制造业上市公司财务重述的效应和时机选择问题研究

发布时间：2018-02-26 12:38

本文关键词： 财务重述行业传递效应时机选择　出处：《沈阳工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：在我国，有些制造业上市公司管理层人员发现已经公布的财务会计报告中有错误内容或遗漏事项而发布重述公告。财务报告对于投资者的重要作用不言而喻，因此投资者十分注重财务报告是否真实可靠，，可靠的财务报告将有利于投资者作出正确的投资决策，而不可靠的财务报告将影响投资者的投资行为，甚至给投资者带来十分恶劣的经济后果。但是，上市公司并未正视财务报告的重要作用，近年来上市公司对于历史公告的事后补救行为越来越普遍，研究财务重述的相关后果及公布的时机也就越来越有意义。本文分析了我国制造业上市公司财务重述的现状，理顺了财务重述的概念、分类、发生的背景以及财务重述发生的动机，并对相关理论作出阐述，为下文的实证进行铺垫。本文的主要着眼点在于论证制造业上市公司财务重述公布后是否会引起对手公司股价的变化以及财务重述的公布是否与消息的好坏有着直接的联系。在论证财务重述是否存在传染的效应方面，本文利用事件研究法对2008—2010年之中沪深两市A股发布财务重述公告的制造业上市公司在财务重述公布后是否会引起传染效应进行验证，并利用多元回归的方法分析了导致传染效应发生的因素。在论证财务重述是否存在着公布的机会主义行为方面，本文利用单因素方差分析对2008—2012年之中发布财务重述公告的沪深两市所有A股制造业上市公司的财务重述公布是否存在着机会主义行为进行验证，即是否存在好消息公布的早，坏消息公布的晚这一现象，并利用多元回归分析方法分析了这一机会主义行为的影响因素。
[Abstract]:In China, some managers of listed manufacturing companies issue restatement announcements when they find that there are errors or omissions in the published financial and accounting reports. The important role of financial reports for investors is self-evident. Therefore, investors pay great attention to whether financial reports are true and reliable, and reliable financial reports will help investors to make correct investment decisions, while unreliable financial reports will affect investors' investment behavior. However, the listed companies have not faced up to the important role of financial reports. In recent years, it has become more and more common for listed companies to remedy historical announcements afterwards. It is more and more meaningful to study the relevant consequences of financial restatement and the timing of publication. This paper analyzes the current situation of financial restatement of listed manufacturing companies in China, straightens out the concept and classification of financial restatement. The background of the occurrence and the motivation of financial restatement, and the related theories are expounded, which pave the way for the following empirical research. The main focus of this paper is to demonstrate whether the financial restatement of the manufacturing listed company will cause changes in the share price of the rival company and whether the announcement of the financial restatement is directly related to the good or bad news. Restate whether there is an effect of contagion, This paper uses the event study method to verify whether the listed manufacturing companies issued financial restatement announcement in Shanghai and Shenzhen A-shares from 2008 to 2010 will cause contagion effect after the financial restatement announcement. And using the method of multiple regression to analyze the factors that lead to the contagion effect. This paper uses single factor variance analysis to verify whether there is opportunistic behavior in the financial restatement announcement of all A-share manufacturing listed companies in Shanghai and Shenzhen stock markets in the period of 2008-2012, that is, whether there is early announcement of good news. The phenomenon of late bad news is published and the influencing factors of this opportunistic behavior are analyzed by multivariate regression analysis.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F406.7

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