【摘要】：近年來(lái),我國(guó)上市公司發(fā)生財(cái)務(wù)重述的現(xiàn)象日趨頻繁,這引起了投資者廣泛的關(guān)注,學(xué)術(shù)界和監(jiān)管部門(mén)也予以了高度重視。本文經(jīng)過(guò)篩選取得2005至2009年我國(guó)發(fā)布財(cái)務(wù)報(bào)表重述公告的306家上市公司作為研究對(duì)象,結(jié)合規(guī)范性和實(shí)證性研究的方法對(duì)我國(guó)上市公司財(cái)務(wù)重述行為進(jìn)行了深入的研究。 首先對(duì)財(cái)務(wù)重述行為現(xiàn)狀的分析發(fā)現(xiàn)：從財(cái)務(wù)重述公告的時(shí)間分布來(lái)看,新準(zhǔn)則頒布前發(fā)生財(cái)務(wù)重述行為的公司總量多于新準(zhǔn)則實(shí)施后,并且樣本公司集中在3、4月發(fā)布財(cái)務(wù)重述公告,所占比重高達(dá)68.63%；從行業(yè)和地區(qū)分布來(lái)看,我國(guó)財(cái)務(wù)重述行為的發(fā)生存在普遍性,重述公司的行業(yè)分布均衡,上市公司發(fā)生財(cái)務(wù)重述行為的數(shù)量占行業(yè)公司總數(shù)量的比重集中在3%-5%間；但地區(qū)分布存在非均衡的現(xiàn)象,經(jīng)濟(jì)發(fā)達(dá)地區(qū)的上市公司相對(duì)于經(jīng)濟(jì)欠發(fā)達(dá)地區(qū)的上市公司發(fā)生財(cái)務(wù)重述行為的比例要低些。 其次,對(duì)收集的306家上市公司的財(cái)務(wù)重述公告進(jìn)行仔細(xì)的閱讀、整理,將所有樣本分為主動(dòng)型和被動(dòng)型兩類(lèi)并運(yùn)用事件研究法進(jìn)行財(cái)務(wù)重述公告的市場(chǎng)效應(yīng)檢驗(yàn)。結(jié)果表明：在財(cái)務(wù)重述公告第0個(gè)交易所日,主動(dòng)型和被動(dòng)型重述樣本的平均異常收益率分別為-0.9874%和-1.4541%,并且通過(guò)1%水平的顯著性檢驗(yàn)。檢驗(yàn)結(jié)果說(shuō)明投資者認(rèn)為,上市公司發(fā)生財(cái)務(wù)重述行為代表著利空消息。 接著,通過(guò)多元線(xiàn)性回歸模型的構(gòu)建來(lái)探討引起財(cái)務(wù)重述樣本公司股價(jià)顯著波動(dòng)的具體因素�；貧w分析發(fā)現(xiàn)：(1)在5%的水平上,公司的償債能力、未來(lái)發(fā)展能力與股票累計(jì)異常收益率顯著負(fù)相關(guān)；在1%的顯著性水平上,財(cái)務(wù)重述年限、現(xiàn)金流量能力對(duì)樣本股票累計(jì)異常收益率都會(huì)產(chǎn)生正向的影響,而股東獲利能力大小與股票累計(jì)異常收益率大小顯著負(fù)相關(guān)。說(shuō)明我國(guó)相關(guān)政策法規(guī)的出臺(tái)對(duì)財(cái)務(wù)重述產(chǎn)生的市場(chǎng)效應(yīng)有緩解作用,也說(shuō)明財(cái)務(wù)重述行為的發(fā)生將會(huì)使得相關(guān)利益人對(duì)公司的財(cái)務(wù)信息產(chǎn)生懷疑,投資者在對(duì)此進(jìn)行決策時(shí)要對(duì)這些影響因素予以重點(diǎn)考慮。(2)在主動(dòng)型樣本構(gòu)建的模型中,僅有股東獲利能力大小這個(gè)因素通過(guò)了5%的顯著性檢驗(yàn),對(duì)樣本股票累計(jì)異常收益率產(chǎn)生負(fù)向的影響,這說(shuō)明對(duì)于主動(dòng)進(jìn)行財(cái)務(wù)重述的上市公司,投資者應(yīng)著重關(guān)注股東獲利能力指標(biāo)進(jìn)行決策。 最后,就財(cái)務(wù)重述問(wèn)題分別向上市公司、投資者以及監(jiān)管機(jī)構(gòu)提出建議。同時(shí),也對(duì)本研究存在的不足以及后續(xù)的研究方向進(jìn)行了簡(jiǎn)單的說(shuō)明。
[Abstract]:In recent years, the phenomenon of financial restatement of listed companies in China has become more and more frequent, which has aroused the widespread concern of investors, and the academic and regulatory departments have also attached great importance to it. In this paper, 306 listed companies that issued the financial restatement announcement from 2005 to 2009 have been selected as the research object, and the financial restatement behavior of the listed companies in China has been deeply studied in combination with the normative and empirical research methods. Firstly, from the analysis of the current situation of financial restatement behavior, it is found that the total number of companies with financial restatement behavior before the promulgation of the new standard is more than that after the implementation of the new standard, according to the time distribution of the financial restatement announcement. And the sample company concentrated in March, in April issued the financial restatement announcement, the proportion is as high as 68.63; From the point of view of industry and regional distribution, the occurrence of financial restatement behavior in China is universal, the industry distribution of restatement company is balanced, the proportion of financial restatement behavior of listed company to the total number of industry companies is between 3% and 5%. However, the regional distribution is unbalanced, and the proportion of financial restatement of listed companies in developed regions is lower than that in underdeveloped regions. Secondly, the financial restatement announcements of 306 listed companies are carefully read, sorted out, all samples are divided into active and passive types, and the market effect test of financial restatement announcements is carried out by using event research method. The results show that the average abnormal rate of return of active and passive restatement samples is -0.9874% and -1.4541% respectively, and the average abnormal rate of return is -0.9874% and -1.4541% respectively, and the average abnormal rate of return is -0.9874% and -1.4541%, respectively. The results show that investors believe that the financial restatement behavior of listed companies represents bad news. Then, through the construction of multiple linear regression model, the paper discusses the specific factors that cause the significant volatility of the financial restatement sample company's stock price. Regression analysis found that: (1) at the level of 5%, the company's solvency, future development ability and stock cumulative abnormal return significantly negative correlation; At the significant level of 1%, the financial restatement years, cash flow ability will have a positive impact on the cumulative abnormal return rate of the sample stock, while the shareholder profitability has a significant negative correlation with the stock cumulative abnormal return rate. It shows that the introduction of relevant policies and regulations of our country can alleviate the market effect of financial restatement, and it also shows that the occurrence of financial restatement behavior will make the relevant stakeholders have doubts about the financial information of the company. Investors should focus on these factors when making decision. (2) in the model constructed by active sample, only the shareholder profitability has passed the significant test of 5%. It has a negative effect on the cumulative abnormal return rate of the sample stock, which indicates that investors should focus on shareholders' profitability index to make decisions for listed companies that take the initiative to restate their financial statements. Finally, recommendations are made to listed companies, investors and regulators on financial restatement. At the same time, the shortcomings of this study and the direction of further research are briefly explained.
【學(xué)位授予單位】：電子科技大學(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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本文編號(hào)：2316144