公司治理对上市公司财务报表重述的制约性研究

发布时间：2018-05-06 05:29

本文选题：财务报表重述 + 公司治理　；参考：《西南财经大学》2012年硕士论文

【摘要】：从有效市场假说提出以来,高质量的会计信息一直被视为保障证券市场有效性的关键。而财务报告作为公司对外披露会计信息的载体,是市场投资者获得公司信息的主要途径。近年来,因为存在虚假性、误导性信息或信息遗漏而导致重新表述财务报告的现象在国内外愈演愈烈,引起了各界的广泛关注。因此,如何有效遏制上市公司利用财务报表重述操纵利润、粉饰财务信息,已经成为会计理论学界和实务研究者共同关注的问题。针对这个问题,以往研究者提出了导致财务报表重述的众多动因,例如诚信缺乏、制度不完善、利益驱使等,根据这些问题监管部门和相关人员都做出了大量的努力,但财务报表重述现象仍不断攀升,这是因为并没有从源头上解决问题。本文试图从公司治理的视角探寻我国上市公司财务报表重述的根源,为完善我国公司治理机制和改善证券市场上会计信息质量作出贡献。本文的研究目的：(1)探究财务报表重述的原因；(2)财务报表重述作为一种信息披露机制,是否一定存在不正常,发生财务报表重述的公司特征是什么；(3)年度报告是上市公司向投资者传递公司财务信息的一种渠道,重述公告或者重述内容对财务报告质量有很大影响。而公司治理与审计对高质量财务报表提供一定的保证作用,上市公司公司治理结构与财务报表重述之间存在着什么样的关系?有效的公司治理是否能够有效制约财务报表重述的发生? 本文主要内容：首先,对证券市场上愈演愈烈的财务报表重述现象进行提炼分析,引出本文的研究主题：财务报表重述。然后参考前人研究文献,对关于国内外财务报表重述和公司治理的研究进行回顾,归纳总结已有的研究成果,找出待研究的方向：公司治理与财务报表重述。在此基础上,详细阐述公司治理和财务重述的理论基础,为下文的实证研究做铺垫。该理论分析主要从财务报表重述的概念以及财务重述引起的不良经济后果和公司治理与财务报表重述的关系三个方面进行分析,以上部分是本文的理论支撑。接着从数量、原因、审计意见、行业类别方面对我国2007年至2009年A股上市公司财务报表重述现状进行分析,发现3年内共有429家公司发生财务重述,占上市公司总数的10%左右,而发生财务重述比例较高的行业主要是A类的农、林、牧、渔业和M类的综合类。从发生财务报表重述的次数来看,近三年有大约35%的公司发生了不止一次的重述,有8家公司甚至连续三年都发生重述,说明我国财务报表重述的问题还是比较严重的。其次,从整体和部分两个角度探究公司治理综合指数和公司治理基本要素对财务报表重述的制约作用。以上市公司A股2007年至2009年发生财务报表重述的公司为实验样本,根据同行业和同规模(30%差异以内的)的标准,寻找配对样本。通过对公司治理基本要素和财务报表重述进行Logistic回归分析,本文选择代表公司治理的股权结构、股东行为、董事会特征和其他治理四个一级指标和流通股比例、国有股比例、股权集中度、股权制衡度、股东大会会议次数、董事会规模、董事会会议次数、独立董事规模、专业委员会、审计意见、高管持股数量十一个二级指标研究公司治理对财务报表重述的制约作用。研究发现国有股比例、董事会规模与财务报表重述正相关,而独立董事规模、专业委员会、高管持股数量与财务报表重述显著负相关。说明国有股比例越多,发生财务报表重述的可能性越大,进而证明我国进行股份改革的必要性,从目前的研究结果来看,虽然股份改革方案已经实施,但效果并不显著。董事会规模与财务报表重述同样存在显著的正相关性,说明董事会规模越大,其办事效率低下,跟风行为严重,只是对公司问题发生后的一种补救措施,而没有发挥其事前规划的功能。独立董事规模、专业委员会则与财务报表重述负相关,说明我国从2002年实施的独立董事制度和专业委员会政策已经初见成效,外部独立董事的客观性和专业委员会的专业性都在一定程度上可以避免财务报表重述的发生,两者在公司治理结构中发挥着重要的作用。而本文假设的流通股比例、股权集中度、股权制衡度、股东大会会议次数、董事会会议次数、审计意见与财务报表重述的相关性并不显著。公司治理机制本身就存在复杂性和多变性,如果要进一步探究公司治理整体对财务报表重述的关系,就需要构建一个可以代表公司治理综合效果的指数,对其进行研究分析。本文在第五章的研究基础上,利用主成分分析法计算出代表公司治理综合效果的因子总得分,对公司治理综合评价指数和财务报表重述进行回归分析,从公司治理整体角度考察两者之间的关系。研究发现公司治理综合评价指数与财务报表重述负相关,且在10%的水平下显著。说明公司治理越好,发生财务报表重述的可能性越低。进而证明本文的研究主题,即公司治理对上市公司财务重述具有一定的制约作用。最后,总结研究结论,并结合我国的证券市场环境,提出一些关于公司治理机制和独立董事制度、专业委员会和财务重述报告审计意见等方面的政策和建议。目前我国财务报表重述制度及披露行为还不完善,不便于监督和研究收集数据。因此财务报表重述制度的建立和披露行为的规范性是亟待解决的问题。同时需要加强对财务报告附注披露信息的监管,因为目前监管内容大多数是主表信息,而对附注的关注则比较少。从实证研究结果可以看出上市公司是财务报表发生重述的源头,要制约财务报表重述的发生,应从源头上解决问题。但公司治理机制的有效发挥并不在于完成表面文章,如果上市公司只是为了达到《上市公司治理准则》的规定,在表面上满足其中的硬性指标规定,但是并没有发挥应有的效用,只是流于形式,反而在某种程度上掩盖了公司治理的有用性。独立董事更应该注重实质独立性,它比形式独立性更重要；专业委员会应该各司其职,让其发挥重要的监督作用。当然,由于时间和精力的限制,本文研究也存在一些不足之处,例如在变量选取方面,衡量公司治理的指标有很多,但是由于我国证券市场信息披露以及某些指标人为定义客观性较弱的原因,本文在进行回归分析和主成分分析时,只选择了容易取得数据的十一个变量,并没有选择更多的其他变量。在财务报表重述公司的选择上,因为是通过人工整理数据,难免会存在误差,可能会影响结果的客观性。在实证方面,虽然主成分分析法可以较好的克服简单算术平均法和层次分析法的不足,但是其本身作为一种统计方法,还是存在一定的局限。这种方法只能考察线性关系,而不能考察非线性关系。而我们都知道公司治理机制本身具有复杂性和多变性,各变量之间不只是简单的线性关系,所以研究公司治理综合指数的方法有待进一步完善和改进。希望在以后的研究中可以结合其他学科或者更新的研究方法得到更令人信服的结论。本文预期贡献：本文以公司治理作为研究的基础理论,将证券市场上频繁发生的财务报表重述作为研究对象,着重反映公司治理中的各基本要素以及公司治理综合指数对财务报表重述的影响。相比以往的研究,本文研究的创新之处在研究公司治理与财务报表重述的关系中,引入主成分分析法构建公司治理综合评价指数。通过第二章文献回顾,可以看出以往关于公司治理和财务报表重述的关系研究中,学者都是根据自己研究的需要选择当年度或者几个年度的公司治理的个别因素,考察他们和财务报表重述之间的关系。得出的结论也是南辕北辙,并没有一致的结论。本文通过主成分分析法构建公司治理综合评价指数,从整体方面考察公司治理水平与上市公司财务报表重述的关系,探究公司治理是否对财务报表重述的发生具有制约作用。本文研究的贡献之处在于为2001年和2002年中国证监会颁布的《关于在上市公司建立独立董事制度的指导意见》和《上市公司治理准则》政策的实施效果提供了经验数据。说明《指导意见》和《治理准则》中关于上市公司建立独立董事制度和专业委员会的政策已初见成效,上市公司应继续保持并完善董事会的独立性和专业性。同时也证明了股份改革方案实施的必要性,高管持股这种高管激励方式的可行性。在一定程度上说明公司治理对财务报表重述具有制约作用。所以上市公司应加强公司治理结构的完善,从源头上制约财务报表重述的发生。
[Abstract]:Since the effective market hypothesis has been proposed, high quality accounting information has been regarded as the key to guarantee the effectiveness of the securities market. As the carrier of the company's disclosure of accounting information, the financial report is the main way for the market investors to obtain the company's information. In recent years, it has led to the loss of misleading information or information because of the existence of false and false information. The phenomenon of new financial statements has become more and more intense at home and abroad. It has attracted wide attention from all walks of life. Therefore, how to effectively curb listed companies' use of financial statements to retell manipulating profits and whitewash financial information has become an issue of common concern in the theoretical and practical fields of accounting. There are many reasons for the restatement of financial statements, such as lack of honesty, imperfect system, interest driven, and so on. According to these problems, the supervision department and the related personnel have made great efforts, but the restatement of financial statements is still rising, which is because it does not solve the problem from the source. This article tries to explore our country from the perspective of corporate governance. The root of the restatement of the financial statements of the municipal company contributes to improving the corporate governance mechanism and improving the accounting information quality in the stock market.
The purpose of the research of this paper: (1) to explore the reasons for restatement of financial statements; (2) whether the restatement of financial statements is an information disclosure mechanism, whether there must be abnormal, and what is the corporate characteristics of the restatement of financial statements; (3) the annual report is a channel for a listed company to transmit the company's financial information to the investor, restatement of the announcement or the restatement. The content has a great influence on the quality of the financial report. And what is the relationship between the corporate governance structure and the restatement of the financial statements that the corporate governance and audit provide a certain guarantee for the high quality financial statements? Is it possible for effective corporate governance to make an effective account of the restatement of financial statements?
The main contents of this paper are as follows: first, to extract and analyze the more and more serious restatement of financial statements in the stock market, and lead to the research theme of this paper: Restatement of financial statements. Then refer to the previous research literature, review the research on the restatement of financial statements and corporate governance at home and abroad, and summarize the existing research results and find out the results. The direction to be studied: corporate governance and restatement of financial statements. On this basis, the theoretical basis of corporate governance and financial restatement is elaborated in detail. The theoretical analysis mainly from the concept of Restatement of financial statements, the bad economic consequences caused by the financial restatement, and the relationship between corporate governance and the restatement of financial statements. The above analysis is carried out in three aspects, and the above part is the theoretical support of this article. Then from the aspects of quantity, reason, audit opinion and industry category, the present situation of the restatement of financial statements of A shares listed companies in China from 2007 to 2009 is analyzed. It is found that there are 429 companies in 3 years' financial restatement, accounting for about 10% of the total number of listed companies. From the times of Restatement of financial statements, about 35% of the companies have repeated more than one restatement in the last three years, and 8 companies even retold for three years in the last three years, indicating that the problem of Restatement of financial statements in China is still serious.
Secondly, the restrictive role of the corporate governance comprehensive index and the basic corporate governance elements to the restatement of financial statements is explored from two aspects of the whole and the part of the corporate governance. The companies of A shares restated from 2007 to 2009 of the listed companies are the experimental samples, and the matching samples are searched according to the standards of the same industry and the same scale (30% differences). Logistic regression analysis is carried out on the basic elements of corporate governance and restatement of financial statements. This article selects the ownership structure, shareholders' behavior, the characteristics of the board of directors, the proportion of the four first and circulation shares of the board of directors and other governance, the proportion of the state-owned shares, the concentration of shares, the balance of shares, the number of meeting of shareholders, the size of the board of directors, the board of directors. The number of meetings, the size of the independent director, the Specialized Committee, the audit opinion, the number of eleven two levels of the executive stock, study the restrictive role of corporate governance on the restatement of financial statements. It shows that the more the proportion of the state-owned shares, the greater the possibility of the restatement of the financial statements, and the necessity of the share reform in our country. From the present research results, although the share reform scheme has been implemented, the effect is not significant. The size of the board of directors and the restatement of the financial statements have the same significant positive phase. It shows that the larger the board of directors is, the lower the efficiency of the board of directors and the serious behavior of the wind. It is only a remedy for the problem of the company, but not the function of its pre planning. The scale of the independent director and the Specialized Committee are negatively related to the restatement of the financial statements, and the independent director system and professional committee of China from 2002 have been stated. The policy of the staff Council has been effective. The objectivity of the external independent directors and the professionalism of the Specialized Committee can avoid the occurrence of the restatement of the financial statements to a certain extent. Both of them play an important role in the corporate governance structure. There is no significant correlation between the number of board meetings and the restatement of financial statements.
The corporate governance mechanism itself has complexity and variability. If we want to further explore the relationship between the corporate governance and the restatement of the financial statements, we need to build an index that can represent the comprehensive effect of corporate governance and analyze it. On the basis of the study of the fifth chapter, this paper uses the principal component analysis to calculate the representative public. The overall score of the overall effect of the company's governance, the regression analysis of the corporate governance comprehensive evaluation index and the restatement of the financial statements, the relationship between the two is examined from the point of view of the corporate governance as a whole. The research finds that the comprehensive evaluation index of corporate governance is negatively related to the restatement of the financial statements and is significant at the level of 10%. The lower the possibility of Restatement of the financial statements, the further research proves that the corporate governance has certain constraints on the financial restatements of listed companies.
Finally, summarizing the research conclusions and combining with the environment of China's securities market, we put forward some policies and suggestions about corporate governance mechanism and independent director system, Specialized Committee and financial restatement audit opinion. At present, the system of restatement and disclosure of financial statements in China is not perfect, and it is not easy to supervise and collect data. Therefore, the establishment of the restatement of financial statements and the standardization of disclosure behavior are urgent problems. At the same time, it is necessary to strengthen the supervision of the disclosure information of the financial report notes, because most of the current supervision content is the main table information, while the attention to the annotations is less. The source of the restatement should restrict the occurrence of the restatement of the financial statements and solve the problems from the source. However, the effective use of the corporate governance mechanism is not to complete the surface article. If the listed company only meets the regulations of the listed company governance criteria, it can meet the hard index stipulates on the surface, but it does not play its due. The utility, only in the form, overshadows the usefulness of corporate governance to a certain extent. Independent directors should pay more attention to the substantive independence, which is more important than the form independence; the Specialized Committee should take its own duty and make it play an important supervisory role.
Of course, because of the limitation of time and energy, there are also some shortcomings in this paper. For example, there are many indicators to measure corporate governance in the selection of variables. However, because of the information disclosure of the securities market and the weak objective of some indicators, this article only chooses the regression analysis and the principal component analysis. There are eleven variables that are easy to get data, and no more variables are chosen. In the choice of the financial statements retelling the company, it is unavoidable that there will be errors in the manual arrangement of data, which may affect the objectivity of the results. In the empirical aspect, although the principal component analysis method can better overcome the simple arithmetic mean method and the level. The lack of analytical method, but it itself as a statistical method, still has some limitations. This method can only examine the linear relationship, but can not examine the nonlinear relationship. We all know that the corporate governance mechanism itself has complexity and variability, and the variables are not only simple linear relations, so we study the corporate governance complex. The method of combining index needs to be further improved and improved. It is hoped that in future research, more convincing conclusions can be obtained in combination with other subjects or updated research methods.
This article is expected to contribute: This paper, taking corporate governance as the basic theory, takes the restatement of the financial statements frequently in the stock market as the research object, and emphasizes the influence of the basic elements in the corporate governance and the influence of the corporate governance comprehensive index on the restatement of the financial statements. In the study of the relationship between corporate governance and restatement of financial statements, the principal component analysis method is introduced to construct the comprehensive evaluation index of corporate governance. Through the review of the second chapters, we can see that in the previous study on the relationship between corporate governance and the restatement of financial statements, scholars choose companies of the year or several years according to their own research needs. Individual factors of governance, the relationship between them and the restatement of financial statements. The conclusions are different, and there is no consistent conclusion. In this paper, the comprehensive evaluation index of corporate governance is constructed by principal component analysis, and the relationship between the corporate governance level and the restatement of the financial statements of the listed companies is investigated and the corporate governance is explored. Whether it restricts the occurrence of Restatement of financial statements.
The contribution of this study is to provide empirical data for the implementation effect of the guiding opinions on the establishment of independent director system in listed companies and the implementation effect of the listed company governance guidelines issued by the China Securities Regulatory Commission in 2001 and 2002. The policy of the industry committee has been successful, and the listed companies should continue to maintain and improve the independence and professionalism of the board. At the same time, it has proved the necessity of the implementation of the stock reform program and the feasibility of the executive incentive mode. To a certain extent, the corporate governance has a restrictive effect on the restatement of the financial statements. The company should strengthen the improvement of corporate governance structure and restrict the occurrence of financial statement restatement from the source.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F231.5;F832.51;F224

【参考文献】