证券法修订对上市公司信息披露的影响：一个准自然实验

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-03 DOI:10.1016/j.frl.2025.107868

Jian Liu , Xuemin Deng , Wenjun Ouyang

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引用次数: 0

摘要

新《证券法》加强了上市公司的信息披露义务。通过差异中差异分析发现，与国有企业相比，民营企业在实施绩效预测后，由于融资成本、审计费用和管理层的减少，其准确性和频率有所提高。研究结果表明，不同股权类型的披露反应存在差异，证实了该法律的初步有效性，并强调了证券市场监管的监测重点。本研究阐明了法律责任如何影响公司信息披露策略及其对政策改进的贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of revised securities law on listed companies’ information disclosure: A quasi-natural experiment

The new Securities Law enhances disclosure obligations for listed firms. A difference-in-differences analysis reveals that, following implementation, private enterprises have improved the accuracy and frequency of performance forecasts compared to state-owned enterprises, mediated by reduced financing costs, audit fees, and management layers. The findings demonstrate differentiated disclosure responses by ownership type, confirm the law's initial effectiveness, and emphasize monitoring priorities for securities market regulation. This study clarifies how legal liability influences corporate disclosure strategies and its contribution to policy improvement.

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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