市场竞争、管理层权力与财务重述

发布时间：2018-01-28 11:47

本文关键词： 财务重述管理层权力市场竞争核心财务重述欺诈性财务重述　出处：《西南大学》2017年硕士论文　论文类型：学位论文

【摘要】：自20世纪初以来,一系列频繁发生的会计丑闻极大的影响着资本市场的秩序与投资者的信心,会计信息失真的乱象普遍存在。会计信息是投资者对外进行投资的主要依据,而财务报告作为上市公司向外界披露会计信息的重要途径,因此其质量的高低对于资本市场及投资者有着重要的影响。财务重述作为企业财务报表质量的直接体现,其发生与否直接反映企业的会计信息质量。当前,财务重述事件在全球范围内频繁发生,财务重述行为日渐频繁,重述公司数量急剧增加。美国的“安然”事件,“世通”事件等,我国的“银广夏”事件,“獐子岛”事件等,其背后都有着财务重述的影子。因此,研究财务重述发生的影响因素对规范资本市场秩序,提升投资者信心具有重要的作用。本文从公司治理对于财务重述的影响出发,综合公司内外部治理因素管理层权力与市场竞争,考察其交互效应下,市场竞争、管理层权力对财务重述的影响。运用竞争理论、最优契约理论对市场竞争进行理论解析,同时,运用委托代理理论、信息不对称理论、行为理论厘清市场竞争对于管理层行为的影响机制,在理论层面明确市场竞争、管理层权力对财务重述的影响路径。由于不同程度的财务重述其产生的经济后果不同,因此本文将财务重述按照其经济后果的不同,分为核心财务重述与欺诈性财务重述,进而研究市场竞争、管理层权力对于不同类型财务重述的影响。本文的研究结果表明:(1)管理层权力与财务重述呈显著正相关关系。随着管理层权力的提升,其对于公司财务报告的生成与披露具有绝对的控制,此时管理层为了维护现有的声誉,获得股东的支持,保持现有的权力,其会进行伪装,向外披露不真实的信息,从而导致财务重述的发生。(2)市场竞争与财务重述呈显著负相关关系。市场竞争有助于提升会计信息质量,减缓财务重述的发生。(3)市场竞争对于管理层权力过大而导致的财务重述发生具有显著的抑制作用。激烈的市场竞争使得企业面临巨大的经营风险,管理层为了降低企业的经营风险,会增加会计信息的披露,提升会计信息质量,从而降低财务重述的发生。市场竞争作为公司外部治理机制,当管理层权力过大导致公司内部治理机制失效时,其对于公司内部治理机制具有补充作用。(4)进一步研究表明,管理层权力与核心财务重述存在着显著的正相关关系,市场竞争与欺诈性财务重述呈显著的负相关关系。随着管理层权力的增加,管理层为了谋取私利,其倾向于直接对营业收入、营业成本、营业费用这三种核心会计指标进行操控,从而导致核心财务重述的发生。同时,激烈的市场竞争有助于抑制欺诈性财务重述的发生。
[Abstract]:Since the beginning of 20th century, a series of frequent accounting scandals have greatly affected the order of capital markets and investor confidence. Accounting information is the main basis for investors to invest abroad, and financial report is an important way for listed companies to disclose accounting information to the outside world. Therefore, the level of its quality has an important impact on the capital market and investors. Financial restatement as a direct reflection of the quality of enterprise financial statements, its occurrence or not directly reflects the quality of accounting information. The financial restatement events occur frequently in the world, the financial restatement behavior increases day by day, the number of restatement companies increases sharply, the "Enron" event in the United States, the "WorldCom" event in the United States, and the "Silver Guangxia" event in our country. There is a shadow of financial restatement behind "Swertia Island" incident. Therefore, it is necessary to study the influencing factors of financial restatement to regulate the order of capital market. This paper starts from the influence of corporate governance on financial restatement, synthesizes the management power and market competition of internal and external governance factors, and investigates the market competition under its interactive effect. The influence of management power on financial restatement. Using competition theory, optimal contract theory to analyze the market competition, at the same time, using principal-agent theory, information asymmetry theory. Behavior theory clarifies the influence mechanism of market competition on management behavior, and clarifies market competition at the theoretical level. The influence of management power on financial restatement. Because the economic consequences of different degrees of financial restatement are different, this paper makes financial restatement according to its different economic consequences. It is divided into core financial restatement and fraudulent financial restatement to study market competition. The effect of management power on different types of financial restatement. The results of this paper show that the relationship between management power and financial restatement is significantly positive. It has absolute control over the generation and disclosure of the company's financial reports. In order to maintain the existing reputation, obtain the support of shareholders and maintain the existing power, the management will disguise it. Disclosure of untrue information to the outside, resulting in the occurrence of financial restatement. 2) there is a significant negative correlation between market competition and financial restatement. Market competition helps to improve the quality of accounting information. Slow down the occurrence of financial restatement.) the market competition has a significant restraining effect on the financial restatement caused by the excessive power of the management. The fierce market competition makes the enterprise face the huge operating risk. In order to reduce the operating risk of the enterprise, the management will increase the disclosure of accounting information, improve the quality of accounting information, thereby reduce the occurrence of financial restatement. Market competition as the external governance mechanism of the company. When the management power is too large to lead to the failure of the internal governance mechanism, it has a complementary role to the internal governance mechanism of the company. There is a significant positive correlation between management power and core financial restatement, and there is a significant negative correlation between market competition and fraudulent financial restatement. It tends to direct the operating income, operating costs, operating expenses these three core accounting indicators to manipulate, thus leading to the occurrence of core financial restatement. At the same time. Fierce market competition helps to curb fraudulent financial restatements.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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