民营企业会计信息报告策略与证券市场监管有效性研究

以2003—2021年沪深A股上市公司的观测数据为样本，研究“原罪”嫌疑对民营企业会计信息报告策略的影响与证券市场监管的有效性。结果发现：“原罪”嫌疑与民营企业披露的会计信息质量显著负相关，且这一负相关性会随着民营企业面临的“原罪”压力的增大而增加。交易所和证监会能够有效识别民营企业的低质量会计信息报告行为，并根据信息披露问题的严重程度作出相应的处罚。机制检验显示，地区产权保护水平的提高，有助于缓解民营企业家遭遇的“原罪”嫌疑，减少其对低质量会计信息报告策略的使用。

Accounting Information Reporting Strategy Private Enterprises and the Efficiency of Securities Market Regulation

Using firm-year observations of companies listed on Shanghai and Shenzhen Stock Exchanges in China over the period 2003 to 2021, this paper deeply investigates the effect of the suspicion of “original sin” on the choice of accounting information reporting strategy of private enterprises and its effectiveness. Results show the suspicion of “original sin” is significantly negatively related to the quality of accounting information disclosed by private enterprises, and this negative correlation is much more evident in private enterprises facing higher pressure of “original sin”. Shanghai and Shenzhen Stock Exchanges and CSRC can effectively identify the low accounting information reporting behavior of private enterprises, and give them corresponding inquiries and penalties. Additional analysis reveals that the improvement of the level of property rights protection in a region will help reduce the low accounting information reporting strategies used by private enterprises.