Randomized inspection and investment-price sensitivity: A natural experiment in China

被引：0
|
作者：
Xie, Lina [1 ]
Wang, Chenxi [1 ]
机构：
[1] Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2025年 / 74卷
基金：
中国国家自然科学基金;
关键词：
Random inspection; Investment-price sensitivity; Regulation; STOCK-PRICES; INTERNAL CONTROL; INFORMATIVENESS; ENFORCEMENT; DISCLOSURE; PROTECTION;
D O I：
10.1016/j.frl.2024.106724
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of randomized inspection on the investment-price sensitivity. We find that the random inspection of China Securities Regulatory Commission (CSRC) increases the inspected companies' investment-price sensitivity. The CSRC's random inspection enhances the investment-price sensitivity by increasing the stock price informativeness and strengthening corporate governance. The effect of CSRC's random inspections on investment-price sensitivity is more pronounced among firms with poorer information quality and higher agency costs. The study reveals the role of securities regulation in improving the investment-price sensitivity and thus provides implications for policymakers.
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页数：12
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