journal of Accounting and Economics, 1985,7(1-3):43-66
[2] Warner J. B., Watts R. L., Wruck K. H. Stock Prices and Top Management Changes[J]. Journal of Financial Economics, 1988,20(1-2):461-492
[3] Dahya J., Mcconnell J. J., Travlos N. G. The Cadbury Committee, Corporate Performance, and Top Management Turnover[J]. The Journal of Finance, 2002,57(1):461-483
[4] 冯旭南,李心愉. 公司经营绩效影响高管变更吗——来自地方国有上市公司的证据和启示[J]. 管理评论, 2012,24(12):166-173
[5] Kang J. K., Shivdasani A. Firm Performance, Corporate Governance, and Top Executive Turnover in Japan[J]. Journal of Financial Economics, 1995,38(1):29-58
[6] Franks J., Mayer C. Ownership and Control of German Corporations[J]. Review of Financial Studies, 2001,14(4):943-977
[7] Denis D. J., Denis D. K., Sarin A. Ownership Structure and Top Executive Turnover[J]. Journal of Financial Economics, 1997,45(2):193-221
[8] Goyal V. K., Park C. W. Board Leadership Structure and CEO Turnover[J]. Journal of Corporate Finance, 2002,8(1):49-66
[9] 张俊生,曾亚敏. 董事会特征与总经理变更[J]. 南开管理评论, 2005,8(1):16-20
[10] 饶品贵,徐子慧. 经济政策不确定性影响了企业高管变更吗?[J]. 管理世界, 2017,(1):145-157
[11] 游家兴,徐盼盼,陈淑敏. 政治关联、职位壕沟与高管变更——来自中国财务困境上市公司的经验证据[J]. 金融研究, 2010,(4):128-143
[12] 周林洁,邱汛. 政治关联、所有权性质与高管变更[J]. 金融研究, 2013,(10):194-206
[13] 潘越,宁博,肖金利. 地方政治权力转移与政企关系重建——来自地方官员更替与高管变更的证据[J]. 中国工业经济, 2015,(6):135-147
[14] 王俊秋,江敬文. 政治关联、制度环境与高管变更[J]. 管理评论, 2012,24(12):156-165
[15] 游家兴,李斌. 信息透明度与公司治理效率——来自中国上市公司总经理变更的经验证据[J]. 南开管理评论, 2007,10(4):73-79
[16] Chen G., Firth M., Gao N., et al. Is China's Securities Regulatory Agency a Toothless Tiger? Evidence from Enforcement Actions[J]. Journal of Accounting and Public Policy, 2005,24(6):451-488
[17] Desai H., Hogan C. E., Wilkins M. S. S. The Reputational Penalty for Aggressive Accounting:Earnings Restatements and Management Turnover[J]. The Accounting Review, 2006,81(1):83-112
[18] Ting W. Top Management Turnover and Firm Default Risk:Evidence from the Chinese Securities Market[J]. China Journal of Accounting Research, 2011,4(1-2):81-89
[19] 瞿旭,杨丹,瞿彦卿,等. 创始人保护、替罪羊与连坐效应——基于会计违规背景下的高管变更研究[J]. 管理世界, 2012,(5):137-151
[20] Conyon M. J., He L. Executive Compensation and Corporate Fraud in China[J]. Journal of Business Ethics, 2016,134(4):669-691
[21] Jensen M. C., Meckling W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976,3(4):305-360
[22] Fama E. F., Jensen M. C. Separate of Ownership and Control[J]. Journal of Law and Economics, 1983,26(2):301-325
[23] Jensen M. C., Warner J. B. The Distribution of Power among Corporate Managers, Shareholders, and Directors[J]. Journal of Financial Economics, 1988,20(1-2):3-24
[24] 陈运森. 强化监管问询,增加信息披露违法违规成本[N]. 中国证券报, 2019-05-11(A07)
[25] Gietzmann M., Marra A., Pettinicchio A. Comment Letter Frequency and CFO Turnover:A Dynamic Survival Analysis[J]. Journal of Accounting, Auditing and Finance, 2016,31(1):79-99
[26] 陈运森,邓祎璐,李哲. 非处罚性监管具有信息含量吗?——基于问询函的证据[J]. 金融研究, 2018,(4):155-171
[27] 陈运森,邓祎璐,李哲. 非行政处罚性监管能改进审计质量吗?——基于财务报告问询函的证据[J]. 审计研究, 2018,(5):82-88
[28] 张俊生,汤晓建,李广众. 预防性监管能够抑制股价崩盘风险吗?——基于交易所年报问询函的研究[J]. 管理科学学报, 2018,21(10):112-126
[29] 陈运森,邓祎璐,李哲. 证券交易所一线监管的有效性研究:基于财务报告问询函的证据[J]. 管理世界, 2019,35(3):169-185
[30] 李晓溪,杨国超,饶品贵. 交易所问询函有监管作用吗?——基于并购重组报告书的文本分析[J]. 经济研究, 2019,54(5):181-198
[31] 李晓溪,饶品贵,岳衡. 年报问询函与管理层业绩预告[J]. 管理世界, 2019,35(8):173-188
[32] Jiang G., Lee C. M., Yue H. Tunneling through Intercorporate Loans:The China Experience[J]. Journal of Financial Economics, 2010,98(1):1-20
[33] Jiang F., Kim K. A. Corporate Governance in China:A Modern Perspective[J]. Journal of Corporate Finance, 2015,32:190-216
[34] Ke B., Lennox C. S., Xin Q. The Effect of China's Weak Institutional Environment on the Quality of Big 4 Audits[J]. The Accounting Review, 2015,90(4):1591-1619
[35] Karpoff J. M., Lee D. S., Martin G. S. The Consequences to Managers for Financial Misrepresentation[J]. Journal of Financial Economics, 2008,88(2):193-215
[36] Hennes K. M., Leone A. J., Miller B. P. The Importance of Distinguishing Errors from Irregularities in Restatement Research:The Case of Restatements and CEO/CFO Turnover[J]. The Accounting Review, 2008,83(6):1487-1519
[37] 张霖琳,刘峰,蔡贵龙. 监管独立性、市场化进程与国企高管晋升机制的执行效果——基于2003-2012年国企高管职位变更的数据[J]. 管理世界, 2015,(10):117-131
[38] Firth M., Fung P. M. Y., Rui O. M. Corporate Performance and CEO Compensation in China[J]. Journal of Corporate Finance, 2006,12(4):693-714
[39] 许年行,江轩宇,伊志宏,等. 政治关联影响投资者法律保护的执法效率吗?[J]. 经济学(季刊), 2013,12(2):373-406
[40] 林钟高,丁茂桓,王龙. 政府监管、内部控制缺陷及其修复与投资者风险感知——基于内部控制监管制度变迁视角的实证研究[J]. 中国会计评论, 2017,15(1):35-66
[41] Ang J. S., Cole R. A., Lin J. W. Agency Costs and Ownership Structure[J]. The Journal of Finance, 2000,55(1):81-106
[42] Singh M., Davidson III W. N. Agency Costs, Ownership Structure and Corporate Governance Mechanisms[J]. Journal of Banking and Finance, 2003,27(5):793-816
[43] 卢馨,黄顺. 智力资本驱动企业绩效的有效性研究——基于制造业、信息技术业和房地产业的实证分析[J]. 会计研究, 2009,(2):68-74
[44] 刘青松,肖星. 败也业绩,成也业绩?——国企高管变更的实证研究[J]. 管理世界, 2015,(3):151-163
[45] Cassell C., Dreher L., Myers L. Reviewing the SEC's Review Process:10-K Comment Letters and the Cost of Remediation[J]. The Accounting Review, 2013,88(6):1875-1908
[46] Heese J., Khan M., Ramanna K. Is the SEC Captured? Evidence from Comment-Letter Reviews[J]. Journal of Accounting and Economics, 2017,64(1):98-122
[47] 陈丽蓉,韩彬,杨兴龙. 企业社会责任与高管变更交互影响研究——基于A股上市公司的经验证据[J]. 会计研究, 2015,(8):57-64
[48] 王小鲁,樊纲,余静文. 中国分省份市场化指数报告(2016)[M]. 北京:社会科学文献出版社, 2017
[49] 白重恩,刘俏,陆洲,等. 中国上市公司治理结构的实证研究[J]. 经济研究, 2005,(2):81-91
[50] 靳庆鲁,原红旗. 公司治理与股改对价的确定[J]. 经济学(季刊), 2009,8(1):249-270