基于行为金融理论的上市公司财务重述研究

发布时间：2018-03-08 17:31

本文选题：财务重述　切入点：非理性　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：财务重述是公司对外的一种财务行为，它是公司在发现并纠正前期财务报告差错时，重新向外部使用者表述公司当期或者以前期间财务报表的现象。这种事后对前期报表的补救行为，会直接引发投资者质疑公司已经发布的财务信息的真实性，加剧会计信息的不对称程度。又由于外部信息风险的增加，公司资本成本会显著上升，最终导致公司融资困难，管理层离职和企业价值大幅度下降，而此时外部投资者也会对公司失去信心并引发个人或集体诉讼。面对如此严重的经济后果，各上市公司却频繁发布财务报告的更正和补充公告。这种不顾后果的做法引起我们的思考，众所周知，财务报表在不同时刻更正本身就违反了会计准则中关于会计信息披露的准确性和及时性的要求，它背后隐藏的经济利益是不同上市公司管理层孤注一掷的根本动因。在应该公布信息的时点和实际公布信息时点的这一时间段中，上市公司通过对财务报表的重新表述，，实现以较低成本融资和盈余管理的目的。但是，值得注意的是，作为证券市场中的一种现象，财务重述并不是公司一方的行为结果，我们可以认为是公司管理层和外部投资者这两方的非理性行为共同促使了这一现象的出现。针对这一现象，本文试图从行为金融学中非理性人对融资需求的影响角度出发，分析上市公司发生财务重述的动因。本文通过我国深圳证券市场2011年到2013年发布年度财务报表更正补充公告的467家上市公司，其中2011年117家，2012年146家，2013年204家上市公司，实证统计了各上市公司发布年度财务报表更正和补充公告的时间、内容和公告前后股价的变化，分析了财务重述的融资需求动因。运用行为金融理论中管理者和投资者非理性的框架研究上市公司财务重述的融资需求动因。得出以下结论：财务重述可以认为是内部管理者和外部投资者在资本市场上的博弈结果。在外部投资者和管理者均为理性的假设下，由于财务信息的非对称性和公司融资成本的因素，上市公司通过财务重述实现股权融资；投资者理性和管理者非理性，或者投资者非理性和管理者理性这两种情况，公司通过财务重述最终都会实现外部股权融资。最后，在投资者和管理者均为非理性时，双方决策会偏离真实的会计信息，使得股票价值与股票价格不符，产生融资需求。在非理性的行为下促成的融资需求，就会迫使上市公司对以前已经对外公布的财务报告重新表述。并在此研究基础上，为规范外部投资者和管理者理性投资、缩小管理者和投资者持有的公司会计信息的不对称性差距和防止非正规的财务重述行为频繁发生提供相应的建议。
[Abstract]:The financial restatement is a kind of financial behavior of foreign companies, it is the company to find and correct the previous financial reporting errors, expressed the company's current or previous period of financial statements for external users. This phenomenon again later on the early reports of remedial actions, will directly cause investors questioned the authenticity of the company has released financial information asymmetry. Increased the degree of accounting information. Because of increasing the external information risk, the company cost of capital will be increased significantly, resulting in difficulties in financing, management turnover and corporate value decline, while external investors will lose confidence in the company and lead to individual or collective action. In the face of such a serious economic consequences of the listed companies but frequent release of financial reports of corrections and supplementary announcement. Such reckless practices cause us to think, as everyone knows, the financial report Table at different times to correct itself is a violation of the accuracy and timeliness of accounting information disclosure of the accounting standards requirements, it is hidden behind the economic interests is the fundamental reason for the different management of Listed Companies in the information should be released. Throw the helve after the hatchet point and the actual information released at this time, the listed company through the re expression the financial statements of the implementation, in order to lower the cost of financing and earnings management. However, it is worth noting that, as a phenomenon in the securities market, financial restatement company is not the behavior of the party, we can think of is the two party the irrational behavior of corporate managers and investors together make it the emergence of this phenomenon. In view of this phenomenon, this paper attempts from the behavioral finance non impact on financing demand point of rational people, analysis of financial re listed companies The motivation of the description.
467 listed companies in 2011 by China's Shenzhen stock market to the 2013 release of the annual financial statements to correct the supplementary notice, which in 2011 117, 2012 146, 2013 204 listed companies, the empirical statistics of all listed companies publish annual financial statements to correct and supplement the announcement time, the content and the price change before and after the announcement, analysis the financing needs of the cause of financial restatements. Financing demand management by using the theory of behavioral finance theory and financial restatement investors non rational research framework of listed companies. Draw the following conclusions: the financial restatement can be considered internal managers and outside investors in the capital market. The game results in external investors and managers are rational under the assumption that the factors of financial information asymmetry and the financing cost of listed companies to achieve equity financing through financial restatements; investment Rational investors and irrational managers or investors, the two kinds of rational and non rational managers, the company through the financial restatement will eventually realize the external equity financing. Finally, all non rational investors and managers in decision-making, both sides will deviate from the real accounting information, the stock value and stock price discrepancies and have financing demand. Resulted in a non rational behavior under the financing needs of listed companies will be forced to previously published financial reports restatement. And on the basis of this research, in order to regulate the external investors and managers of rational investment, narrow the gap between the company's accounting information asymmetry of managers and investors and prevent non the frequent occurrence of formal financial restatements provide corresponding suggestions.

【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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