本文關(guān)鍵詞：對(duì)上市公司紀(jì)律處分有效性的研究　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 紀(jì)律處分 事件研究法 市場(chǎng)反應(yīng) 貸款結(jié)構(gòu)

【摘要】：我國(guó)證券市場(chǎng)行政監(jiān)管的效率及效果一直以來備受詬病，，上市公司的違規(guī)行為屢見不鮮、屢禁不止，嚴(yán)重?fù)p害了投資者的利益。紀(jì)律處分的有效性反映了證券市場(chǎng)良好運(yùn)行的程度，為此，國(guó)內(nèi)外學(xué)者展開一系列理論和實(shí)證研究。本文在歸納總結(jié)國(guó)內(nèi)外相關(guān)領(lǐng)域研究文獻(xiàn)的基礎(chǔ)上，首先采用描述性統(tǒng)計(jì)方法對(duì)我國(guó)證券市場(chǎng)違規(guī)處分現(xiàn)狀進(jìn)行分析，發(fā)現(xiàn)我國(guó)監(jiān)管體制存在處分力度輕、透明度低等問題。其次以2010-2013上半年在證監(jiān)會(huì)、上海交易所和深圳交易所網(wǎng)站上公告的違規(guī)處分事件為樣本，采用事件研究法檢驗(yàn)違規(guī)處分公告對(duì)企業(yè)權(quán)益和負(fù)債的影響，分別用市場(chǎng)反應(yīng)和貸款結(jié)構(gòu)變化來衡量。結(jié)果顯示：1.在公告日后的第三和第四個(gè)交易日，涉事公司股票的累積非正�；貓�(bào)率顯著為負(fù)，反應(yīng)滯后，持續(xù)時(shí)間短，說明從市場(chǎng)反應(yīng)維度考察的紀(jì)律處分有效性整體上較弱。2.市場(chǎng)的負(fù)面反應(yīng)程度與處分主體的權(quán)威性及處分力度呈正相關(guān)，對(duì)違規(guī)對(duì)象及違規(guī)原因并不敏感，僅對(duì)證券交易違規(guī)表現(xiàn)出明顯的負(fù)面反應(yīng)。3.紀(jì)律處分使得違規(guī)企業(yè)的貸款總量下降，長(zhǎng)期和短期信用貸款比例明顯降低，導(dǎo)致企業(yè)貸款成本顯著增加，說明從對(duì)貸款的影響維度考察，紀(jì)律處分是有效性的。
[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.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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