我国上市公司股权结构、领导权结构与财务重述的关系研究

发布时间：2018-01-26 15:50

本文关键词： 财务重述领导权结构股权结构股权集中度　出处：《重庆理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：财务信息是资本市场运行的基础，也是投资者进行投资决策的依据，其质量的高低不但影响着我国资本市场的健康发展，而且直接关系着投资者的利益。当前我国正处于调整经济结构，促进经济转型发展的关键时刻，需要资本市场提供强有力的投融资支持。虽然资本市场发展的速度较快，但呈高发趋势的财务报表重述行为是对其发展的一种隐患。因此，本文从微观视角，选取了股权结构、领导权结构两个因素来研究与财务重述的关系。本文运用理论分析和实证检验相结合的方法对上市公司财务重述进行研究。本文的第一部分主要介绍了研究背景意义、概念界定与研究方法；第二部分分别从财务重述的经济后果、财务重述的影响因素、股权结构与财务重述、领导权结构与财务重述四个视角进行了文献回顾；第三部分介绍了本文的理论基础：委托代理理论、现代管家理论和信息不对称理论；第四部分是实证分析，该部分以2010—2012年沪深两市A股上市公司作为研究样本，三年间共384家上市公司发生了401次财务重述。通过实证研究发现：股权集中度与财务重述的概率负相关；国有股比重与财务重述的概率正相关；法人股比例与财务重述的概率负相关；机构投资者持股比重与财务重述的概率负相关；管理层持股比重与财务重述之间存在着U型关系；两职合一的公司发生财务重述的概率小于两职分离的公司发生财务重述的概率；控制变量盈利能力与财务重述的关系不显著；资产负债率与财务重述正相关；公司规模越大，，发生财务重述的概率越小。第五部分是根据实证分析的结果，提出了相关的政策建议。本文从财务重述的视角，研究我国上市公司股权结构、领导权结构对财务重述的影响，一方面为通过改进股权结构、优化领导权结构以降低财务重述发生率，具有重大现实意义；另一方面为监管部门和投资者的决策提供参考。
[Abstract]:Financial information is not only the basis of capital market operation, but also the basis for investors to make investment decisions. The quality of financial information not only affects the healthy development of capital market in China. And it is directly related to the interests of investors. At present, our country is in the critical moment of adjusting the economic structure and promoting the economic transformation and development. Capital market needs to provide strong investment and financing support. Although the capital market is developing rapidly, the restatement behavior of financial statements with a high trend is a hidden danger to its development. Therefore, this paper from a micro perspective. Two factors, ownership structure and leadership structure, are selected to study the relationship between ownership structure and financial restatement. The first part of this paper mainly introduces the significance of the research background, the definition of the concept and the research methods. The second part reviews the economic consequences of financial restatement, the influencing factors of financial restatement, ownership structure and financial restatement, leadership structure and financial restatement. The third part introduces the theoretical basis of this paper: principal-agent theory, modern housekeeper theory and information asymmetry theory; The 4th part is an empirical analysis, which takes Shanghai and Shenzhen A-share listed companies as the research samples from 2010 to 2012. A total of 384 listed companies have had 401 financial restatements in the past three years. Through empirical research, it is found that the degree of ownership concentration is negatively correlated with the probability of financial restatement; The proportion of state-owned shares is positively related to the probability of financial restatement; The proportion of corporate shares is negatively correlated with the probability of financial restatement; The proportion of institutional investors holding shares is negatively correlated with the probability of financial restatement; There is a U-type relationship between the proportion of managerial shareholding and financial restatement; The probability of financial restatement is less than that of separated company. The relationship between control variable profitability and financial restatement is not significant; The ratio of assets and liabilities is positively related to financial restatement; The larger the company is, the smaller the probability of financial restatement is. 5th part is based on the results of empirical analysis, and puts forward the relevant policy recommendations. From the perspective of financial restatement, this paper studies the influence of ownership structure and leadership structure on financial restatement of listed companies in China. On the one hand, it aims at reducing the incidence of financial restatement by improving the ownership structure and optimizing the leadership structure. It is of great practical significance; On the other hand, it provides a reference for regulators and investors to make decisions.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F272.91

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