Abstract: This study first constructs a theoretical model to explore how the resource constraint of securities regulation affects the surplus quality of listed companies, and then conducts an empirical test based on the implication of the Stock Exchange Regulation. The results of the study are follows: (1) Despite the regulatory resource constraint, frontline regulation of stock exchanges still has a significant effect on improving the surplus quality of companies with profit-deflating motives; however, the effect of improving the surplus quality of companies with profit-deflating motives is weakened due to the “siphoning effect”. (2) The mechanism test suggests that although the surplus quality improvement of profit-dilution-motivated firms is less effective, their surplus quality can also be improved with better regulation. (3) It is further verified that this inter-firm variation in regulatory effects is not due to regulatory capture, but rather to insufficient regulatory resources. Good internal control quality and high market attention can significantly alleviate the siphoning effect caused by regulatory resource constraints. In the context of strengthening and improving modern financial supervision in China, it is important to study how regulatory resource constraints affect the surplus quality of listed companies in order to improve regulatory effectiveness.

Key words: Stock Exchange Regulation, Siphon Effect, Surplus Quality, Resource Constraints

摘要： 本文构建理论模型,探讨证券监管资源约束对上市公司盈余质量的异质性影响,并基于《证券交易所管理办法》发布的政策冲击进行实证检验。研究发现,尽管受到监管资源约束,证券交易所一线监管仍然对利润虚增动机的公司有明显的盈余质量提升效应;但由于“虹吸作用”,利润虚减动机公司的盈余质量提升效果会被削弱。机制检验表明,尽管利润虚减动机公司的盈余质量提升效果欠佳,但只要提高监管力度,同样能提升其盈余质量。监管效果的公司间差异并非由于监管虏获造成,监管资源不足是其产生的主要原因。良好的内部控制质量、较高的市场关注度能够显著缓解监管资源约束导致的虹吸效应。在我国加强和完善现代金融监管背景下,研究监管资源约束如何异质性影响上市公司盈余质量对创新监管方式、提高监管效能具有重要的借鉴意义。

关键词: 证券交易所监管, 虹吸效应, 盈余质量, 资源约束