本文選題：股權(quán)結(jié)構(gòu) + 財(cái)務(wù)重述　； 參考：《東北農(nóng)業(yè)大學(xué)》2012年碩士論文

【摘要】：上市公司的年度財(cái)務(wù)報(bào)告是各利益相關(guān)者了解企業(yè)經(jīng)營(yíng)管理和財(cái)務(wù)信息最主要的途徑之一,真實(shí)可靠、及時(shí)準(zhǔn)確是對(duì)年度財(cái)務(wù)報(bào)告的基本要求。然而近年來(lái),我國(guó)證券市場(chǎng)上以補(bǔ)充更正公告形式出現(xiàn)的財(cái)務(wù)重述現(xiàn)象層出不窮,這一現(xiàn)象表明上市公司前期年度報(bào)告中存在重大差錯(cuò),這將產(chǎn)生消極的經(jīng)濟(jì)后果。本文以中國(guó)A股上市公司發(fā)生財(cái)務(wù)重述的公司為研究對(duì)象,用理論和實(shí)證相結(jié)合的方法研究了股權(quán)結(jié)構(gòu)因素對(duì)財(cái)務(wù)重述的影響。 本文首先介紹了我國(guó)上市公司股權(quán)結(jié)構(gòu)對(duì)財(cái)務(wù)重述影響的研究背景和意義,對(duì)目前國(guó)內(nèi)外學(xué)者就這兩者之間的影響關(guān)系所做的研究文獻(xiàn)進(jìn)行了回顧,并對(duì)本文的研究?jī)?nèi)容和方法進(jìn)行了闡述；其次,在闡述了股權(quán)結(jié)構(gòu)與財(cái)務(wù)重述的涵義等內(nèi)容后,引入了信息不對(duì)稱理論、委托代理理論、內(nèi)部控制理論作為三種基礎(chǔ)理論；接著,通過(guò)列舉我國(guó)上市公司2005—2010年的股權(quán)結(jié)構(gòu)統(tǒng)計(jì)量和上市公司財(cái)務(wù)重述的年度分布、行業(yè)分布,具體分析了目前我國(guó)上市公司股權(quán)結(jié)構(gòu)和財(cái)務(wù)重述的現(xiàn)狀,而后通過(guò)管理層持股、股東性質(zhì)、股權(quán)集中度三個(gè)方面明確了股權(quán)結(jié)構(gòu)因素對(duì)財(cái)務(wù)重述影響的機(jī)理；最后以2007年—2010年間新會(huì)計(jì)準(zhǔn)則實(shí)施后的中國(guó)A股上市公司發(fā)生財(cái)務(wù)重述的上市公司為研究對(duì)象,以國(guó)有股比例、法人股比例、機(jī)構(gòu)投資者持股比例、流通股比例、管理層持股比例作為解釋變量,以財(cái)務(wù)重述作為被解釋變量,以公司盈利水平、財(cái)務(wù)杠桿、公司規(guī)模為控制變量,利用相關(guān)關(guān)系矩陣模型對(duì)我國(guó)上市公司資本結(jié)構(gòu)與公司股權(quán)結(jié)構(gòu)因素和財(cái)務(wù)重述之間的關(guān)系進(jìn)行實(shí)證研究,并對(duì)實(shí)證結(jié)果進(jìn)行分析。 通過(guò)實(shí)證分析得到以下結(jié)論：前十大股東持股比例與財(cái)務(wù)重述的發(fā)生概率負(fù)相關(guān),說(shuō)明對(duì)我國(guó)上市公司而言,前十大股東持股比例越高,股權(quán)集中度越高,大股東就越有動(dòng)機(jī)以及能力監(jiān)督管理層的行為,就越能抑制財(cái)務(wù)重述的發(fā)生；國(guó)有股比例的高低與財(cái)務(wù)重述的發(fā)生正相關(guān),說(shuō)明較高的國(guó)有股比例可能會(huì)在一定程度上降低會(huì)計(jì)信息的透明度和可信度,導(dǎo)致嚴(yán)重代理問(wèn)題的產(chǎn)生,進(jìn)而產(chǎn)生財(cái)務(wù)會(huì)計(jì)信息造假等財(cái)務(wù)重述現(xiàn)象的產(chǎn)生；法人股、機(jī)構(gòu)投資者持股和管理層持股比例與財(cái)務(wù)重述的發(fā)生沒(méi)有顯著關(guān)系。流通股比例與財(cái)務(wù)重述的發(fā)生概率負(fù)相關(guān),說(shuō)明在我國(guó)證券市場(chǎng)中,流通股股東數(shù)量大,他們對(duì)財(cái)務(wù)信息的披露有一定的正面監(jiān)督作用；公司盈利能力和經(jīng)營(yíng)狀況與財(cái)務(wù)重述的發(fā)生顯著相關(guān),這與前文分析的,上市公司為了掩蓋公司的內(nèi)部經(jīng)營(yíng)管理問(wèn)題、保持股價(jià)而人為操縱會(huì)計(jì)盈余,從而導(dǎo)致財(cái)務(wù)重述發(fā)生這一內(nèi)容相符。最后根據(jù)實(shí)證分析結(jié)果,本文從逐步降低國(guó)有股比例、穩(wěn)步提升法人股持股比例、保持適當(dāng)?shù)墓蓹?quán)集中度、優(yōu)化股權(quán)結(jié)構(gòu)規(guī)避財(cái)務(wù)重述的配套措施等方面就優(yōu)化我國(guó)上市公司股權(quán)結(jié)構(gòu)以減少財(cái)務(wù)重述現(xiàn)象的發(fā)生提出了對(duì)策建議。
[Abstract]:The annual financial report of the listed company is one of the most important ways for the stakeholders to understand the management and financial information of the enterprise. It is true and reliable and is the basic requirement for the annual financial report. However, in recent years, the phenomenon of financial restatement appeared in the form of supplementary correction Bulletin in China's securities market has come out in an endless stream, which is a phenomenon. It shows that there are significant errors in the previous annual report of the listed companies, which will have negative economic consequences. In this paper, the financial restatements of the listed companies in China's A share listed companies are taken as the research object, and the influence of the stock structure factors on the financial restatement is studied with the combination of theory and empirical method.
This paper first introduces the research background and significance of the influence of stock ownership structure on the financial restatement of Listed Companies in China, reviews the research literature on the relationship between the two scholars at home and abroad, and expounds the contents and methods of this study. Secondly, it expounds the culvert of the ownership structure and the financial restatement. After the content, it introduces the information asymmetry theory, the principal-agent theory and the internal control theory as the three basic theories. Then, by enumerating the annual distribution of the stock structure statistics and the financial restatement of Listed Companies in China's listed companies from 2005 to 2010, the distribution of the stock ownership structure and wealth of the listed companies in China is concretely analyzed. The present situation of the restatement, and then through three aspects of the management stock, the nature of the shareholders and the ownership concentration, clear the mechanism of the influence of the share structure factors on the financial restatement; finally, the company of the Chinese A shares listed companies in China after the implementation of the new accounting standards from 2007 to 2010 is the research object, the proportion of the state-owned shares, the legal person. The share ratio, the proportion of institutional investors, the proportion of the circulation stock, the proportion of the managerial ownership as explanatory variables, the financial restatement as the explanatory variables, the control variables of the company's profit level, the financial leverage and the scale of the company, and the capital structure and the corporate equity structure and financial restatement of the listed companies in China by using the correlation matrix model. The empirical study is conducted and the empirical results are analyzed.
Through the empirical analysis, the following conclusions are drawn: the proportion of the top ten shareholders is negatively related to the probability of the occurrence of the financial restatement, indicating that the higher the share ratio of the top ten shareholders, the higher the ownership concentration, the more motivation of the large shareholders and the behavior of the ability to supervise the management, the more the financial restatement can be suppressed. The proportion of the shares is positively related to the occurrence of the financial restatement, indicating that the higher proportion of the state-owned shares may reduce the transparency and credibility of the accounting information to a certain extent, resulting in the emergence of serious agency problems and the emergence of financial restatements such as financial accounting information fraud, corporate shares, institutional investors' shareholding and management. There is no significant relationship between the proportion of the stock ownership and the occurrence of the financial restatement. The proportion of the circulation shares is negatively related to the probability of the occurrence of the financial restatement, indicating that the number of the shareholders in the stock market is large, and they have a positive supervision effect on the disclosure of financial information, and the profitability and management status of the company are significantly different from the financial restatements. In order to cover up the company's internal management problems, the listed companies keep the stock price and manipulate the accounting earnings, which leads to the financial restatement. Finally, according to the results of the empirical analysis, the proportion of the state-owned shares is gradually reduced, the proportion of corporate shares is steadily improved, and the appropriate equity collection is maintained. To optimize the stock ownership structure of Listed Companies in China to reduce the occurrence of financial restatement, some countermeasures and suggestions are put forward to optimize the supporting measures to avoid the restatement of the financial restatement.

【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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