本文關(guān)鍵詞：我國證券市場(chǎng)監(jiān)督成效研究：政府管制與媒體效應(yīng)　出處：《華南理工大學(xué)》2014年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 政府管制 媒體效應(yīng) 證券市場(chǎng)

【摘要】：證券市場(chǎng)是世界各國政府行政干預(yù)的主要領(lǐng)域。在這一領(lǐng)域，投資者完全依照產(chǎn)品所傳遞的信息判斷證券價(jià)值并進(jìn)行決策，又因?yàn)榇朔N會(huì)計(jì)信息公共品屬性，信息不對(duì)稱的可能性較大，造成的后果也更為嚴(yán)重，從而使得信息披露的管制成為各國證券市場(chǎng)政府管制的關(guān)鍵部分。在世界各國普遍加強(qiáng)政府管制的同時(shí)，國內(nèi)外證券市場(chǎng)中的各種違規(guī)欺詐丑聞也不斷爆發(fā)，美國的安然、世通，我國的基金黑幕、銀廣夏、鄭百文、藍(lán)田股份、瓊民源、東方電子、科龍、凱恩股份、兩面針、宗申動(dòng)力、蘇州恒久、江蘇三友、酒鬼酒、萬福生科、新大地。大量的違規(guī)案例導(dǎo)致證券市場(chǎng)信息失真，資源配置扭曲，，嚴(yán)重挫傷投資者信心，影響市場(chǎng)效率，這些市場(chǎng)失靈的表現(xiàn)足以證明要想解決目前市場(chǎng)混亂局面政府管制必須加強(qiáng)。目前狀況，加強(qiáng)政府管制有效果嗎？政府管制在我國資本市場(chǎng)具有市場(chǎng)反應(yīng)嗎？ 當(dāng)世界各國積極采取政府管制應(yīng)對(duì)撲面而來的公司欺詐和丑聞案件時(shí)，媒體力量的崛起已經(jīng)成為影響公司政策制定和應(yīng)對(duì)棘手案件不可忽視的力量。就我國資本市場(chǎng)而言，2012年底，《大眾證券報(bào)》采用讀者投票和專家評(píng)選相結(jié)合的方式推出“2012年十大黑榜上市公司候選名單”，其中有5家上市公司都是由于媒體質(zhì)疑最終接受證監(jiān)會(huì)處罰。2012年7月16日，已經(jīng)過會(huì)一個(gè)多月的新大地被證監(jiān)會(huì)列入終止審查的名單。它是繼立立電子（002257）、蘇州恒久（300060）、勝景山河（002525）之后，A股市場(chǎng)第四家已成功過會(huì)、但因媒體質(zhì)疑而被證監(jiān)會(huì)終止審查的案例。這些案例都說明媒體作為連接上市公司和投資者之間溝通的信息橋梁，在國內(nèi)外大量公司舞弊事件的揭露和處理過程中，都發(fā)揮著非常積極的正面作用。 國內(nèi)外學(xué)者研究媒體作用時(shí)，通常單獨(dú)研究媒體在各國不同的資本市場(chǎng)中是否發(fā)揮了輿論監(jiān)督作用。但本文將媒體監(jiān)督（即社會(huì)監(jiān)督）與政府管制（政府監(jiān)督）結(jié)合起來研究，探討媒體報(bào)道對(duì)證券市場(chǎng)政府管制的影響。這一研究視角不僅是對(duì)政府管制研究領(lǐng)域的拓展也為媒體領(lǐng)域提供了新的研究思路。通過理論分析和制度背景分析，本文認(rèn)為：針對(duì)目前我國證券市場(chǎng)政府管制的缺陷以及我國媒體自身因素與外界因素的制約，兩種監(jiān)督單獨(dú)實(shí)施管制都會(huì)發(fā)生“管制死角”，而將兩者相機(jī)結(jié)合，互相補(bǔ)充，能夠更好發(fā)揮的證券市場(chǎng)的管制效率。 本文使用2005-2011年間在我國深滬A股上市公司為樣本，研究所提供的經(jīng)驗(yàn)證據(jù)證實(shí)了上述理論推斷。本文研究的主要發(fā)現(xiàn)如下：第一，我國證券市場(chǎng)政府管制具有正向市場(chǎng)反應(yīng)，即我國證監(jiān)會(huì)對(duì)上市公司違規(guī)行為的處罰公告的確具有信息含量；若媒體在證監(jiān)會(huì)處罰公告之間提前曝光了上市公司的負(fù)面消息，則證監(jiān)會(huì)處罰公告的市場(chǎng)反應(yīng)正向效應(yīng)更大，即媒體的提前報(bào)道促進(jìn)了政府管制的市場(chǎng)正向效應(yīng)；第二，本文用違規(guī)公司處罰前后的業(yè)績(jī)（ROA）的變動(dòng)來驗(yàn)證違規(guī)公司是否做出改變，研究發(fā)現(xiàn)，違規(guī)公司處罰后一年的ROA顯著高于處罰前一年的ROA，即違規(guī)公司迫于壓力停止了違規(guī)行為，進(jìn)行公司整改，最終提高了業(yè)績(jī)；當(dāng)媒體在證監(jiān)會(huì)處罰公告公布前報(bào)道違規(guī)公司負(fù)面消息，處罰后一年ROA比處罰前一年的ROA增加幅度更明顯，這證明面對(duì)媒體負(fù)面報(bào)道所施加的公共壓力，企業(yè)改正地更為徹底。綜合上述分析得出本文結(jié)論：在我國證券市場(chǎng)中，政府管制具有效率，媒體輿論監(jiān)督作用的發(fā)揮能夠促進(jìn)政府管制效率。這即證明了我國目前證券管制政府管制與社會(huì)監(jiān)督（媒體輿論監(jiān)督）相結(jié)合的必要性和有效性。媒體輿論監(jiān)督和政府監(jiān)督兩者相機(jī)結(jié)合，取長(zhǎng)補(bǔ)短，才能更加有效的完善市場(chǎng)機(jī)制，增強(qiáng)市場(chǎng)透明度，維持資本市場(chǎng)的健康穩(wěn)定。 本文的研究對(duì)深入理解通過我國證券市場(chǎng)管制模式以及維持市場(chǎng)健康穩(wěn)定發(fā)展具有重要的理論和實(shí)踐意義。第一，本文的研究將有助于豐富媒體研究文獻(xiàn)，本文有關(guān)媒體作用的研究并不拘泥媒體自身，而將其與政府干預(yù)結(jié)合起來，利用媒體報(bào)道的信息職能和治理職能，研究在我國現(xiàn)實(shí)背景下，媒體對(duì)政府管制效率的影響，重點(diǎn)強(qiáng)調(diào)兩者相互補(bǔ)充，協(xié)調(diào)互動(dòng)的監(jiān)督機(jī)制，這種相互結(jié)合的監(jiān)督機(jī)制將避免單獨(dú)管制下的不足并更好的發(fā)揮整體的證券市場(chǎng)管制效果。第二，由于研究視角創(chuàng)新，得出的結(jié)論更符合我國目前證券市場(chǎng)管制現(xiàn)實(shí)。作為政策制定者，在考慮提高市場(chǎng)管制效率的時(shí)候，應(yīng)該充分重視發(fā)揮社會(huì)輿論監(jiān)督的作用，努力營(yíng)造媒體監(jiān)督職能發(fā)揮作用的土壤和氛圍，并從制度層面放松政府對(duì)媒體的控制；最后，媒體自身也要苦修內(nèi)功，提升媒體公信度，以充分發(fā)揮媒體監(jiān)督職能并有效促進(jìn)政府管制效果，維護(hù)健康穩(wěn)定的證券市場(chǎng)。
[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.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;D630;G206

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