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8357强化交易所一线监管作用是近年来中国资本市场监管补短板的重要举措。文章基于年报问询函，深入探究了交易所对中国上市公司的盈余管理行为是否具有风险甄别能力。结果显示：首先，企业的应计盈余管理程度越高，收到问询函的概率越高，而且在收到年报问询函的企业样本中，问询函的精确性和准确性也越高，这反映了问询函具有精准识别的功能；其次，对于非国有企业、深交所上市公司，以及媒体关注度较高、所处法制环境较好的企业，问询函对盈余管理的识别效果更加明显；最后，问询函同样能够甄别相对隐蔽的真实盈余管理，并通过影响企业未来的会计绩效而使真实价值回归。文章为中国现阶段监管方式创新性转型的实施效果提供了经验证据。
交易所一线监管能甄别资本市场风险吗？——基于年报问询函的证据
摘要
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刘柏, 卢家锐. 交易所一线监管能甄别资本市场风险吗？——基于年报问询函的证据[J]. 财经研究, 2019, 45(7): 45-58.
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