证券市场导报Issue(4)：27-39,13.
引导性监管有效吗?
摘要
Abstract
Guiding regulation is an important innovation in securities regulation,addressing the high costs of punitive administrative regulation and the passivity of non-punitive approaches.Using A-share listed companies on the Shenzhen Stock Exchange as the research sample,this study manually compiles data on firms responding to the Shenzhen Stock Exchange's"Dual Improvement in Quality and Returns"initiative and examines the market reaction to"Dual Improvement in Quality and Returns"announcements issued by listed companies.The study finds that companies issuing"Dual Improvement in Quality and Returns"announcements demonstrate their commitment to strengthening core business operations,enhancing innovation capacity,improving information disclosure quality and corporate governance levels.This,in turn,boosts investor confidence in the company's future development,leading to positive market reactions.The heterogeneity analysis finds that the effectiveness of guiding regulation is more pronounced in firms with lower levels of innovation,higher agency costs,weaker investor protection,and greater information asymmetry.Further analysis reveals that the market reaction to the"Dual Improvement in Quality and Returns"announcement is short-term.The more substantive and sincere the announcement content,the stronger the market's positive reaction.High-quality companies tend to respond more actively and quickly to the"Dual Improvement in Quality and Returns"initiative.This study provides important insights for regulators seeking to further strengthen guiding regulation and improve the quality and returns of listed companies.关键词
引导性监管/投资者保护/质量回报双提升/市场反应Key words
guiding regulation/investor protection/dual improvement in quality and returns/market reaction分类
管理科学引用本文复制引用
熊凌云,彭林鑫,杨李娟,刘伟清..引导性监管有效吗?[J].证券市场导报,2025,(4):27-39,13.基金项目
国家社会科学基金一般项目"数字经济时代数据安全风险与大中小企业融通创新研究"(24BJY201)、江西省自然科学基金管理科学类(决策咨询)项目"江西省科技企业信用风险评估模型及其预警机制研究"(20244BAA10053)、江西省教育厅科学技术研究青年项目"国家绿色数据中心赋能企业新质生产力的机制与政策研究"(GJJ2400410) （24BJY201）
