三元共治视域下公平竞争审查制度的违规治理效应研究

The high-quality development of the capital market requires enterprises to operate in compliance with regulations; however, violations by listed companies have repeatedly occurred despite repeated prohibitions. Existing research mostly focuses on a single contingency factor to examine the normative path of corporate violations, making it difficult to form a multi-coordinated long-term constraint mechanism. How to stimulate the collaborative governance efficiency of governments, markets, and enterprises from the macro system design level is crucial for restraining corporate violations and creating a favorable ecological environment for the capital market. Taking A-share listed companies from 2008 to 2023 as the research sample, this paper uses a DID model to examine the impact of the fair competition review system on corporate violations and its mechanism. The study finds that the fair competition review system significantly inhibits corporate violations. Mechanism testing shows that the fair competition review system achieves the ternary co-governance mechanism through “institutional incentives”, “market regulation”, and “enterprise self-discipline”, and thereby restrains corporate violations. This is manifested in the optimization of the business environment, the improvement of audit quality, and the strengthening of internal control. Heterogeneity analysis based on the internal and external environment of enterprises reveals that when the level of regional rule of law is lower, the development degree of factor markets is lower, or the agency costs of companies are higher, the fair competition review system exerts a more prominent inhibitory effect on corporate violations. This paper not only reveals the corporate governance effect of the fair competition review system at the micro level, but also provides policy implications for promoting the high-quality development of the capital market.