金融司法专业化与企业信息互动：来自中国金融法院设立的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-28 DOI:10.1016/j.frl.2025.107483

Panpan Zheng, Zhen Li

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引用次数: 0

摘要

本文利用中国金融法院设立的准自然实验，采用多时间DID方法实证检验了金融司法专业化对上市公司信息互动行为的影响。我们的研究结果表明，FJS降低了上市公司回应投资者询问的可能性。进一步分析表明，FJS虽然提高了公司响应的全面性，但也降低了响应的时效性。值得注意的是，在诉讼风险较高的情况下，金融服务对上市公司回应投资者询问的概率的不利影响更为明显。

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Financial judicial specialization and corporate information interaction: Evidence from the establishment of financial courts in China

Using a quasi-natural experiment created by the establishment of financial courts in China, we employ a multi-time DID method to empirically examine the impact of financial judicial specialization (FJS) on the information interaction behavior of listed companies. Our findings reveal that FJS reduces the likelihood of listed companies responding to investor inquiries. Further analysis shows that although FJS improves the comprehensiveness of company responses, it also reduces their timeliness. Notably, the adverse effect of FJS on the probability of listed companies responding to investor inquiries is more pronounced in contexts with high litigation risk.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance