问询函监管与年报增量信息披露研究——异质性分析视角
A Study on Question Letter Regulation and Incremental Disclosure in Annual Reports—A Heterogeneity Analysis Perspective

近年来，随着“放管结合”的监管理念逐渐得到贯彻，证券交易所已经成为信息披露的监管主力。本文以交易所发放的定期报告问询函作为研究对象，探究其如何影响上市公司的增量信息披露。研究表明，定期报告问询函能够促进收函方年报的增量信息披露。异质性分析表明，当外部治理环境较好、收函方为民营企业时，监管问询效果较好。本文为交易所完善监管问询制度、提升监管效率提供相应政策启示。
In recent years, with the gradual implementation of the regulatory concept of “combining regulation with liberalization”, stock exchanges have become the main regulatory force for information disclosure. This paper takes the periodic report inquiry letters issued by stock exchanges as the research object to investigate how they affect the incremental information disclosure of listed companies. The study shows that periodic report inquiry letters can promote incremental information disclosure in the annual reports of the recipients. Heterogeneity analysis shows that regulatory inquiries are more effective when the external governance environment is better and the recipients are private enterprises. This paper provides policy implications for exchanges to improve the regulatory inquiry system and enhance regulatory efficiency.