上市公司虚假陈述的产品市场后果

被引：18

作者：

辛清泉 ^{[1
]}

周静 ^{[1
]}

胡方 ^{[2
]}

机构：

[1] 重庆大学经济与工商管理学院/会计治理与公司财务创新研究院

[2] 不详

来源：

会计研究 | 2019年 / 03期

关键词：

虚假陈述; 监管处罚; 产品市场; 经济后果;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

摘要：

本文针对上市公司因虚假陈述而遭受监管处罚这一现象,讨论和度量公司的声誉损失在产品市场上的溢出效应。使用2004-2012年间294宗处罚案件,研究发现,相比于控制样本,公司在受罚后三年内销售收入下滑了11.9%～17.1%,销售毛利率下降了2.4～2.8个百分点。进一步研究发现,来自前五大客户的销售收入在处罚后下降幅度达到43.9%～55.1%,而来自小客户的销售收入在处罚之后并未遭受明显下滑。总体而言,公司虚假陈述导致的污名对产品市场有着实质性影响。本文的发现对于重新认识中国情境下产品市场的信任机制提供了帮助。

引用

页码：25 / 31

页数：7

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