制度环境、大股东控制对上市公司财务重述影响的实证研究

发布时间：2018-01-09 05:35

本文关键词：制度环境、大股东控制对上市公司财务重述影响的实证研究　出处：《重庆交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：长期以来，上市公司财务报告信息的质量问题一直以来都是证监会关注的焦点，也是学术界高度关注的领域。财务重述是上市公司首次发布财务报告以后，发现披露的报告中存在着重大会计差错或重要事项的遗漏，然后对财务报告进行重新表述的过程。一般以临时公告的形式进行。从整个世界范围来看，，财务重述现象出现愈演愈烈的势头。财务重述很可能是上市公司为了达到配股、增发等目的来操纵利润，先公布操纵之后的财务报告，再进行重新表述。因此我国证券市场财务重述泛滥意味着不少上市公司前期公布的财务报告信息没有客观反映公司真实情况，那么财务重述泛滥将会带来损害投资者利益，阻碍证券市场资源优化配置的后果。财务重述已经成为公司治理和资本市场研究中备受关注的重要问题。论文回顾了财务重述，大股东控制及制度环境的国内外研究现状，然后阐述了相关理论及研究背景。在理论分析的基础上，本文将2009-2011年间以年报补丁形式发布的财务重述公司及其配对公司作为研究样本，运用Logistic回归模型，分析了制度环境背景下大股东控制对财务重述行为的影响。在控制了一些相关的财务（资产负债率，总资产周转率）、非财务（独立董事比例）以及年度变量后，本文研究了大股东特征变量，包括现金流权、现金流权和控制权分离度、实际控制人性质，以及市场化相对指数、市场化相对指数与大股东特征交乘变量对财务重述的影响。本文研究发现，首先我国上市公司持股比例大于10%的大股东是普遍存在，上市公司大股东现金流权比例越大，上市公司财务重述发生的可能性越小。其次上市公司大股东控制权和现金流的分离度越大，财务重述发生的可能性越高。第三，国有大股东控制的上市公司，从概率来看，发生财务重述的可能性要小于非国有性质的上市公司。第四，上市公司外部制度环境越好，上市公司发生财务重述的可能性就越低，并且外部制度环境越好，就越能够有效地制约大股东控制下的财务重述行为。本文的研究能够为提高我国上市公司信息披露质量，改善上市公司内部治理结构以及优化外部市场环境提供理论依据，也为政策部门制定相关政策提供有意义的参考。
[Abstract]:For a long time, the quality of listed company's financial reporting information has long been the focus of attention of the Commission, but also academic attention in the field. After the financial restatement of listed companies is the first release of the financial report, found that there exist significant accounting errors or omissions in the disclosure of important matters in the report, and then the process of financial restatement the report in the form of notice. A temporary general. From the view of the world, the financial restatement phenomenon intensified momentum. The financial restatement is likely to be listed companies in order to achieve the purpose of the issuance of such rights, to manipulate profits, first released after the manipulation of financial reporting, and then re formulated. So the financial restatements of China's securities market spread means the number of listed companies previously issued financial reporting information not objectively reflect the company's real situation, so the financial restatement will bring flooding To damage the interests of investors and impede the consequences of optimal allocation of resources in the securities market, financial restatement has become an important issue in corporate governance and capital market research.
This paper reviews the research status of financial restatements, controlling shareholders and institutional environment at home and abroad, and then expounds the related theory and research background. On the basis of theoretical analysis, this paper will be 2009-2011 years in the annual report released patches of financial restatement and matched companies as the research sample, using Logistic regression model, analyzes the background of the system under the control of the large shareholders influence on financial restatements. In the control of some related financial (asset liability ratio, total assets turnover), non-financial (the proportion of independent directors) and the annual variable, this paper studies the shareholder characteristics variables, including cash flow rights, cash flow rights and the separation of control. The nature of the actual controller, and the market index, market index and large shareholder characteristics of cross multiply variables affecting the financial restatements.
This study found that the first major shareholders of Listed Companies in China more than 10% stake is widespread, the major shareholders of listed companies cash flow rights and the greater the proportion of listed companies the possibility of financial restatements is small. Secondly, the major shareholders of listed companies to control the degree of separation of powers and cash flow is greater, the higher the likelihood of financial restatements third, control of state-owned shareholder of listed companies, from the view of probability, the probability of financial restatement is smaller than the non state-owned listed companies. Fourth, external environment the better system of listed companies, the possibility of financial restatements is lower, and the external institutional environment better, more able to effectively control the financial restatements under the control of large shareholders.
The research in this paper can provide theoretical basis for improving the quality of information disclosure, improving the internal governance structure and optimizing the external market environment of Chinese listed companies, and also providing meaningful references for policy departments to formulate relevant policies.

【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

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