控制权、媒介功用与市场治理效应:基于财务报告重述的实证研究

发布时间：2019-03-01 13:50

【摘要】：本文以财务报告重述为研究视角,实证检验了我国转轨市场环境下媒介功用改善对大股东控制权治理的效应。研究表明,财务报告重述导致市场风险与不确定性的增加,但与控制权的负相关性并不显著,彰显近年来控制权治理缺陷纠偏的动态成效初见。同时,控制权治理效应受媒介机制作用,在媒介功用发挥弱的市场环境下,控制权提升加剧了低质量会计信息引致的资源错配,体现为显著的负市场治理效应;而随着媒介环境改善和监督功用的增强,控制权治理效应得以修正,表明媒体对约束大股东行为起到积极的治理功能。此外,审计委员会、审计意见和重述及时性同样具有显著影响。本文结论为监管机构倡导和加强媒体在资本市场上的作用提供了初步证据支持。
[Abstract]:From the perspective of restatement of financial report, this paper empirically tests the effect of the improvement of media function on the governance of the control rights of large shareholders in the transitional market environment of our country. The research shows that the restatement of financial report leads to the increase of market risk and uncertainty, but the negative correlation between financial report and control right is not significant, which shows the dynamic effect of controlling right governance defect correction in recent years. At the same time, the control power governance effect is influenced by the media mechanism. Under the weak market environment of the media function, the promotion of the control right aggravates the resource mismatch caused by the low quality accounting information, which is reflected in the significant negative market governance effect. With the improvement of the media environment and the enhancement of the function of supervision, the governance effect of control rights can be corrected, which shows that the media play a positive role in governing the behavior of the major shareholders. In addition, the Board of auditors, audit opinions and timeliness of restatement also have a significant impact. The conclusion provides preliminary evidence for regulators to advocate and strengthen the role of media in capital markets.
【作者单位】：南京财经大学会计学院;中山大学管理学院;
【基金】：国家自然基金项目(70802036;71002026)的阶段性研究成果之一江苏省“333工程”科研项目(BRA2011160) 江苏高校优势学科建设工程资助项目(PAPD)的支持
【分类号】：F233;F832.51;F224

【参考文献】