社会信任对公司违规的抑制性研究
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引用本文:李世辉1,欧阳梦洁1,曾辉祥1,2.社会信任对公司违规的抑制性研究[J].湖南大学学报社会科学版,2020,(3):88-96
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作者单位
李世辉1,欧阳梦洁1,曾辉祥1,2 (1.中南大学 商学院湖南 长沙 410083
2.两型社会与生态文明协同创新中心湖南 长沙 410083) 
中文摘要:如何防范公司违规、保护投资者利益是资本市场研究的热点问题。以2010-2017年沪深两地A股2853家上市公司为研究样本,基于部分可观测的Bivariate Probit模型的实证结果显示:公司所在地区的社会信任水平越高,其违规倾向越低,被违规稽查的概率则越高;进一步研究发现,风险喜好型高管会降低社会信任对公司违规倾向的抑制作用,并在一定程度上强化了社会信任对公司违规稽查的影响力度;此外,相较于信息披露违规,社会信任对经营违规倾向的抑制作用更为显著,并且更为有效地提高了经营违规被稽查的概率。
中文关键词:社会信任  公司违规  高管风险偏好
 
Research on the Inhibition of Social Trust on Corporate Fraud
Abstract:How to prevent companies from fraud and protect investors' interests is a hot issue in the research of emerging capital market. This paper uses partial observable Bivariate Probit model to examine the impact of social trust on corporate fraud (including fraud propensity and fraud detection) and the moderating effect of executive risk preferences on the impact, taking 2853 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2017 as research samples. We find that social trust is negatively and significantly related to fraud propensity, and is positively and significantly related to fraud detection. Further studies show that executive risk preferences can significantly affect the impacts of social trust on the fraud propensity and fraud detection. In addition, compared with information disclosure fraud, social trust has a greater impact on operation fraud propensity and operation fraud detection.
keywords:social trust  corporate fraud  executive risk preference
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