財務報導品質與自律監管執法有關嗎？證券交易所角色之檢驗

How does Financial Reporting Quality Relate to Self-Regulatory Enforcement? An Examination of the Role of the Stock Exchange

鍾宇軒(Yu-Hsuan Chung) ； 邱安安(An-An Chiu) ； 黃劭彥(Shaio Yan Huang)

《當代會計》 19卷2期 (2018/11) Pp. 175-211

https://doi.org/10.6675/JCA.201811_19(2).03

摘要

證券交易所的監管執法為對上市公司監督之第一道防線，本文乃透過中國深圳交易所的誠信檔案中對於上市公司監管的處罰與處分公告，探討證券交易所自律監管與企業財務報導品質之關聯性。實證結果發現企業前一年度的較低財務報導品質容易影響增加證券交易所紀律處分的可能性。再者，當企業受到證券交易所的紀律處分後，將會於後續次一年度即改善企業的財務報導品質。

關鍵字

證券交易所 ； 自律監管執法 ； 財務報導品質

並列摘要

It is the first defensive line that regulatory enforcement by the stock exchange plays the monitoring role in supervising listed companies. This study, thus, investigates the association between stock exchange self-regulatory enforcement and firms’ financial reporting quality. The study is conducted by using the sanction and penalty pronouncements regarding supervision of listed companies in the Shenzhen Stock Exchange of China. The results find that the likelihood of sanctions by the stock exchange would increase for firms with the lower reporting quality in the previous year. In addition, the sanctioned firms will improve the accruals quality of its financial reports in the next year.

並列關鍵字

stock exchange ； self-regulatory enforcement ； financial reporting quality

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