Research On The Influence Of Regulatory Geographical Distance On Financial Violations Of Listed Companies In China

In recent years,corporate irregularities exposed in the capital market have emerged one after another,which has led many investors to fall into the confusion of investment.At present,the capital market registration system is being steadily implemented,and enterprise violations emerge one after another.How to ensure the full implementation of the registration system is of great significance.As an important regulatory body,compared with the CSRC,the CSRC’s supervision of local listed companies is faster and the deterrent of supervision is more obvious.Therefore,it is of great significance to study how to give better play to the regulatory role of the CSRC on listed companies.At present,there is no consistent conclusion on the impact of the supervision of the CSRC on listed companies among different equity subjects.There is also no consistent conclusion on whether the improvement of the local traffic of listed companies will be conducive to the supervision of listed companies by the CSRC.Therefore,from the perspective of the spatial and geographical distance between the securities regulatory bureau and listed companies,this paper studies its impact on the financial violations of listed companies.The research methods used in this paper include literature analysis,regression analysis under empirical analysis and inductive and deductive analysis.Based on information asymmetry theory,reputation mechanism theory and deterrence theory,this paper establishes logit regression model,defines core concepts such as regulatory geographical distance and financial violations of listed companies,and manually collects and arranges the longitude and latitude data of listed companies and securities regulatory bureau,And selecting the data of China’s Shanghai and Shenzhen A-share listed companies in guotai’an database as a sample,regressing it,discussing how the regulatory geographical distance of the securities regulatory bureau affects the financial violations of listed companies,and taking the quality of internal control as an intermediary variable,using the intermediary effect model of existing scholars to test the intermediary effect between them,At the same time,it studies whether the impact of regulatory geographical distance on Financial Violations of listed companies is different under different property rights and institutional environments,and whether the impact degree will change after the local traffic of listed companies is improved.According to the research results of this paper,it is found that the geographical distance between listed companies and the securities regulatory bureau will significantly affect the financial behavior of listed companies.The company may have fraud motivation for listed companies far away from the securities regulatory bureau based on the energy limitation of the supervision of the securities regulatory bureau,which affects the financial violations of listing,and this impact is different under different property rights and institutional environments.In addition,compared with state-owned holding enterprises,the geographical distance between non-state-owned holding listed companies and the securities regulatory bureau has a more obvious impact on enterprise financial violations.In areas with better legal environment,the geographical distance between listed companies and the securities regulatory bureau has a stronger impact on corporate financial violations.After the opening of high-speed railway line between the securities regulatory bureau and the registered location of listed companies,it has an obvious inhibitory effect on the financial violations of Listed Companies in the location.