制造业上市公司财务重述及其市场反应研究

发布时间：2018-06-21 19:20

本文选题：制造业上市公司 + 财务重述　；参考：《江苏大学》2017年硕士论文

【摘要】：企业的财务信息是资本市场的血液,影响着投资者的经济决策和资本市场的健康发展,财务重述制度正是为了保障投资者知情权的一项财务信息披露制度。然而近年来,企业财务重述问题频发,乱象丛生,恶意引导市场预期的行为造成了较明显的市场反应。众所周知,制造业是我国国民经济的支柱产业之一,发展历史悠久,规模较大,在我国资本市场占据重要地位,而制造业上市公司的财务重述现象较突出,其重述行为扰乱了资本市场秩序,也在一定程度上损害了投资者信心。有鉴于此,本研究尝试通过探讨制造业上市公司不同种类的重述行为所带来的市场反应的差异,为引导我国制造业上市公司审慎使用重述手段提供管理启示,同时也为我国监管部门监督上市公司的财务重述行为提供政策性参考。本研究基于信息不对称理论和有效市场假说,首先,对国内外有关财务重述的研究概况进行述评,确定了本研究中财务重述的概念和其市场反应的度量方法;其次,对我国制造业上市公司财务重述的现状进行分析,结合制造业上市公司重述行为的特点,选取皖维高新为案例研究对象,对其重述行为所带来的市场反应进行了初步探讨;最后,在案例分析的基础上,选取2013至2015年制造业上市公司发布的重述公告为研究样本,根据补充公告,补充更正公告和更正公告三大基本类别对重述样本进行分类,并在此基础上,从重述性质和重述原因两大不同的维度进行了进一步的细分,分别使用事件研究法和多元回归方法分析其市场反应,以期为提高我国制造业上市公司的信息披露质量,规范上市公司财务重述秩序提供管理建议与政策参考。研究结果显示:(1)制造业上市公司的补充更正公告与更正公告都带来了显著负面的市场反应,补充公告带来的市场反应并不显著;(2)不确定重述与消极重述都带来了显著负面的市场反应,积极重述并未带来显著的市场反应;(3)会计问题导致的重述公告带来了显著负面的市场反应,因政策变动、监管部门督促和技术问题导致的重述公告均无法带来显著的市场反应。有鉴于此,本研究结合研究结果,提出规范上市公司重述行为的管理启示与政策性建议,希冀为丰富制造业上市公司财务重述行为的研究,降低重述公告对制造业上市公司带来的负面影响,规范上市公司财务重述秩序提供重要的借鉴和参考。
[Abstract]:The financial information of an enterprise is the blood of the capital market, which affects the economic decision of the investor and the healthy development of the capital market. The financial restatement system is just a financial information disclosure system to protect the investor's right to know. However, in recent years, corporate financial restatement problems frequently occur, chaos, malicious behavior of market expectations caused a more obvious market response. As we all know, manufacturing industry is one of the pillar industries of our national economy. It has a long history and a large scale. It occupies an important position in the capital market of our country, and the phenomenon of financial restatement of listed companies in manufacturing industry is more prominent. Its restatement disturbed the order of capital markets and damaged investor confidence to some extent. In view of this, this study attempts to provide management inspiration to guide Chinese manufacturing listed companies to use restatement methods prudently by exploring the differences of market responses brought about by different restatement behaviors of listed manufacturing companies. At the same time, it also provides policy reference for supervising the financial restatement of listed companies. Based on the information asymmetry theory and the efficient market hypothesis, this study firstly reviews the research situation of financial restatement at home and abroad, and determines the concept of financial restatement and the measurement method of its market reaction. Based on the analysis of the current situation of financial restatement of listed manufacturing companies in China and the characteristics of restatement behavior of listed companies in manufacturing industry, this paper selects Wanwei Hi-tech as the case study object, and probes into the market reaction brought about by the restatement behavior. Finally, on the basis of case analysis, we select the restatement announcement issued by manufacturing listed companies from 2013 to 2015 as the research sample, and classify the restatement sample according to the supplementary announcement, the supplementary correction notice and the correction notice. On the basis of this, the paper further subdivides the two different dimensions of restatement nature and reason, and analyzes its market reaction by using event study method and multiple regression method, respectively. The aim is to provide management advice and policy reference for improving the quality of information disclosure of listed manufacturing companies and standardizing the order of financial restatement of listed companies. The results of the study show that both the supplementary correction announcements and the correction announcements of listed manufacturing companies have brought about a significant negative market reaction. The market reaction brought about by the supplementary announcement was not significant. (2) uncertainty restatement and negative restatement both brought about a significantly negative market reaction. Positive restatement did not bring significant market reaction. (3) the restatement announcement caused by accounting problem brought significant negative market reaction. The restatement announcement caused by the change of policy, supervision department and technical problem could not bring about significant market reaction. In view of this, combined with the research results, this study puts forward the management enlightenment and policy recommendations to standardize the restatement behavior of listed companies, hoping to enrich the research on financial restatement behavior of listed manufacturing companies. Reducing the negative impact of restatement announcement on listed manufacturing companies and standardizing the order of financial restatement of listed companies provide important reference and reference.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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