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本文提供了违规监管在资本市场层面发挥治理效应的经验证据,研究发现,违规监管的治理效应体现在两个方面:一是有助于揭示公司的异质性信息,降低股价同步性;二是有助于降低市场噪音,削弱公司不透明水平与股价同步性之间的负向关系。进一步的研究发现,在外部制度环境较好的地区,违规监管能够发挥显著的治理作用,而在外部制度环境较差的地区,治理效应并不明显。这一发现表明,违规监管的治理效应不仅取决于其自身,还取决于发挥作用的外部条件。
This article provides empirical evidence that the regulation of non-compliance plays a governance effect at the capital market level. The study finds that the governance effect of non-compliance is reflected in two aspects. One is that it helps to reveal the heterogeneity of the company and reduce the synchronization of stock prices. Help to reduce market noise and weaken the negative relationship between the company’s opaqueness and stock price synchronization. Further research finds that, in areas with better external institutional environment, non-compliance supervision can play a significant role in governance. In areas with poor external institutional environment, the governance effect is not obvious. This finding shows that the regulatory effect of non-compliance depends not only on its own but also on the external conditions at work.