中国概念股财务舞弊影响因素及信号策略的实证研究

发布时间：2018-02-14 18:46

本文关键词： 中国概念股跨境上市财务舞弊　出处：《厦门大学》2014年硕士论文　论文类型：学位论文

【摘要】：截至2012年2月底,超过1/3在美上市的中国公司涉嫌财务舞弊,引发全球广泛关注。在这起风波中,不仅被起诉或被质疑实施财务舞弊的公司股价大幅下跌,未被发现舞弊的公司股价也受到连累。针对此次事件,本文关注两个问题：第一,是否有指标可以帮助投资者和监管机构甄别实施财务舞弊的中国公司?第二,非舞弊公司是否能够在危机发生后通过向市场发送信号以达到与舞弊公司区分开来的目的? 以262家在美上市的中国概念股为样本,本文首先提供了一份关于中国概念股跨境上市财务舞弊影响因素的大样本实证研究。本文考察的财务舞弊影响因素不仅包括前人已经研究过的财务状况、公司治理以及上市中介机构声誉等,还包括了前人研究尚未涉及的上市方式、母国总部所在地社会诚信水平以及CEO政治关联。文章发现,相比于通过IPO上市的公司,借壳上市公司更可能实施财务舞弊。不仅如此,财务舞弊行为发生的风险在内部治理水平差或聘请低声誉审计机构的借壳上市公司中进一步增大。本文还发现中国总部所在地社会诚信水平较低或CEO有政治关联的公司实施财务舞弊的可能性也更大。其次,通过对中国概念股在舞弊丑闻爆发后的信号发送行为及其市场反应进行研究,本文还发现非财务舞弊公司在舞弊丑闻爆发后能够通过实施内部人增持、私有化交易以及提高股利支付水平等高成本信号策略成功区分于舞弊公司。本文的研究不但深化拓展了跨境上市、财务舞弊和信号传递等领域的研究,还具有重要的实践意义。投资者可以利用本文发现的指标甄别中国公司质量的好坏,降低投资风险。监管机构也能够利用这些指标识别高舞弊风险的公司,避免存在严重瑕疵的公司赴海外上市,重塑中国概念股的国际声誉。同时,计划赴海外上市的公司也能从本文的研究中受到启发,慎重选择上市方式并优先聘请高质量的中介机构。此外,本文关于信号发送策略的研究也为海外上市公司在遇到信任危机时如何自救提供了借鉴。
[Abstract]:At the end of February 2012, more than 1/3 listed in the U.S. China companies suspected of financial fraud, caused widespread concern in the world. In this storm, not only be prosecuted or questioned the implementation of the financial fraud company's share price fell sharply, undetected fraud shares also compromised. For this event, this paper focuses on two questions: first, whether the index can help investors and regulators to identify the implementation of the financial fraud Chinese company? Second, whether the non fraud companies in crisis by sending a signal to the market and to distinguish the purpose of fraud?
In 262 in the United States listed China stocks as samples, this paper provides a China stocks of cross-border listing financial fraud factors of a large sample of empirical research. This paper studies the influencing factors of financial fraud includes not only the predecessors have studied the financial situation, corporate governance and market intermediary's reputation, listing the way have not been involved in previous studies include social and political relevance of the integrity level of CEO home country headquarters. We found that, compared to the IPO listed companies backdoor listing companies are more likely to carry out financial fraud. Moreover, the risk of financial fraud in the internal governance level or employ a low reputation audit agency backdoor the listed company further increased. This study also found that the Chinese headquarters of social credit level is low or CEO politically related companies to implement financial fraud It's more likely.
Secondly, through the study of China stocks in signal transmission behavior and market fraud scandal after the outbreak of the reaction, this paper also found that non financial fraud companies through the implementation of insider holdings in the fraud scandal broke out, the privatization transaction and increase the level of dividend payment and other high cost signal strategies successfully distinguished from fraud.
This study will not only deepen the development of cross-border listing, financial fraud and signal transmission and other fields, but also have important practical significance. This paper found that investors can use the quality index of screening Chinese company will reduce investment risk. Regulators can also use these indicators to identify high risk of fraud, avoid serious defects the company listed overseas, Chinese stocks reshape international reputation. At the same time, plans for overseas listed companies can also be inspired from this study, carefully selected and listed intermediary institutions preferred to employ high quality. In addition, this paper studies on the signal transmission strategy for overseas listed companies in the face of a crisis of confidence to self reference.

【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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