财务重述对上市公司股权资本成本影响的实证研究

发布时间：2018-05-27 20:55

本文选题：上市公司 + 财务重述　；参考：《首都经济贸易大学》2013年硕士论文

【摘要】：资本市场是一个综合信息流与资金流的市场。财务报告，尤其是年度报告是连接广大投资者（资金提供方）和上市公司（资金需求方）至关重要的纽带。它既是企业信息披露的核心内容，也是投资者了解企业财务状况、经营成果的重要途径，其信息质量问题对于企业和利益相关者都有重大影响。然而近年来，，上市公司以重大临时公告的方式频频发布财务重述公告，引起了国内外学者的广泛关注。本文以2009年-2011年深市A股市场上发布财务重述公告的上市公司为研究样本，从外部融资视角下研究了财务重述对上市公司股权资本成本的影响，试图回答以下两个问题：①财务重述是否会对公司的股权资本成本产生影响？②不同类型财务重述对股权资本成本的影响是否相同？以期增进对我国的财务重述现象的认识。本文首先梳理了国内外关于财务重述的研究现状，回顾了财务重述影响资本成本的理论基础，并从市场风险和股票流动性两个角度分析了财务重述对股权资本成本的作用机理。然后，本文系统的描述了上市公司财务重述现状。在介绍我国财务重述制度背景之后，从总体状况和具体情况分别统计、分析了2009年-2011年间我国上市公司的财务重述现象。接下来，本文对财务重述与股权资本成本的关系进行了实证研究。本文为每一家重述公司配对了一家同行业同规模的非重述公司，以股权资本成本为解释变量，以是否发生财务重述、细分重述类型为解释变量，选择beta系数、资产负债率、账面市值比、资产收益率、资产周转率和公司规模作为控制变量，建立起财务重述对股权资本成本的影响模型。通过多元回归后发现：①财务重述引起上市公司股权资本成本的上升；②不同内容、不同性质的重述对上市公司股权资本成本的影响不尽相同。最后，在全文研究的基础上得出几点启示，规范上市公司的财务重述行为需要公司内部治理和外部监管力量的共同努力。本文的创新之处在于：1从外部融资的视角研究了财务重述对上市公司股权资本成本的影响，丰富了我国财务重述经济后果的研究文献；2选择2009年-2011年间发布重述公告的深市A股上市公司为研究样本，从总体状况和具体内容等八个角度系统地描述了我国上市公司财务重述的现状，为该领域的研究提供了一份经验数据。
[Abstract]:Capital market is a comprehensive information flow and capital flow market. Financial reporting, especially annual reports, is a crucial link between investors (fund providers) and listed companies (demand side). It is not only the core content of enterprise information disclosure, but also an important way for investors to understand the financial situation and business achievement. However, in recent years, listed companies frequently issue financial restatement announcements in the form of major interim announcements, which has attracted wide attention of scholars at home and abroad. This paper studies the impact of financial restatement on the cost of equity capital of listed companies from the perspective of external financing, taking listed companies that issued financial restatement announcements in Shenzhen A-share market from 2009 to 2011 as research samples. Try to answer the following two questions: 1. Will the financial restatement have an impact on the cost of equity capital? 2 are different types of financial restatements having the same impact on the cost of equity capital? In order to enhance our understanding of the phenomenon of financial restatement. This paper firstly reviews the research status quo of financial restatement at home and abroad, reviews the theoretical basis of financial restatement influencing capital cost, and analyzes the mechanism of financial restatement on equity capital cost from the perspective of market risk and stock liquidity. Then, this paper systematically describes the current situation of financial restatement of listed companies. After introducing the background of our country's financial restatement system, this paper analyzes the phenomenon of financial restatement of listed companies in China from 2009 to 2011, according to the general situation and the specific situation. Then, this paper makes an empirical study on the relationship between financial restatement and equity capital cost. In this paper, a non-restatement company of the same size in the same industry is paired for each restatement company. The cost of equity capital is taken as the explanatory variable, the financial restatement occurs or not, the subdivision restatement type is taken as the explanatory variable, the beta coefficient and the asset-liability ratio are chosen. Book market value ratio, asset return rate, asset turnover rate and company size are the controlling variables, and the model of financial restatement on equity capital cost is established. After multiple regression, it is found that the cost of equity capital of the listed company is increased by the financial restatement of 1: 1. The influence of different nature of restatement on the cost of equity capital of the listed company is different. Finally, on the basis of the full text research, several revelations are drawn, the regulation of financial restatement of listed companies needs the joint efforts of internal governance and external regulatory forces. The innovation of this paper lies in the study of the impact of financial restatement on the cost of equity capital of listed companies from the perspective of external financing. In order to enrich the research literature on the economic consequences of financial restatement in China, A share listed companies in Shenzhen Stock Exchange from 2009 to 2011 were selected as the research samples. This paper systematically describes the current situation of financial restatement of listed companies in China from eight angles, such as the general situation and the specific contents, and provides an empirical data for the research in this field.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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