财务重述对银行贷款契约的影响研究

发布时间：2018-11-11 15:18

【摘要】：财务报告作为上市公司对外信息披露的最主要形式,是投资者了解上市公司财务状况、经营成果和现金流量的主要途径。高质量的信息披露可以降低资本市场各参与者间的信息不对称程度,有利于经济资源的有效配置。然而,日益泛滥的财务重述干扰了会计信息需求者对财务报告的阅读和理解,对会计信息的有效披露提出了严峻挑战。已有的研究文献表明,财务重述对证券、投资者及企业有严重后果,导致巨大的市场价值损失、投资者信心下降和资本成本上升。本文采用了规范研究与实证研究相结合的方法,选取2010年-2012年间发布财务重述公告的沪深两市A股上市公司为样本,在梳理相关文献的基础上,利用经济学和行为学理论,结合我国上市公司财务重述、债务融资以及其他制度环境,运用逻辑回归和线性回归模型,对上市公司财务重述对银行贷款契约中的价格条款及非价格条款的影响进行了理论分析和实证研究,得出的主要结论有：(1)财务重述后重述公司获得的银行贷款利率会上升、银行贷款总额会降低、银行贷款保护性条款会趋严,而银行贷款期限在财务重述前后差异并不显著。(2)进一步,本文区分重述企业的所有权性质及其所处制度环境研究了财务重述对银行贷款契约的影响,结果表明,财务重述会使国有和非国有上市公司的贷款利率增加、贷款保护性条款更严格,而国有上市公司财务重述前后获得的银行贷款总额没有显著差异,非国有上市公司财务重述后获得的银行贷款总额则显著减少；财务重述会使所有地区上市公司的贷款利率都增加,而相比于处于制度环境好的地区的上市公司,处于制度环境差的地区的上市公司发生财务重述会使其银行贷款总额减少、贷款保护性条款趋严。
[Abstract]:As the most important form of information disclosure of listed companies, financial report is the main way for investors to understand the financial situation, operating results and cash flow of listed companies. High quality information disclosure can reduce the degree of information asymmetry among the participants in the capital market and is beneficial to the effective allocation of economic resources. However, the increasingly widespread financial restatement interferes with the reading and understanding of the financial report by the accounting information demanders, and poses a severe challenge to the effective disclosure of the accounting information. The existing research literature shows that financial restatement has serious consequences on securities, investors and enterprises, resulting in huge loss of market value, falling investor confidence and rising cost of capital. This paper adopts the method of combining normative research with empirical research, selects the listed companies of Shanghai and Shenzhen A-shares that issued the financial restatement announcement from 2010 to 2012 as samples, combing the relevant literature, using economics and behavior theory. Combined with the financial restatement, debt financing and other institutional environment of listed companies in China, the logical regression model and linear regression model are used. The influence of financial restatement on price clause and non-price clause in bank loan contract is analyzed theoretically and empirically. The main conclusions are as follows: (1) after the financial restatement, the interest rate of bank loans obtained by the company will rise, the total amount of bank loans will decrease, and the protective provisions of bank loans will become stricter. However, the bank loan term is not significantly different before and after the financial restatement. (2) further, this paper studies the influence of the financial restatement on the bank loan contract by distinguishing the ownership nature of the restatement enterprise and its institutional environment. The financial restatement will increase the interest rate of the state-owned and non-state-owned listed companies and tighten the protective terms of the loans. However, there is no significant difference in the total amount of bank loans received by the state-owned listed companies before and after the financial restatement. The total amount of bank loans obtained by non-state-owned listed companies after financial restatement decreased significantly; The financial restatement will increase the loan interest rate of the listed companies in all regions, but compared with the listed companies in the areas with good institutional environment, the financial restatement of the listed companies in the areas with poor institutional environment will reduce the total amount of bank loans. The loan protection clause was tightened.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F275

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