基于上市公司财务重述公告的研究及解释

发布时间：2018-11-07 11:00

【摘要】：近年来,我国上市公司发生财务重述的现象日趋频繁,这引起了投资者广泛的关注,学术界和监管部门也予以了高度重视。本文经过筛选取得2005至2009年我国发布财务报表重述公告的306家上市公司作为研究对象,结合规范性和实证性研究的方法对我国上市公司财务重述行为进行了深入的研究。首先对财务重述行为现状的分析发现：从财务重述公告的时间分布来看,新准则颁布前发生财务重述行为的公司总量多于新准则实施后,并且样本公司集中在3、4月发布财务重述公告,所占比重高达68.63%；从行业和地区分布来看,我国财务重述行为的发生存在普遍性,重述公司的行业分布均衡,上市公司发生财务重述行为的数量占行业公司总数量的比重集中在3%-5%间；但地区分布存在非均衡的现象,经济发达地区的上市公司相对于经济欠发达地区的上市公司发生财务重述行为的比例要低些。其次,对收集的306家上市公司的财务重述公告进行仔细的阅读、整理,将所有样本分为主动型和被动型两类并运用事件研究法进行财务重述公告的市场效应检验。结果表明：在财务重述公告第0个交易所日,主动型和被动型重述样本的平均异常收益率分别为-0.9874%和-1.4541%,并且通过1%水平的显著性检验。检验结果说明投资者认为,上市公司发生财务重述行为代表着利空消息。接着,通过多元线性回归模型的构建来探讨引起财务重述样本公司股价显著波动的具体因素。回归分析发现：(1)在5%的水平上,公司的偿债能力、未来发展能力与股票累计异常收益率显著负相关；在1%的显著性水平上,财务重述年限、现金流量能力对样本股票累计异常收益率都会产生正向的影响,而股东获利能力大小与股票累计异常收益率大小显著负相关。说明我国相关政策法规的出台对财务重述产生的市场效应有缓解作用,也说明财务重述行为的发生将会使得相关利益人对公司的财务信息产生怀疑,投资者在对此进行决策时要对这些影响因素予以重点考虑。(2)在主动型样本构建的模型中,仅有股东获利能力大小这个因素通过了5%的显著性检验,对样本股票累计异常收益率产生负向的影响,这说明对于主动进行财务重述的上市公司,投资者应着重关注股东获利能力指标进行决策。最后,就财务重述问题分别向上市公司、投资者以及监管机构提出建议。同时,也对本研究存在的不足以及后续的研究方向进行了简单的说明。
[Abstract]:In recent years, the phenomenon of financial restatement of listed companies in China has become more and more frequent, which has aroused the widespread concern of investors, and the academic and regulatory departments have also attached great importance to it. In this paper, 306 listed companies that issued the financial restatement announcement from 2005 to 2009 have been selected as the research object, and the financial restatement behavior of the listed companies in China has been deeply studied in combination with the normative and empirical research methods. Firstly, from the analysis of the current situation of financial restatement behavior, it is found that the total number of companies with financial restatement behavior before the promulgation of the new standard is more than that after the implementation of the new standard, according to the time distribution of the financial restatement announcement. And the sample company concentrated in March, in April issued the financial restatement announcement, the proportion is as high as 68.63; From the point of view of industry and regional distribution, the occurrence of financial restatement behavior in China is universal, the industry distribution of restatement company is balanced, the proportion of financial restatement behavior of listed company to the total number of industry companies is between 3% and 5%. However, the regional distribution is unbalanced, and the proportion of financial restatement of listed companies in developed regions is lower than that in underdeveloped regions. Secondly, the financial restatement announcements of 306 listed companies are carefully read, sorted out, all samples are divided into active and passive types, and the market effect test of financial restatement announcements is carried out by using event research method. The results show that the average abnormal rate of return of active and passive restatement samples is -0.9874% and -1.4541% respectively, and the average abnormal rate of return is -0.9874% and -1.4541% respectively, and the average abnormal rate of return is -0.9874% and -1.4541%, respectively. The results show that investors believe that the financial restatement behavior of listed companies represents bad news. Then, through the construction of multiple linear regression model, the paper discusses the specific factors that cause the significant volatility of the financial restatement sample company's stock price. Regression analysis found that: (1) at the level of 5%, the company's solvency, future development ability and stock cumulative abnormal return significantly negative correlation; At the significant level of 1%, the financial restatement years, cash flow ability will have a positive impact on the cumulative abnormal return rate of the sample stock, while the shareholder profitability has a significant negative correlation with the stock cumulative abnormal return rate. It shows that the introduction of relevant policies and regulations of our country can alleviate the market effect of financial restatement, and it also shows that the occurrence of financial restatement behavior will make the relevant stakeholders have doubts about the financial information of the company. Investors should focus on these factors when making decision. (2) in the model constructed by active sample, only the shareholder profitability has passed the significant test of 5%. It has a negative effect on the cumulative abnormal return rate of the sample stock, which indicates that investors should focus on shareholders' profitability index to make decisions for listed companies that take the initiative to restate their financial statements. Finally, recommendations are made to listed companies, investors and regulators on financial restatement. At the same time, the shortcomings of this study and the direction of further research are briefly explained.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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