Determinants of Securities and Exchange Act Violation: Evidence from Equities and Stock Affairs Penalty Cases

企業違反證券交易法之影響因素：以股權股務裁罰案件為例

林玉君(Yu-Chun Lin)

《財務金融學刊》 30卷3期 (2022/09) Pp. 31-70

https://doi.org/10.6545/JFS.202209_30(3).0002

摘要

This study examines the determinants of violation cases to the Securities and Exchange Act in Taiwan. We focus on the equities and stock affairs penalty cases issued by Financial Supervision Committee R.O.C from 2013 to 2019, and use the regression model and bootstrapping method developed by Efron (1979) to control for the possible biases caused by small-sized sample. The results show that sales growth and operating losses are positively associated with the violation probability. Corporate governance is beneficial to curb firm violation. Furthermore, we find that firms with higher firm size, higher financial losses, and higher leverage get higher penalty.

關鍵字

Securities and exchange act ； penalty ； Financial Supervision Committee ； corporate governance ； bootstrapping

並列摘要

本文探討我國公司違反證券交易法的影響因素，以2013至2019年金融監督管理委員會揭露之「股權股務裁罰案件」，使用迴歸模型並參酌Efron（1979）之拔靴法（Bootstrapping）控制小樣本可能的偏誤。實證結果顯示銷貨收入成長率和營業虧損與公司違法機率具正向關聯；公司治理品質抑制股權股務違法；違規公司的規模愈大、虧損及財務槓桿愈高，受裁罰金額愈高。

並列關鍵字

證券交易法 ； 裁罰 ； 金融監督管理委員會 ； 公司治理 ； 拔靴法

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