Preventive Supervision and Corporate Leverage Manipulation—A Quasi-natural Experiment Based on Random Inspections by CSRC

Abstract

Abstract: Random inspection by the China Securities Regulatory Commission(CSRC) is an important means of preventive supervision, and its effectiveness has received much attention. Using a sample of highly leveraged A-share listed companies between 2013 and 2022, this paper examines the impact of random inspection by CSRC from the perspective of corporate leverage manipulation. The results show that random inspection can effectively restrain the leverage manipulation of listed companies. The mechanism tests show that random inspection has an effective information effect and governance effect, by enhancing information transparency and optimizing internal governance, which restrains the leverage manipulation behavior of listed companies. Further study shows that the inhibitory effect of random inspection on corporate leverage manipulation is more pronounced in firms exposed to a low-quality information environment, under weak external supervision, and highly motivated to manipulate leverage. This paper extends the study on the economic consequences of random inspection, and also provides useful insights for preventing leverage manipulation and mitigating systemic financial risks.

Key words: preventive supervision, random inspection, leverage manipulation, highly leveraged companies

Niu Yuhao, Cheng Lin, Wen Wen. Preventive Supervision and Corporate Leverage Manipulation—A Quasi-natural Experiment Based on Random Inspections by CSRC[J]. Management Review, 2026, 38(1): 167-180.

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