【摘要】 文章以信用成本和信用收益为切入点,提出了信用敏感度、信用宽容度和信用认可度三个概念,并用博弈论方法研究信用敏感度对企业履约行为的影响。在理论分析的基础上,以存在违规行为并被监管部门依法公示的上市公司为研究对象,运用多元回归的方法对违规行为以及罚金是否会对股价波动以及股票成交量的波动产生影响进行实证检验,发现违规行为及罚金对股票价格和股票成交量的波动没有显著影响,说明目前我国上市公司及投资者对企业违规行为处于信用敏感度较低、信用宽容度较高的现状。针对这一现状,政府应当做好信用监管者和普及者,企业应当做好信用参与者和执行者,社会公众应做好信用监督者与传播者,共同促进信用社会发展。更多还原

【Abstract】 Taking credit cost and credit gains as the entry point, the paper puts forward credit sensitivity, credit tolerance and credit approval and uses the game theory to study the impact of credit sensitivity on enterprise’honor of commitment. Based on the theoretical analysis,it takes the listed companies that have irregularities and are publicized in accordance with law by regulators as the research subject. It also uses the multiple regression method to conduct empirical test on whether irregularities and fines will have effect on stock price volatility and stock turnover.The results show that irregularities and fines have little impact on the stock price and stock turnover, illustrating that at present China’s listed stock company and investors have low credit sensitivity and high credit tolerance to the enterprise’s irregularities. To counteract this, the government should regulate and popularize the credit, the enterprise should participate in the credit and the mass should supervise it,jointly promoting the credit social development.更多还原