外部盈利压力对财务重述的影响研究

发布时间：2018-02-14 07:17

本文关键词： 外部盈利压力财务重述分析师关注度媒介环境　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：上市公司定期对外披露的财务报告是投资者了解公司经营信息的重要途径,对缓解资本市场的信息不对称起着举足轻重的作用。但近年来频繁出现的财务重述问题却让社会各界对上市公司财务报告信息披露质量产生了质疑。财务重述原本是为了解决披露信息中的差错问题,避免向外界提供错误信息,可是现如今上市公司的财务重述速度和频率已远超正常范围,因此有必要深入探寻财务重述背后隐藏的动机。与此同时分析师的分析报告已成为投资者投资决策时的重要参考,其发布的盈利预测也就成为上市公司面临的重要市场预期,当分析师的盈利预测与管理层的经营预期存在差距时,即给企业带来了盈利压力。本文从市场预期的角度出发,借助有效市场假说、信息不对称理论、行为金融学理论等,将规范和实证研究相结合,深入分析外部盈利压力对财务重述的影响机理,并考察了在不同的分析师关注度和媒介环境下,外部盈利压力对财务重述的作用差异。本文共分为五个部分。第一部分是绪论,基于现实的市场状况,分析了本文研究的意义,并对财务重述动因、财务重述公司特征和外部盈利压力经济后果的相关文献进行了梳理。同时阐述了本文整个研究思路、运用的方法以及创新和特色。第二部分是概念界定和理论基础,主要是对相关概念进行了界定,并阐述了全文分析所依据的理论基础。第三部分是制度背景、理论分析和假设,本部分首先是对我国财务重述的制度发展和重述现状以及分析师行业的发展情形进行了介绍,然后论述了外部盈利压力对财务重述的影响机理,以及分析师关注度和媒介环境的调节作用机制,并在此基础上提出本文的研究假设。第四部分是实证检测,选取的研究样本是2009-2015年沪深两市A股上市公司,运用Logit和Probit回归方法检验了本文的研究假设,并利用传统配对法、PSM和图形法进行了稳健性检验。第五部分即为研究结论与政策建议。研究结果显示:(1)外部盈利压力与公司财务重述呈显著的正相关关系,即外部盈利压力对管理层行为产生明显刺激,尤其是在管理层经营期望低于分析师盈利预测时,刺激效果更为明显。(2)分析师关注度和媒介环境都能在这其中发挥一定的调节作用,弱化了外部盈利压力对财务重述产生的正向影响,这表明分析师和媒体都在公司外部治理中充当重要角色。本文的研究拓展了上市公司财务重述行为动机的研究范围,为完善财务重述制度发展提供有益的帮助。同时,本文也丰富了外部盈利压力在我国资本市场背景下的经验研究,以期为后续研究提供一定的借鉴意义。
[Abstract]:The financial reports regularly disclosed by a listed company are an important way for investors to understand the company's business information. It plays an important role in alleviating the information asymmetry in capital market, but the frequent financial restatement problem in recent years has made all walks of life question the quality of financial report information disclosure of listed companies. In order to solve the problem of errors in the disclosure of information, Avoid giving the wrong information to the outside world, but now the financial restatement speed and frequency of listed companies are far beyond the normal range. Therefore, it is necessary to explore the hidden motives behind the financial restatement. At the same time, the analysts' analysis report has become an important reference for investors to make investment decisions, and the profit forecast issued by them has become an important market expectation faced by listed companies. When there is a gap between the analyst's profit forecast and the management's operating expectation, it brings profit pressure to the enterprise. From the perspective of market expectation, this paper makes use of the efficient market hypothesis, information asymmetry theory, behavioral finance theory, and so on. Combining normative and empirical research, this paper analyzes the influence mechanism of external profit pressure on financial restatement, and examines the different analyst attention and media environment. This paper is divided into five parts. The first part is the introduction, based on the reality of the market situation, analyzes the significance of this study, and the reasons for financial restatement. Financial restatement of company characteristics and the economic consequences of external profit pressure are combed. At the same time, the whole research ideas, applied methods, innovation and characteristics are expounded. The second part is the definition of the concept and theoretical basis. The third part is the system background, theoretical analysis and hypothesis. This part first introduces the system development and restatement of financial restatement in China and the development of the analyst industry, and then discusses the influence mechanism of external profit pressure on financial restatement. On the basis of this, the author puts forward the research hypotheses of this paper. The 4th part is an empirical test, and the selected research sample is the A-share listed companies in Shanghai and Shenzhen stock markets from 2009-2015. Logit and Probit regression methods are used to test the hypotheses of this paper. The results show that there is a significant positive correlation between the external profit pressure and the financial restatement of the company, and the results show that there is a significant positive correlation between the external profit pressure and the financial restatement of the company. That is, the external profit pressure has obviously stimulated the management behavior, especially when the management's operating expectation is lower than the analyst's profit forecast. The stimulus effect is more obvious. (2) analysts' attention and media environment can play a moderating role in this, weakening the positive impact of external profit pressure on financial restatement. This shows that both the analysts and the media play an important role in corporate governance. The research in this paper expands the scope of research on the motivation of financial restatement of listed companies, and provides useful help for the development of financial restatement system. This paper also enriches the empirical study of external profit pressure under the background of China's capital market, in order to provide some reference for further research.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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