本文選題：制造業(yè)上市公司 + 財(cái)務(wù)重述��； 參考：《江蘇大學(xué)》2017年碩士論文

【摘要】：企業(yè)的財(cái)務(wù)信息是資本市場的血液,影響著投資者的經(jīng)濟(jì)決策和資本市場的健康發(fā)展,財(cái)務(wù)重述制度正是為了保障投資者知情權(quán)的一項(xiàng)財(cái)務(wù)信息披露制度。然而近年來,企業(yè)財(cái)務(wù)重述問題頻發(fā),亂象叢生,惡意引導(dǎo)市場預(yù)期的行為造成了較明顯的市場反應(yīng)。眾所周知,制造業(yè)是我國國民經(jīng)濟(jì)的支柱產(chǎn)業(yè)之一,發(fā)展歷史悠久,規(guī)模較大,在我國資本市場占據(jù)重要地位,而制造業(yè)上市公司的財(cái)務(wù)重述現(xiàn)象較突出,其重述行為擾亂了資本市場秩序,也在一定程度上損害了投資者信心。有鑒于此,本研究嘗試通過探討制造業(yè)上市公司不同種類的重述行為所帶來的市場反應(yīng)的差異,為引導(dǎo)我國制造業(yè)上市公司審慎使用重述手段提供管理啟示,同時也為我國監(jiān)管部門監(jiān)督上市公司的財(cái)務(wù)重述行為提供政策性參考。本研究基于信息不對稱理論和有效市場假說,首先,對國內(nèi)外有關(guān)財(cái)務(wù)重述的研究概況進(jìn)行述評,確定了本研究中財(cái)務(wù)重述的概念和其市場反應(yīng)的度量方法;其次,對我國制造業(yè)上市公司財(cái)務(wù)重述的現(xiàn)狀進(jìn)行分析,結(jié)合制造業(yè)上市公司重述行為的特點(diǎn),選取皖維高新為案例研究對象,對其重述行為所帶來的市場反應(yīng)進(jìn)行了初步探討;最后,在案例分析的基礎(chǔ)上,選取2013至2015年制造業(yè)上市公司發(fā)布的重述公告為研究樣本,根據(jù)補(bǔ)充公告,補(bǔ)充更正公告和更正公告三大基本類別對重述樣本進(jìn)行分類,并在此基礎(chǔ)上,從重述性質(zhì)和重述原因兩大不同的維度進(jìn)行了進(jìn)一步的細(xì)分,分別使用事件研究法和多元回歸方法分析其市場反應(yīng),以期為提高我國制造業(yè)上市公司的信息披露質(zhì)量,規(guī)范上市公司財(cái)務(wù)重述秩序提供管理建議與政策參考。研究結(jié)果顯示:(1)制造業(yè)上市公司的補(bǔ)充更正公告與更正公告都帶來了顯著負(fù)面的市場反應(yīng),補(bǔ)充公告帶來的市場反應(yīng)并不顯著;(2)不確定重述與消極重述都帶來了顯著負(fù)面的市場反應(yīng),積極重述并未帶來顯著的市場反應(yīng);(3)會計(jì)問題導(dǎo)致的重述公告帶來了顯著負(fù)面的市場反應(yīng),因政策變動、監(jiān)管部門督促和技術(shù)問題導(dǎo)致的重述公告均無法帶來顯著的市場反應(yīng)。有鑒于此,本研究結(jié)合研究結(jié)果,提出規(guī)范上市公司重述行為的管理啟示與政策性建議,希冀為豐富制造業(yè)上市公司財(cái)務(wù)重述行為的研究,降低重述公告對制造業(yè)上市公司帶來的負(fù)面影響,規(guī)范上市公司財(cái)務(wù)重述秩序提供重要的借鑒和參考。
[Abstract]:The financial information of an enterprise is the blood of the capital market, which affects the economic decision of the investor and the healthy development of the capital market. The financial restatement system is just a financial information disclosure system to protect the investor's right to know. However, in recent years, corporate financial restatement problems frequently occur, chaos, malicious behavior of market expectations caused a more obvious market response. As we all know, manufacturing industry is one of the pillar industries of our national economy. It has a long history and a large scale. It occupies an important position in the capital market of our country, and the phenomenon of financial restatement of listed companies in manufacturing industry is more prominent. Its restatement disturbed the order of capital markets and damaged investor confidence to some extent. In view of this, this study attempts to provide management inspiration to guide Chinese manufacturing listed companies to use restatement methods prudently by exploring the differences of market responses brought about by different restatement behaviors of listed manufacturing companies. At the same time, it also provides policy reference for supervising the financial restatement of listed companies. Based on the information asymmetry theory and the efficient market hypothesis, this study firstly reviews the research situation of financial restatement at home and abroad, and determines the concept of financial restatement and the measurement method of its market reaction. Based on the analysis of the current situation of financial restatement of listed manufacturing companies in China and the characteristics of restatement behavior of listed companies in manufacturing industry, this paper selects Wanwei Hi-tech as the case study object, and probes into the market reaction brought about by the restatement behavior. Finally, on the basis of case analysis, we select the restatement announcement issued by manufacturing listed companies from 2013 to 2015 as the research sample, and classify the restatement sample according to the supplementary announcement, the supplementary correction notice and the correction notice. On the basis of this, the paper further subdivides the two different dimensions of restatement nature and reason, and analyzes its market reaction by using event study method and multiple regression method, respectively. The aim is to provide management advice and policy reference for improving the quality of information disclosure of listed manufacturing companies and standardizing the order of financial restatement of listed companies. The results of the study show that both the supplementary correction announcements and the correction announcements of listed manufacturing companies have brought about a significant negative market reaction. The market reaction brought about by the supplementary announcement was not significant. (2) uncertainty restatement and negative restatement both brought about a significantly negative market reaction. Positive restatement did not bring significant market reaction. (3) the restatement announcement caused by accounting problem brought significant negative market reaction. The restatement announcement caused by the change of policy, supervision department and technical problem could not bring about significant market reaction. In view of this, combined with the research results, this study puts forward the management enlightenment and policy recommendations to standardize the restatement behavior of listed companies, hoping to enrich the research on financial restatement behavior of listed manufacturing companies. Reducing the negative impact of restatement announcement on listed manufacturing companies and standardizing the order of financial restatement of listed companies provide important reference and reference.
【學(xué)位授予單位】：江蘇大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F425

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