摘要
运用数据挖掘、机器学习和人工智能等新技术提升监管效率和效力的监管科技化建设是对资本市场传统监管模式的突破性重构,是证监会全面深化资本市场改革的重点任务。本文以证监会建立券商工作底稿科技管理系统为准自然实验,以2016~2019年沪深A股公司作为购买方开展的重大资产重组交易为对象,采用双重差分模型考察了中国资本市场监管科技化建设的初步效果。研究发现:(1)证监会建立券商工作底稿科技管理系统之后,试点券商担任独立财务顾问的企业并购交易绩效显著提升,该结论在一系列稳健性检验后仍然成立。(2)这种提升作用主要通过提升事中监管能力、增强事后监管威慑和提高券商尽职程度等机制来实现。(3)监管科技化建设还有助于缓解选择性执法和部分地区法律环境薄弱等问题,并与券商自身数字化建设存在相互促进的关系。本文拓展和丰富了资本市场监管创新的相关研究,为资本市场监管科技化建设的进一步实施和完善提供了参考。
Using new technologies such as data mining,machine learning and artificial intelligence to enhance regulatory efficiency and effectiveness is a breakthrough reconstruction of the traditional regulatory model of the capital market,and also a key task of the CSRC(China Securities Regulatory Commission)to comprehensively deepen the capital market reform.This paper uses the establishment of investmentbank workingpaper technology management system(IWTM System)by the CSRC as a quasi-natural experiment,using DID model to examine the M&A performance conducted by Chinese A-share listed companies from 2016-2019,assesses the initial effect of the construction of Suptech in Chinese capital market.We find that the performance of M&A in which pilot investment banks acted as independent financial advisors is significantly enhanced after the establishment of the investmentbank workingpaper technology management system.This enhancing effect is mainly achieved through enhancing regulatory deterrence,improving investment bank due diligence and independence.The construction of Suptech also helps alleviate the problems of selective enforcement and weak legal environment in some regions of China,and has a mutually reinforcing relationship with the digitalization of investment bank themselves.This paper expands and enriches the relevant research on regulatory innovation in Chinese capital market,and provides references for further implementation and improvement of the construction of Suptech in Chinese capital market.
作者
孙亮
刘春
Sun Liang;Liu Chun(International School of Business&Finance,Sun Yat-sen University)
出处
《管理世界》
CSSCI
北大核心
2022年第9期176-193,共18页
Journal of Management World
基金
国家自然科学基金面上项目和重点项目(71772182、71972186、72132010)的资助。
关键词
监管科技
券商工作底稿科技管理系统
并购绩效
suptech
investmentbank workingpaper technology management system(IWTM System)
M&A performance
