【作者】 孙开连； 王凯涛； 陈金贤； 刘宽虎； 杜鹃；

【Author】 SUN Kai-lian, WANG Kai-tao.CHEN Jin-xian,LIU Kua-hu,Du Juan (International Economic Research Institute, Management School, Xi’an Jiaotong University, Xi’an 710049,China)

【机构】 西安交通大学管理学院国际经济研究所；

【摘要】 本文以18家因虚假陈述被证监会处罚的上市公司为样本,通过采取事件研究方法,对监管部门违规行为处罚的效果进行统计检验,得出市场对违规处罚反应并不强烈、市场监管滞后或市场对违规行为调查提前反应三种可能性结论,并据此建议证券监管部门:进一步加大违规案处罚力度,提高违规处罚的市场震慑力;调整完善市场监控系统,强化对违规案件事前事中监管;改进案件查办方式,防止信息泄秘。更多还原

【Abstract】 This article takes eighteen listed companies that have been punished by China Securities Regulatory Committee for false statement as samples and examines the effect of penalty by the regulatory section for such regulation - violating behaviors through case study. From the study, three possible conclusions are drawn. Firstly, the response of the market to the penalty is not very vehement; Secondly, the market supervision lags behind the regulation - violating behaviors; Thirdly, the investigation into such behaviors may be far in advance. In accordance with the former conclusions, some suggestions are put forward for the securities regulatory section. Firstly, the penalty for the regulation - violating cases should be reinforced in order to frighten such misbehavior; Secondly, adjust and perfect the market regulatory system and strengthen the supervision before and during the regulation - violating cases; Thirdly, improve the way of looking into the cases and prevent the leakage of information.更多还原