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在2015年6月中国A股持续暴跌而引发监管层空前严厉稽查的现实背景下,本文关注了监管机构处罚违规上市公司的治理问题。以2006-2014年间国泰安CAMAR数据库中违规公司数据为研究样本,引入疾病医疗的理念,采用生存分析法、倍差法和倾向得分匹配法等方法,系统地分析了监管机构处罚违规上市公司的效果。研究结果均显示,实施处罚能够有效抑制上市公司违规。该结论与以往实证研究结果相反,对后续的相关研究可能有所启发,更多的积极正面性的证据可能会陆续出现。本文的结论有助于证伪认为处罚缺乏实质效果这一盛行的观点,同时也为监管层严厉打击上市公司违规提供了有力的实证文献支持。根据研究结果,本文建议监管层更细致地对违规公司的违规情况进行调查和曝光,更多广泛地探索和应用对违规公司的处罚。同时,积累更多的事实数据,在深入研究的基础上甄选处罚方式,提高监管效率,以保护投资者的合法权益。
Against the backdrop of the continuous plunge of China’s A-shares in June 2015, which triggered an unprecedented and stringent audit by the regulators, this article focuses on the regulatory issues that the regulatory bodies penalize listed companies that violate regulations. Based on the data of noncompliant companies in Cathay Pacific CAMAR database from 2006 to 2014, this paper introduces the concept of disease medical treatment, and uses the methods of survival analysis, double difference method and propensity score matching to systematically analyze the regulatory agencies’ penalties for illegal listed companies effect. The results show that the implementation of punishment can effectively curb the listed company’s violation. This conclusion is contrary to the results of previous empirical studies and may inspire subsequent research. More evidence of positive and positive findings may come forth one after another. The conclusion of this article helps to falsify the view that the punishment lacks the real effect and also provides a strong empirical evidence support for regulators to crack down on listed companies’ violation. According to the research results, this paper suggests that regulators investigate and disclose the irregularities of the violating companies in more detail and explore and apply the penalties for the violating companies more widely. At the same time, accumulating more factual data and selecting punishments on the basis of in-depth research to improve supervision efficiency and protect the legitimate rights and interests of investors.