本文選題：上市公司 + 財(cái)務(wù)重述　； 參考：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年碩士論文

【摘要】：資本市場是一個(gè)綜合信息流與資金流的市場。財(cái)務(wù)報(bào)告，尤其是年度報(bào)告是連接廣大投資者（資金提供方）和上市公司（資金需求方）至關(guān)重要的紐帶。它既是企業(yè)信息披露的核心內(nèi)容，也是投資者了解企業(yè)財(cái)務(wù)狀況、經(jīng)營成果的重要途徑，其信息質(zhì)量問題對于企業(yè)和利益相關(guān)者都有重大影響。然而近年來，，上市公司以重大臨時(shí)公告的方式頻頻發(fā)布財(cái)務(wù)重述公告，引起了國內(nèi)外學(xué)者的廣泛關(guān)注。本文以2009年-2011年深市A股市場上發(fā)布財(cái)務(wù)重述公告的上市公司為研究樣本，從外部融資視角下研究了財(cái)務(wù)重述對上市公司股權(quán)資本成本的影響，試圖回答以下兩個(gè)問題：①財(cái)務(wù)重述是否會(huì)對公司的股權(quán)資本成本產(chǎn)生影響？②不同類型財(cái)務(wù)重述對股權(quán)資本成本的影響是否相同？以期增進(jìn)對我國的財(cái)務(wù)重述現(xiàn)象的認(rèn)識(shí)。 本文首先梳理了國內(nèi)外關(guān)于財(cái)務(wù)重述的研究現(xiàn)狀，回顧了財(cái)務(wù)重述影響資本成本的理論基礎(chǔ)，并從市場風(fēng)險(xiǎn)和股票流動(dòng)性兩個(gè)角度分析了財(cái)務(wù)重述對股權(quán)資本成本的作用機(jī)理。然后，本文系統(tǒng)的描述了上市公司財(cái)務(wù)重述現(xiàn)狀。在介紹我國財(cái)務(wù)重述制度背景之后，從總體狀況和具體情況分別統(tǒng)計(jì)、分析了2009年-2011年間我國上市公司的財(cái)務(wù)重述現(xiàn)象。接下來，本文對財(cái)務(wù)重述與股權(quán)資本成本的關(guān)系進(jìn)行了實(shí)證研究。本文為每一家重述公司配對了一家同行業(yè)同規(guī)模的非重述公司，以股權(quán)資本成本為解釋變量，以是否發(fā)生財(cái)務(wù)重述、細(xì)分重述類型為解釋變量，選擇beta系數(shù)、資產(chǎn)負(fù)債率、賬面市值比、資產(chǎn)收益率、資產(chǎn)周轉(zhuǎn)率和公司規(guī)模作為控制變量，建立起財(cái)務(wù)重述對股權(quán)資本成本的影響模型。通過多元回歸后發(fā)現(xiàn)：①財(cái)務(wù)重述引起上市公司股權(quán)資本成本的上升；②不同內(nèi)容、不同性質(zhì)的重述對上市公司股權(quán)資本成本的影響不盡相同。最后，在全文研究的基礎(chǔ)上得出幾點(diǎn)啟示，規(guī)范上市公司的財(cái)務(wù)重述行為需要公司內(nèi)部治理和外部監(jiān)管力量的共同努力。 本文的創(chuàng)新之處在于：1從外部融資的視角研究了財(cái)務(wù)重述對上市公司股權(quán)資本成本的影響，豐富了我國財(cái)務(wù)重述經(jīng)濟(jì)后果的研究文獻(xiàn)；2選擇2009年-2011年間發(fā)布重述公告的深市A股上市公司為研究樣本，從總體狀況和具體內(nèi)容等八個(gè)角度系統(tǒng)地描述了我國上市公司財(cái)務(wù)重述的現(xiàn)狀，為該領(lǐng)域的研究提供了一份經(jīng)驗(yàn)數(shù)據(jù)。
[Abstract]:Capital market is a comprehensive information flow and capital flow market. Financial reporting, especially annual reports, is a crucial link between investors (fund providers) and listed companies (demand side). It is not only the core content of enterprise information disclosure, but also an important way for investors to understand the financial situation and business achievement. However, in recent years, listed companies frequently issue financial restatement announcements in the form of major interim announcements, which has attracted wide attention of scholars at home and abroad. This paper studies the impact of financial restatement on the cost of equity capital of listed companies from the perspective of external financing, taking listed companies that issued financial restatement announcements in Shenzhen A-share market from 2009 to 2011 as research samples. Try to answer the following two questions: 1. Will the financial restatement have an impact on the cost of equity capital? 2 are different types of financial restatements having the same impact on the cost of equity capital? In order to enhance our understanding of the phenomenon of financial restatement. This paper firstly reviews the research status quo of financial restatement at home and abroad, reviews the theoretical basis of financial restatement influencing capital cost, and analyzes the mechanism of financial restatement on equity capital cost from the perspective of market risk and stock liquidity. Then, this paper systematically describes the current situation of financial restatement of listed companies. After introducing the background of our country's financial restatement system, this paper analyzes the phenomenon of financial restatement of listed companies in China from 2009 to 2011, according to the general situation and the specific situation. Then, this paper makes an empirical study on the relationship between financial restatement and equity capital cost. In this paper, a non-restatement company of the same size in the same industry is paired for each restatement company. The cost of equity capital is taken as the explanatory variable, the financial restatement occurs or not, the subdivision restatement type is taken as the explanatory variable, the beta coefficient and the asset-liability ratio are chosen. Book market value ratio, asset return rate, asset turnover rate and company size are the controlling variables, and the model of financial restatement on equity capital cost is established. After multiple regression, it is found that the cost of equity capital of the listed company is increased by the financial restatement of 1: 1. The influence of different nature of restatement on the cost of equity capital of the listed company is different. Finally, on the basis of the full text research, several revelations are drawn, the regulation of financial restatement of listed companies needs the joint efforts of internal governance and external regulatory forces. The innovation of this paper lies in the study of the impact of financial restatement on the cost of equity capital of listed companies from the perspective of external financing. In order to enrich the research literature on the economic consequences of financial restatement in China, A share listed companies in Shenzhen Stock Exchange from 2009 to 2011 were selected as the research samples. This paper systematically describes the current situation of financial restatement of listed companies in China from eight angles, such as the general situation and the specific contents, and provides an empirical data for the research in this field.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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