财务重述、融资约束与非效率投资

发布时间：2018-03-10 16:01

本文选题：财务重述　切入点：融资约束　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：截至2016年11月底,我国沪深上市公司总数由1991年的14家增至2923家,增加了 208倍,但已有的研究表明,非效率投资现象在我国上市公司中占比很高。非效率投资分为两种,一种是投资于净现值为负的项目导致的投资过度,另一种是放弃净现值为正的项目导致的投资不足。信息不对称和代理冲突导致的非效率投资严重损害了投资者的利益,给股东和债权人造成严重损失。从市场角度来看,资金的非效率流动造成资金利用率低下,不利于资本市场的发展。自上世纪九十年代开始,财务重述事件频繁发生,综观中国证券市场,每年约15%的上市公司发布各类年报更正或者补充公告(魏志华2009[56])。而本文在收集数据过程中的统计结果也显示近几年来发生财务重述的上市公司比例超过了10%。财务重述的发生引起企业股东和外部债权人的高度关注。本文从财务重述的信号传递效应入手,首先研究对于投资过度和投资不足的上市公司来说,发生财务重述会对其产生怎样的影响,进而研究其作用机制,即融资约束在财务重述作用于非效率投资的过程中的是否发挥中介作用,是完全中介还是部分中介作用。为了验证上述问题,本文采用了实证分析的方法,建立相关模型,并选取2011年-2015年沪市主板上市公司的数据作为研究样本,对财务重述与非效率投资之间的关系及其作用机制进行研究。研究结果表明:对于存在投资过度的样本,相比于未发生财务重述的公司,发生财务重述后投资过度程度会得到改善,且融资约束在其中发挥部分中介作用。对于存在投资不足的样本,相比于未发生财务重述的公司,发生财务重述后投资不足程度会更加严重,且融资约束在其中同样也发挥了部分中介作用。综上所述,本文的研究丰富了财务重述与非效率投资及其作用机制的相关研究,为今后学者的研究提供一定的参考和借鉴。从研究结果来看,明确了财务重述、融资约束及非效率投资之间的关系,引导企业治理层和管理层在企业运营过程中诚信经营,加强公司治理,提高企业信息透明度,从根本上改变企业投资非效率的局面,而不要试图投机取巧,因为一旦这种行为被发现,财务重述的发生无论从公司治理还是融资约束影响现金流的角度都会对企业产生很大影响,长远来看,只会使企业投资效率更低,经营更加恶化。
[Abstract]:By the end of November 2016, the total number of listed companies in Shanghai and Shenzhen had increased by 208-fold, from 14 in 1991 to 2,923, but the research has shown that the phenomenon of inefficient investment is very high in the listed companies in China. There are two kinds of non-efficient investment. One is overinvestment in projects with negative net present value, the other is underinvestment due to the abandonment of projects with positive net present value. Information asymmetry and inefficient investments resulting from agency conflicts seriously harm the interests of investors, From the market point of view, the inefficient flow of funds results in low utilization of funds, which is not conducive to the development of capital markets. Since -10s, financial restatements have occurred frequently. Looking at China's securities market, Every year, about 15% listed companies issue correction or supplementary announcements of all kinds of annual reports (Wei Zhihua 2009 [56]). The statistical results of this paper in the process of collecting data also show that in recent years, the proportion of listed companies with financial restatement has exceeded 10.0% of the total number of listed companies. The occurrence of restatement has aroused great concern of shareholders and external creditors. This paper starts with the signal transfer effect of financial restatement. First of all, to study the impact of financial restatement on overinvested and underinvested listed companies, and then to study its mechanism. That is, whether the financial constraints play an intermediary role in the process of financial restatement in the process of inefficiency investment, whether it is a complete intermediary or a partial intermediary. In order to verify the above problems, this paper adopts the method of empirical analysis to establish a relevant model. From 2011 to 2015, the data of listed companies in Shanghai main Board were selected as the research samples to study the relationship between financial restatement and inefficient investment and its mechanism. Compared with companies without financial restatement, the degree of overinvestment after financial restatement will be improved, and financing constraints play a part of the intermediary role. The degree of underinvestment after financial restatement will be more serious, and financial constraints also play a part of the intermediary role. In summary, the research in this paper enriches the research on financial restatement and non-efficient investment and its mechanism. From the point of view of the research results, the relationship among financial restatement, financing constraints and inefficient investment is clarified, and the corporate governance layer and management are guided to operate in good faith in the process of enterprise operation. Strengthen corporate governance, improve transparency of enterprise information, fundamentally change the inefficient situation of enterprise investment, rather than try to speculate, because once this behavior is discovered, The occurrence of financial restatement will have a great impact on the enterprise whether from the perspective of corporate governance or financing constraints affecting the cash flow. In the long run, it will only make the investment efficiency lower and the management worse.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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