Non-Punitive Regulation and Corporate Financial Risks——Evidence Based on Annual Report Inquiry Letters
Abstract
This paper analyzes the impact of annual report inquiry letters on the financial risk of enterprises, using A-share listed companies from 2017-2021 as the research object. It is found that annual report inquiry letters have a significant reduction effect on the financial risk of firms. In addition, the concentration of equity has a moderating effect on the effect of annual report inquiry letters on reducing financial risk, and the lower the concentration of equity, the more significant the effect of annual report inquiry letters on reducing financial risk.
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DOI: http://dx.doi.org/10.18686/fm.v8i4.3837
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