本文關(guān)鍵詞：制度環(huán)境、大股東控制對上市公司財務(wù)重述影響的實證研究　出處：《重慶交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：長期以來，上市公司財務(wù)報告信息的質(zhì)量問題一直以來都是證監(jiān)會關(guān)注的焦點(diǎn)，也是學(xué)術(shù)界高度關(guān)注的領(lǐng)域。財務(wù)重述是上市公司首次發(fā)布財務(wù)報告以后，發(fā)現(xiàn)披露的報告中存在著重大會計差錯或重要事項的遺漏，然后對財務(wù)報告進(jìn)行重新表述的過程。一般以臨時公告的形式進(jìn)行。從整個世界范圍來看，，財務(wù)重述現(xiàn)象出現(xiàn)愈演愈烈的勢頭。財務(wù)重述很可能是上市公司為了達(dá)到配股、增發(fā)等目的來操縱利潤，先公布操縱之后的財務(wù)報告，再進(jìn)行重新表述。因此我國證券市場財務(wù)重述泛濫意味著不少上市公司前期公布的財務(wù)報告信息沒有客觀反映公司真實情況，那么財務(wù)重述泛濫將會帶來損害投資者利益，阻礙證券市場資源優(yōu)化配置的后果。財務(wù)重述已經(jīng)成為公司治理和資本市場研究中備受關(guān)注的重要問題。 論文回顧了財務(wù)重述，大股東控制及制度環(huán)境的國內(nèi)外研究現(xiàn)狀，然后闡述了相關(guān)理論及研究背景。在理論分析的基礎(chǔ)上，本文將2009-2011年間以年報補(bǔ)丁形式發(fā)布的財務(wù)重述公司及其配對公司作為研究樣本，運(yùn)用Logistic回歸模型，分析了制度環(huán)境背景下大股東控制對財務(wù)重述行為的影響。在控制了一些相關(guān)的財務(wù)（資產(chǎn)負(fù)債率，總資產(chǎn)周轉(zhuǎn)率）、非財務(wù)（獨(dú)立董事比例）以及年度變量后，本文研究了大股東特征變量，包括現(xiàn)金流權(quán)、現(xiàn)金流權(quán)和控制權(quán)分離度、實際控制人性質(zhì)，以及市場化相對指數(shù)、市場化相對指數(shù)與大股東特征交乘變量對財務(wù)重述的影響。 本文研究發(fā)現(xiàn)，首先我國上市公司持股比例大于10%的大股東是普遍存在，上市公司大股東現(xiàn)金流權(quán)比例越大，上市公司財務(wù)重述發(fā)生的可能性越小。其次上市公司大股東控制權(quán)和現(xiàn)金流的分離度越大，財務(wù)重述發(fā)生的可能性越高。第三，國有大股東控制的上市公司，從概率來看，發(fā)生財務(wù)重述的可能性要小于非國有性質(zhì)的上市公司。第四，上市公司外部制度環(huán)境越好，上市公司發(fā)生財務(wù)重述的可能性就越低，并且外部制度環(huán)境越好，就越能夠有效地制約大股東控制下的財務(wù)重述行為。 本文的研究能夠為提高我國上市公司信息披露質(zhì)量，改善上市公司內(nèi)部治理結(jié)構(gòu)以及優(yōu)化外部市場環(huán)境提供理論依據(jù)，也為政策部門制定相關(guān)政策提供有意義的參考。
[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.

【學(xué)位授予單位】：重慶交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F276.6;F832.51

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本文編號：1400212