报告题目：Endogenously Uninformed: Evidence from Comment Letters in China

时间：2026年5月9日 下午3:00

地点：北京理工大学主楼 216

报告人：胡宁

报告人国籍：中国

报告人政治面貌：中共党员

报告人职务：现代审计研究所所长

报告人职称：教授、博士生导师

报告人工作单位：西南财经大学会计学院

报告人简介：胡宁，2019年毕业于上海财经大学，2020年晋升副教授（破格），2023年获长期教职并遴选为博士生导师（破格），2024年晋升教授（破格），主持国家自然科学基金青年项目和面上项目各一项，担任现代审计研究所所长，光华会计拔尖人才，中国会计学会副秘书长（挂职），四川省注协人才工作委员会副主任委员，《China Journal of Accounting Research》青年编委。在人民日报出版社出版专著《选择性监管及其经济后果研究——基于沪深交易所年报问询函的证据》，以第一作者或通讯作者在《Journal of Accounting and Public Policy》、《Journal of Business Finance and Accounting》、《Accounting Horizions》、《Energy Economics》、《Regulation & Governance》、《Corporate Governance: An International Review》、《会计研究》、《南开管理评论》等期刊发表论文数篇。

报告内容简介：

We examine how regulatory comment letters (CLs) affect investors' information acquisiti-on in the Chinese capital market. In China, regulators prefer to address minor issues through private outreach and issue public CLs only when concerns are more serious, making CLs function more as a deterrent sanction rather than a communication mechanism as commonly perc-eived in the United States. Using investor inquiries on an investor interactive platform (IIP) as a direct measure of information acquisition, we find that the disclosure of CLs leads to a sig-nificant decline in subsequent investor information acquisition. This reduction persists for u-p to 24 months, leaving the market persistently uninformed about the negative information s-ignaled by the CLs. Consistent with a deterrence interpretation, the effect is stronger for mor-e severe CLs and weakens when short-selling constraints are relaxed. Additional evidence fro-m institutional site visits and online search activity suggests that the decline in information a-cquisition extends beyond the IIP channel. We further show that this reduction in informatio-n production is associated with lower liquidity and weaker price informativeness. Overall, ou-r findings suggest that the way comment letters are implemented can unintentionally shape their capital-market consequences.

（承办：会计系、科研与学术交流中心）