本文關(guān)鍵詞： 中國概念股 跨境上市 財務(wù)舞弊　出處：《廈門大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：截至2012年2月底,超過1/3在美上市的中國公司涉嫌財務(wù)舞弊,引發(fā)全球廣泛關(guān)注。在這起風(fēng)波中,不僅被起訴或被質(zhì)疑實施財務(wù)舞弊的公司股價大幅下跌,未被發(fā)現(xiàn)舞弊的公司股價也受到連累。針對此次事件,本文關(guān)注兩個問題：第一,是否有指標(biāo)可以幫助投資者和監(jiān)管機(jī)構(gòu)甄別實施財務(wù)舞弊的中國公司?第二,非舞弊公司是否能夠在危機(jī)發(fā)生后通過向市場發(fā)送信號以達(dá)到與舞弊公司區(qū)分開來的目的? 以262家在美上市的中國概念股為樣本,本文首先提供了一份關(guān)于中國概念股跨境上市財務(wù)舞弊影響因素的大樣本實證研究。本文考察的財務(wù)舞弊影響因素不僅包括前人已經(jīng)研究過的財務(wù)狀況、公司治理以及上市中介機(jī)構(gòu)聲譽(yù)等,還包括了前人研究尚未涉及的上市方式、母國總部所在地社會誠信水平以及CEO政治關(guān)聯(lián)。文章發(fā)現(xiàn),相比于通過IPO上市的公司,借殼上市公司更可能實施財務(wù)舞弊。不僅如此,財務(wù)舞弊行為發(fā)生的風(fēng)險在內(nèi)部治理水平差或聘請低聲譽(yù)審計機(jī)構(gòu)的借殼上市公司中進(jìn)一步增大。本文還發(fā)現(xiàn)中國總部所在地社會誠信水平較低或CEO有政治關(guān)聯(lián)的公司實施財務(wù)舞弊的可能性也更大。 其次,通過對中國概念股在舞弊丑聞爆發(fā)后的信號發(fā)送行為及其市場反應(yīng)進(jìn)行研究,本文還發(fā)現(xiàn)非財務(wù)舞弊公司在舞弊丑聞爆發(fā)后能夠通過實施內(nèi)部人增持、私有化交易以及提高股利支付水平等高成本信號策略成功區(qū)分于舞弊公司。 本文的研究不但深化拓展了跨境上市、財務(wù)舞弊和信號傳遞等領(lǐng)域的研究,還具有重要的實踐意義。投資者可以利用本文發(fā)現(xiàn)的指標(biāo)甄別中國公司質(zhì)量的好壞,降低投資風(fēng)險。監(jiān)管機(jī)構(gòu)也能夠利用這些指標(biāo)識別高舞弊風(fēng)險的公司,避免存在嚴(yán)重瑕疵的公司赴海外上市,重塑中國概念股的國際聲譽(yù)。同時,計劃赴海外上市的公司也能從本文的研究中受到啟發(fā),慎重選擇上市方式并優(yōu)先聘請高質(zhì)量的中介機(jī)構(gòu)。此外,本文關(guān)于信號發(fā)送策略的研究也為海外上市公司在遇到信任危機(jī)時如何自救提供了借鑒。
[Abstract]:At the end of February 2012, more than 1/3 listed in the U.S. China companies suspected of financial fraud, caused widespread concern in the world. In this storm, not only be prosecuted or questioned the implementation of the financial fraud company's share price fell sharply, undetected fraud shares also compromised. For this event, this paper focuses on two questions: first, whether the index can help investors and regulators to identify the implementation of the financial fraud Chinese company? Second, whether the non fraud companies in crisis by sending a signal to the market and to distinguish the purpose of fraud?
In 262 in the United States listed China stocks as samples, this paper provides a China stocks of cross-border listing financial fraud factors of a large sample of empirical research. This paper studies the influencing factors of financial fraud includes not only the predecessors have studied the financial situation, corporate governance and market intermediary's reputation, listing the way have not been involved in previous studies include social and political relevance of the integrity level of CEO home country headquarters. We found that, compared to the IPO listed companies backdoor listing companies are more likely to carry out financial fraud. Moreover, the risk of financial fraud in the internal governance level or employ a low reputation audit agency backdoor the listed company further increased. This study also found that the Chinese headquarters of social credit level is low or CEO politically related companies to implement financial fraud It's more likely.
Secondly, through the study of China stocks in signal transmission behavior and market fraud scandal after the outbreak of the reaction, this paper also found that non financial fraud companies through the implementation of insider holdings in the fraud scandal broke out, the privatization transaction and increase the level of dividend payment and other high cost signal strategies successfully distinguished from fraud.
This study will not only deepen the development of cross-border listing, financial fraud and signal transmission and other fields, but also have important practical significance. This paper found that investors can use the quality index of screening Chinese company will reduce investment risk. Regulators can also use these indicators to identify high risk of fraud, avoid serious defects the company listed overseas, Chinese stocks reshape international reputation. At the same time, plans for overseas listed companies can also be inspired from this study, carefully selected and listed intermediary institutions preferred to employ high quality. In addition, this paper studies on the signal transmission strategy for overseas listed companies in the face of a crisis of confidence to self reference.

【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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本文編號：1511359