财务舞弊处罚的市场反应研究

发布时间：2018-05-21 09:48

本文选题：财务舞弊 + 审计费用　；参考：《武汉理工大学》2014年硕士论文

【摘要】：随着全球经济的迅速发展和资本市场一体化程度进程的加快，财务和会计在推动市场经济发展方面的作用也越来越显著，在推动资本市场发展的同时，由它们引发的财务舞弊或会计舞弊等违规现象严重干扰了社会经济发展的良好秩序，破坏了资本市场的健康发展，使投资者和债权人等利益相关者损失惨重。同时，随着时代的进步，各种舞弊方法和技巧日新月异，这不仅增加了财务舞弊现象发生的频率和数量，也提高了发现并对财务舞弊公司进行处罚的难度。而且上市公司的财务舞弊行为毋庸置疑，肯定会带来一些比较严重的后果，最明显的就是上市公司会受到相关监管部门的处罚，从而使得投资者的股票价格大幅度下滑，而注册会计师在对其进行审计时也会承担更大的压力和风险。对我国资本市场来说，由于其发展的历程比较短，还存在许多不完善的地方，财务舞弊行为带来的影响可能会更大。因此，鉴于我国财务舞弊问题的严重性和危害性，财务舞弊处罚的市场反应是非常具有研究价值的，关于这方面的研究不仅有助于减少投资风险，为监管机构制定防范财务舞弊的政策提供理论指导，拓展现有对审计理论研究和证券市场有效性的相关研究；而且还有助于投资者识别违规公司股价变动的投资风险，帮助独立注册会计师识别违规公司的审计风险并争取风险溢价。本文首先从对上市公司财务舞弊的监管、投资者关于财务舞弊处罚的市场反应以及注册会计师关于财务舞弊处罚的市场反应等三个方面对国内外相关的文献进行了总结和分析。其次，在借鉴国内外相关机构和学者对财务舞弊定义的基础上，提出了本文对财务舞弊的理解，并详细阐述了财务舞弊的四个基本特征及其带来的危害。再次，分析了我国相关监管部门对上市公司财务舞弊处罚的监管现状和存在的问题，并提出了几点建议和措施希望能对解决这些问题有所帮助。最后，以2008年至2012年所有发生财务舞弊行为而被中国证监会、上海证券交易所或深圳证券交易处罚的A股上市公司作为研究对象，通过样本统计分析发现受处罚的财务舞弊公司主要集中在资本监管成本比较高的行业中；运用事件研究法证明了由于发生财务舞弊行为而被监管部门处罚的上市公司，在监管部门处罚公告日前后较短时期内，其异常收益率和累积异常收益率都显著为负，也就是说投资者对我国发生财务舞弊行为的上市公司的股票市场反应显著为负；利用Logistic回归模型和经典的回归模型验证了我国上市公司因发生财务舞弊行为而相关监管部门处罚后，，注册会计师对其进行审计后不仅更倾向于出具标准无保留的审计意见，而且收取的审计费用会显著增加。
[Abstract]:With the rapid development of the global economy and the acceleration of the process of capital market integration, the role of finance and accounting in promoting the development of market economy is becoming more and more prominent. The financial fraud or accounting fraud caused by them seriously interferes with the good order of social and economic development destroys the healthy development of capital market and causes heavy losses to investors and creditors and other stakeholders. At the same time, with the progress of the times, all kinds of fraud methods and techniques change with each passing day, which not only increases the frequency and quantity of financial fraud, but also increases the difficulty of finding and punishing financial fraud companies. Moreover, there is no doubt that the financial fraud of listed companies will surely bring some serious consequences. The most obvious is that the listed companies will be punished by the relevant regulatory authorities, thus making the stock prices of investors drop substantially. And CPA will bear more pressure and risk when auditing. For China's capital market, due to its relatively short development process, there are still many imperfections, financial fraud may bring greater impact. Therefore, in view of the seriousness and harmfulness of financial fraud in our country, the market reaction of financial fraud punishment is of great value, and the research on this aspect is not only helpful to reduce investment risk, To provide theoretical guidance for regulators to formulate policies to prevent financial fraud, to expand the existing research on audit theory and the effectiveness of the securities market, and also to help investors identify the investment risk of stock price changes of illegal companies. Assist independent CPA to identify audit risk and gain risk premium for offending company. Firstly, this paper summarizes and analyzes the domestic and foreign literature from three aspects: the supervision of financial fraud of listed companies, the market reaction of investors on financial fraud punishment and the market reaction of certified public accountants on financial fraud punishment. Secondly, on the basis of referring to the definition of financial fraud at home and abroad, the author puts forward the understanding of financial fraud in this paper, and expounds in detail the four basic characteristics of financial fraud and the harm it brings. Thirdly, this paper analyzes the current situation and existing problems of financial fraud punishment of listed companies, and puts forward some suggestions and measures to solve these problems. Finally, the A-share listed companies that were penalized by the China Securities Regulatory Commission, the Shanghai Stock Exchange or Shenzhen Stock Exchange for their financial fraud from 2008 to 2012 were taken as the research objects. Through the statistical analysis of samples, it is found that the financial fraud companies that have been punished are mainly concentrated in industries with high capital supervision costs, and that the listed companies that have been penalized by the regulatory authorities because of financial fraud have been proved by the event study method. The abnormal rate of return and cumulative abnormal rate of return are both significantly negative in a short period of time around the date of the announcement of regulatory punishment, that is to say, the investors' reaction to the stock market of listed companies with financial fraud is significantly negative; Using the Logistic regression model and the classical regression model, this paper verifies that the listed companies in China are punished by the relevant regulatory authorities for financial fraud. After auditing the listed companies, they are not only more inclined to issue the standard unqualified audit opinion. And the audit fees charged will increase significantly.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F233

【参考文献】