财务重述、投资者保护与市场反应

发布时间：2018-05-03 15:41

本文选题：上市公司 + 财务重述　；参考：《南京财经大学》2011年硕士论文

【摘要】：资本市场本质上是一个信息市场,投资者根据上市公司披露的信息来进行投资决策。可见,上市公司披露的信息是投资者了解公司财务状况和经营成果,进而进行投资决策的最重要的信息来源之一。《证券法》、《公司法》、《股票发行与交易管理暂行条例》、《公开发行股票公司信息披露实施细则》和《公开发行证券的公司信息披露编报规则》等,均对上市公司的信息披露做出了规范,以保护投资者利益。但是近年来屡次出现上市公司对前期披露的财务信息进行修正并再次披露的现象,即“财务重述”。经笔者统计,我国上市公司年报的财务重述报告从1999年的21份增加到2009年的269份,其中还有多家上市公司曾在一年内发布了多次重述公告。这种现象的出现可能是由于上市公司为了达成某种目的(如配股、增发)而通过财务重述来调控利润,先公布盈余管理过的财务报告,在目的实现之后则进行财务重述。针对这种现象,本文以证券市场的财务重述现象为研究切入点,系统研究投资者保护制度对财务重述市场反应的影响,以期通过本研究对我国上市公司财务重述行为有一个更深入的认识。 “财务重述”是指上市公司主动或应监管部门的要求纠正前期财务报告的差错,并重新表述以前公布的财务报告的行为。从投资者保护角度出发,财务重述行为可以归结为投资者保护制度不完善的结果。本文结合上市公司所处地区的投资者保护程度,通过分析市场对不同上市公司财务重述行为的不同反应,进而探寻更为合理、有效的投资者保护制度,以维护证券市场秩序。本文采用规范研究与实证研究相结合的方法,在阐述选题背景和意义、研究思路和框架结构的基础上,综述了上市公司财务重述的市场反应和投资者保护相关的研究成果;在此基础上,对财务重述行为进行分类,进而提出我国上市公司进行财务重述的动机。在实证研究中,以财务重述的市场反应为研究对象,搜集了2007年到2009年我国沪深证券市场的479家上市公司及其配对样本,使用事件研究法进行实证研究。在多变量回归模型中,以累计超常收益为被解释变量,以上市公司是否发生财务重述及其所处地区的投资者保护程度为解释变量,系统研究投资者保护制度对财务重述市场反应的影响,得出以下结论:1上市公司的财务重述行为对资本市场有显著的负面影响,说明财务重述公告具有信息含量,投资者会关注重述公告进而调整投资决策。2与处于投资者保护程度较高的地区相比,位于投资者保护程度较低地区的上市公司发生财务重述时,将引起股票市场更为显著的负面反应。财务重述行为的屡屡出现是对我国证券业监管体系的质疑。证券市场信息披露尚不规范,无法有效保护投资者利益。本文研究价值在于引导投资者重视上市公司的重述公告、正确理解报告信息,更要提高对上市公司财务重述动机的识别能力;同时监管部门和CPA也应该积极关注上市公司所发生的财务重述现象,监督其提高财务报告披露质量,一旦出现需要追溯调整的会计差错,应进行合理披露而非利用会计差错更正进行盈余操纵。写作创新之处表现在:1在梳理前人研究成果的基础上,从财务重述发生时间的角度将财务重述分为年报披露前的财务重述和年报披露后的财务重述。2研究财务重述对股票市场影响的同时引入投资者保护变量,系统研究投资者保护制度对财务重述市场反应的影响。
[Abstract]:The capital market is essentially an information market. Investors make investment decisions according to the information disclosed by the listed companies. The information disclosed by the listed companies is one of the most important sources of information for investors to understand the financial situation and operating results of the company, and then to make investment decisions. < Securities Law > < Company Law >, < stock issuance and transaction >. The Interim Regulations of management, the rules for the implementation of the disclosure of the information disclosure of the public stock companies and the rules for the disclosure and reporting of the company's disclosure of the public securities have been standardized to protect the interests of the investors. However, in recent years, the listed companies have repeatedly corrected the financial information disclosed in the previous period and put it again. According to the author's statistics, the report of the annual report of China's listed companies has increased from 21 in 1999 to 269 in 2009, of which many listed companies have issued repeated restatement announcements in one year. This phenomenon may be due to the fact that the listed companies are in order to achieve a certain purpose (such as allotment, increase). To regulate the profit through the financial restatement, the financial restatement of the earnings management is published first, and the financial restatement is carried out after the purpose is realized. There is a deeper understanding of the financial restatement behavior of Listed Companies in China.
"Financial restatement" refers to the actions of the listed companies to rectify the mistakes of the previous financial reports and reformulate the previous financial reports. From the perspective of investor protection, the financial restatement can be attributed to the imperfect investor protection system. This article is based on the area of the listed company. The degree of investor protection, through the analysis of the different reactions to the financial restatement of different listed companies by the market, and then to explore a more reasonable and effective investor protection system, in order to maintain the order of the securities market.
This paper uses the method of combining normative research and empirical study. On the basis of explaining the background and significance of the topic, the research ideas and frame structure, this paper summarizes the research results related to the market reaction and investor protection of the financial restatement of the listed companies. On this basis, it classifies the financial restatement, and then puts forward the listed companies in China. In the empirical study, in the case of the market reaction of the financial restatement, 479 listed companies and their paired samples were collected from 2007 to 2009 in the Shanghai and Shenzhen securities market, and the case study method was used to carry out empirical research. In the multivariate regression model, the cumulative abnormal returns were interpreted as the variables. Whether the financial restatements of the city companies and the extent of investor protection in their areas are the explanatory variables, the influence of the investor protection system on the restatement of the market reaction is systematically studied. The following conclusions are drawn: 1 the financial restatement of the listed companies has a significant negative impact on the capital market, indicating that the financial restatement has information content, Investors will pay attention to restatement and further adjustment of investment decision.2, compared with areas with higher investor protection. The financial restatement of Listed Companies in lower investor protection areas will lead to a more significant negative reaction in the stock market.
The frequent appearance of the financial restatement is the question of the securities regulatory system in China. The information disclosure of the securities market is not yet standard and can not effectively protect the interests of the investors. The value of this paper is to guide the investors to pay attention to the restatement of the listed companies, to understand the report information correctly, and to improve the identification of the financial restatement motives of the listed companies. At the same time, the regulatory authorities and the CPA should also actively pay attention to the financial restatement of the listed companies, supervise the improvement of the disclosure quality of the financial reports, and should make reasonable disclosure rather than the correction of the accounting errors.
The creative points of writing are as follows: 1 on the basis of combing the achievements of previous research, the financial restatement is divided into financial restatement before the annual report and the financial restatement of the annual report from the perspective of the occurrence of the financial restatement..2 studies the influence of the financial restatement on the stock market and introduces the investor protection variable, and systematically studies the investor protection system. The influence of degree on the financial restatement of the market reaction.

【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275;F832.51;F224

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