3600 
2532党的二十大明确提出，维护国家安全要以经济安全为基础。但近年来日益凸显的企业庞氏融资风险对经济安全构成严峻挑战，因此探寻有效的治理工具成为重要议题。投资者实地调研在揭示庞氏融资方面具备市场化、利益相关性强的优势，但其治理效果尚不明确。文章从信息效应和监督效应两个维度检验了投资者实地调研对企业庞氏融资的影响，结果表明投资者实地调研能有效抑制企业庞氏融资，发挥“眼见为实”的治理效应。其作用机制主要在于通过改善企业信息质量和效率、增强监督完备程度发挥作用，并且治理效果因投资者调研偏好、机构投资者合谋可能性的不同而存在差异。这不仅为防范企业庞氏融资风险提供了有效工具，也有助于更全面地认识投资者实地调研的治理效应。
投资者实地调研对企业庞氏融资的治理效应：“眼见为实”还是“雾里看花”？
摘要
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引用本文
王伊攀, 张含笑. 投资者实地调研对企业庞氏融资的治理效应：“眼见为实”还是“雾里看花”？[J]. 上海财经大学学报, 2023, 25(5): 61-76.
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