我国上市公司股权结构因素对财务重述的影响研究

发布时间：2018-04-21 06:15

本文选题：股权结构 + 财务重述　；参考：《东北农业大学》2012年硕士论文

【摘要】：上市公司的年度财务报告是各利益相关者了解企业经营管理和财务信息最主要的途径之一,真实可靠、及时准确是对年度财务报告的基本要求。然而近年来,我国证券市场上以补充更正公告形式出现的财务重述现象层出不穷,这一现象表明上市公司前期年度报告中存在重大差错,这将产生消极的经济后果。本文以中国A股上市公司发生财务重述的公司为研究对象,用理论和实证相结合的方法研究了股权结构因素对财务重述的影响。本文首先介绍了我国上市公司股权结构对财务重述影响的研究背景和意义,对目前国内外学者就这两者之间的影响关系所做的研究文献进行了回顾,并对本文的研究内容和方法进行了阐述；其次,在阐述了股权结构与财务重述的涵义等内容后,引入了信息不对称理论、委托代理理论、内部控制理论作为三种基础理论；接着,通过列举我国上市公司2005—2010年的股权结构统计量和上市公司财务重述的年度分布、行业分布,具体分析了目前我国上市公司股权结构和财务重述的现状,而后通过管理层持股、股东性质、股权集中度三个方面明确了股权结构因素对财务重述影响的机理；最后以2007年—2010年间新会计准则实施后的中国A股上市公司发生财务重述的上市公司为研究对象,以国有股比例、法人股比例、机构投资者持股比例、流通股比例、管理层持股比例作为解释变量,以财务重述作为被解释变量,以公司盈利水平、财务杠杆、公司规模为控制变量,利用相关关系矩阵模型对我国上市公司资本结构与公司股权结构因素和财务重述之间的关系进行实证研究,并对实证结果进行分析。通过实证分析得到以下结论：前十大股东持股比例与财务重述的发生概率负相关,说明对我国上市公司而言,前十大股东持股比例越高,股权集中度越高,大股东就越有动机以及能力监督管理层的行为,就越能抑制财务重述的发生；国有股比例的高低与财务重述的发生正相关,说明较高的国有股比例可能会在一定程度上降低会计信息的透明度和可信度,导致严重代理问题的产生,进而产生财务会计信息造假等财务重述现象的产生；法人股、机构投资者持股和管理层持股比例与财务重述的发生没有显著关系。流通股比例与财务重述的发生概率负相关,说明在我国证券市场中,流通股股东数量大,他们对财务信息的披露有一定的正面监督作用；公司盈利能力和经营状况与财务重述的发生显著相关,这与前文分析的,上市公司为了掩盖公司的内部经营管理问题、保持股价而人为操纵会计盈余,从而导致财务重述发生这一内容相符。最后根据实证分析结果,本文从逐步降低国有股比例、稳步提升法人股持股比例、保持适当的股权集中度、优化股权结构规避财务重述的配套措施等方面就优化我国上市公司股权结构以减少财务重述现象的发生提出了对策建议。
[Abstract]:The annual financial report of the listed company is one of the most important ways for the stakeholders to understand the management and financial information of the enterprise. It is true and reliable and is the basic requirement for the annual financial report. However, in recent years, the phenomenon of financial restatement appeared in the form of supplementary correction Bulletin in China's securities market has come out in an endless stream, which is a phenomenon. It shows that there are significant errors in the previous annual report of the listed companies, which will have negative economic consequences. In this paper, the financial restatements of the listed companies in China's A share listed companies are taken as the research object, and the influence of the stock structure factors on the financial restatement is studied with the combination of theory and empirical method.
This paper first introduces the research background and significance of the influence of stock ownership structure on the financial restatement of Listed Companies in China, reviews the research literature on the relationship between the two scholars at home and abroad, and expounds the contents and methods of this study. Secondly, it expounds the culvert of the ownership structure and the financial restatement. After the content, it introduces the information asymmetry theory, the principal-agent theory and the internal control theory as the three basic theories. Then, by enumerating the annual distribution of the stock structure statistics and the financial restatement of Listed Companies in China's listed companies from 2005 to 2010, the distribution of the stock ownership structure and wealth of the listed companies in China is concretely analyzed. The present situation of the restatement, and then through three aspects of the management stock, the nature of the shareholders and the ownership concentration, clear the mechanism of the influence of the share structure factors on the financial restatement; finally, the company of the Chinese A shares listed companies in China after the implementation of the new accounting standards from 2007 to 2010 is the research object, the proportion of the state-owned shares, the legal person. The share ratio, the proportion of institutional investors, the proportion of the circulation stock, the proportion of the managerial ownership as explanatory variables, the financial restatement as the explanatory variables, the control variables of the company's profit level, the financial leverage and the scale of the company, and the capital structure and the corporate equity structure and financial restatement of the listed companies in China by using the correlation matrix model. The empirical study is conducted and the empirical results are analyzed.
Through the empirical analysis, the following conclusions are drawn: the proportion of the top ten shareholders is negatively related to the probability of the occurrence of the financial restatement, indicating that the higher the share ratio of the top ten shareholders, the higher the ownership concentration, the more motivation of the large shareholders and the behavior of the ability to supervise the management, the more the financial restatement can be suppressed. The proportion of the shares is positively related to the occurrence of the financial restatement, indicating that the higher proportion of the state-owned shares may reduce the transparency and credibility of the accounting information to a certain extent, resulting in the emergence of serious agency problems and the emergence of financial restatements such as financial accounting information fraud, corporate shares, institutional investors' shareholding and management. There is no significant relationship between the proportion of the stock ownership and the occurrence of the financial restatement. The proportion of the circulation shares is negatively related to the probability of the occurrence of the financial restatement, indicating that the number of the shareholders in the stock market is large, and they have a positive supervision effect on the disclosure of financial information, and the profitability and management status of the company are significantly different from the financial restatements. In order to cover up the company's internal management problems, the listed companies keep the stock price and manipulate the accounting earnings, which leads to the financial restatement. Finally, according to the results of the empirical analysis, the proportion of the state-owned shares is gradually reduced, the proportion of corporate shares is steadily improved, and the appropriate equity collection is maintained. To optimize the stock ownership structure of Listed Companies in China to reduce the occurrence of financial restatement, some countermeasures and suggestions are put forward to optimize the supporting measures to avoid the restatement of the financial restatement.

【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】