基于融资视角的财务重述动因及后果研究
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摘要
上市公司财务报告作为上市公司对外披露信息的重要媒介,是投资者了解企业财务状况、经营成果的重要途径。高质量的会计信息是现代资本市场健康运转以及投资者获取利益的保障。近年来,我国上市公司频繁的以发布临时公告的形式对前已发布的财务公告进行补充更正,即进行财务重述。财务重述表明企业历史财务报告不真实或者不全面,是低质量的财务报告,通常会造成企业市场价值损失、资本成本上升、所在行业声誉下降等负面影响。当前我国虽然已经基本上建立了财务重述制度,但是与西方完善的制度体系相比仍有一定的差距,由此提出以下问题,中国企业的财务重述究竟是什么原因引发的?我国资本市场上投资者进行投资决策时会使用到财务重述信息吗?会根据财务重述信息调整其投资决策吗?财务重述公告发布对企业融资会产生影响吗?对于这些问题的回答可以使我们进一步深入理解财务重述产生的原因及带来的后果,但目前国内外相关研究并不多见,因此本文在中国制度背景下围绕上述问题进行研究。
文章在对相关文献进行梳理总结、对制度背景和发展现状进行分析的基础上,以2008-2010年发布财务重述临时公告的沪深主板A股公司为研究对象,将其与同交易所上市、同行业、类似规模的上市公司配对来进行实证研究。
实证研究第一部分研究了中国上市公司是否有基于融资需求动机的财务重述行为,间接选取股利支付率、股利支付率变动、经营活动现金净流量、生产性融资需求、外部融资需求、再融资指标作为企业具有融资需求的代理变量,将重述企业上述指标与配对企业进行配对样本的T检验,发现除生产性融资需求外,其他指标都有显著差异。再以是否发生财务重述为应变量,进行逻辑回归,发现股利支付率、股利支付率变动、经营活动现金净流量净额与财务重述显著负相关,而外部融资需求和再融资意向与财务重述显著正相关,从而得出结论,融资需求越大的上市企业越有可能发生财务重述。
实证第二部分基于融资变动视角研究了财务重述给企业带来的经济后果,首先对财务重述企业选取重述前及重述后取得借款发生的现金流入额,并对配对企业选取同期数据,配对比较发现,重述前重述企业与配对企业取得借款发生的现金流入额不存在显著差别,而重述后则有显著差别,这一配对比较初步说明了财务重述会给企业负债融资带来影响,其次本文首先以重述样本和配对样本进行了线性回归,结果表明财务重述与取得借款获得的现金流入量负相关。进一步以重述企业为样本,研究了重述延期、重述项目数、相对损益调整和绝对损益调整四项表明财务重述报告对历史财务报告修正程度的指标与取得借款发生的现金流入量的关系,得出重述项目数、重述相对金额与取得借款发生现金流量显著负相关的结论,该结论说明了企业发生财务重述后,债权人会根据财务重述信息调整对企业授信,导致企业债务筹资规模显著下降。
本文在实证研究之后进行了研究结果的讨论,指出了除了基于特定目的进行财务舞弊而产生财务重述之外,还有一部分企业是对客观原因造成的会计差错进行更正。因此,有必要对财务重述企业进行进一步区分。对于国家监管部门来说,针对不同类型的财务重述企业制定出不同的监管制度,投资者来说,针对不同类别的财务重述企业做出不同的响应。
最后本文提出研究的不足及后续的研究方向,希望在后续研究能进一步区分恶意财务重述与一般财务重述,并且区分财务重述对债务融资规模、债务融资来源结构、债务融资期限结构的影响进行进一步研究。图15幅,表26个,参考文献166篇
Accounting information is an important basis for the capital market investors to invest decision-making, and high quality of accounting information not only is the guarantee of the modern capital market operation healthy and security, but also is the security of the interests of investors.As an important way of disclosure information, the financial report of listed companies is an important way for investors to understand an enterprise's financial position and operating results. In recent years, there are more and more financial restatements, in a way of supplement or amendment, emerged in Chinese security market. The restatement of financial report showed the low quality and incredibility of former financial report, and caused serious economic result such as enterprise market value loss, cost of capital increase and the industry reputation negative decline. Although there has already set up financial restatements system in China, there are still large gaps when compared with Western countries; and China's capital market is being in transition and development stage. This paper puts forward some of the following questions:What is driving Chinese listed companies restate their financial report? Will Chinese investors use the financial restatement information when they make decisions? Will financial restatement announcement impact enterprises' financing?These answers can lead us to deeper understanding of causes and results of financial restatement,But nowadays domestic and international relevant research are seldom, so this paper research this themes under the background of China system.
This paper is made on the basis of generalizing relevant literature, analysis of development of system background and the current situation. The reseach work takes the2008-2010financial restatements reports of a share companies listed in Shanghai and Shenzhen Securities Exchange as study samples. And Give her matching samples.
The first part of the empirical research is about the relationship of financing demand and financial restatements.Selecting dividend payments ratio, dividend payment rate change, business activities net cash flow, generated productive financing demand and external financing demand, refinancing as proxy variable of enterprise financing needs.All data were analyzed by paired-sample T test. There's a marked difference between two groups variables in addition to the productive financing needs. Financial restatements as the explained variable and other variables as the explanatory variable, we set up the Logistic regression model and test three year's data of samples. The authors found that dividend payment rate, dividend payments rate reduced, business activities net cash flow and financial restatement generated significant negative correlation. And External financing demand, refinancing meaning and financial restatement are significant positive correlation. So come to the conclusion that the more financing is needed, the more probability of financial restatement.
The second part of the empirical research is based on the financing change perspective to research the financial restatement brings to the enterprise's economic consequences. In the period of before and after the restatement report announced, borrowing cash inflow amount of the financial restatement enterprise is selected, and the matching enterprise select the same period and the same data, Paired analysis was used to compare between groups.Founds contain that before restatement report announced, restatement enterprise and matching enterprise borrowing cash inflow amount have not significant difference. And after restatement report announcement, they have significant difference.The pairing comparison showed that the financial restatement will give enterprise debt financing effects.Secondly this paper has conducted the linear regression. The results show that the financial restatements have negative correlation with borrowing cash inflow amount.Further research use the sample of restatement enterprise, the relationship between The restatement delay, relative income adjustment, absolute income and borrowing cash inflow amount。Come to the conclusion that restatement relative adjustment and borrowing cash inflow amount are significantly negative related.The conclusion shows that the financial restatement will lead to the creditor to adjust enterprise credit, enterprise debt decline significantly.
The research results based on the empirical study are discussed. The paper point out that some of listed companies based on the specific purpose to financial fraud, Lead to later release financial restatement announcement. And some of the enterprises based on the objective reasons correct their financial report. Therefore, it is necessary to further distinguish between financial restatement enterprises。For countries, in view of the different types of financial restatement enterprise work out different supervision system, Investors, in view of the different types of financial restatement enterprise make different response.
Finally this paper also puts forward the insufficiency and the follow-up research direction, For instance distinguish malicious financial restatement and general financial restatement. Research the relationship between the scale of debt financing, debt financing source structure, debt financing term structure and the financial restatement for.
文章在对相关文献进行梳理总结、对制度背景和发展现状进行分析的基础上,以2008-2010年发布财务重述临时公告的沪深主板A股公司为研究对象,将其与同交易所上市、同行业、类似规模的上市公司配对来进行实证研究。
实证研究第一部分研究了中国上市公司是否有基于融资需求动机的财务重述行为,间接选取股利支付率、股利支付率变动、经营活动现金净流量、生产性融资需求、外部融资需求、再融资指标作为企业具有融资需求的代理变量,将重述企业上述指标与配对企业进行配对样本的T检验,发现除生产性融资需求外,其他指标都有显著差异。再以是否发生财务重述为应变量,进行逻辑回归,发现股利支付率、股利支付率变动、经营活动现金净流量净额与财务重述显著负相关,而外部融资需求和再融资意向与财务重述显著正相关,从而得出结论,融资需求越大的上市企业越有可能发生财务重述。
实证第二部分基于融资变动视角研究了财务重述给企业带来的经济后果,首先对财务重述企业选取重述前及重述后取得借款发生的现金流入额,并对配对企业选取同期数据,配对比较发现,重述前重述企业与配对企业取得借款发生的现金流入额不存在显著差别,而重述后则有显著差别,这一配对比较初步说明了财务重述会给企业负债融资带来影响,其次本文首先以重述样本和配对样本进行了线性回归,结果表明财务重述与取得借款获得的现金流入量负相关。进一步以重述企业为样本,研究了重述延期、重述项目数、相对损益调整和绝对损益调整四项表明财务重述报告对历史财务报告修正程度的指标与取得借款发生的现金流入量的关系,得出重述项目数、重述相对金额与取得借款发生现金流量显著负相关的结论,该结论说明了企业发生财务重述后,债权人会根据财务重述信息调整对企业授信,导致企业债务筹资规模显著下降。
本文在实证研究之后进行了研究结果的讨论,指出了除了基于特定目的进行财务舞弊而产生财务重述之外,还有一部分企业是对客观原因造成的会计差错进行更正。因此,有必要对财务重述企业进行进一步区分。对于国家监管部门来说,针对不同类型的财务重述企业制定出不同的监管制度,投资者来说,针对不同类别的财务重述企业做出不同的响应。
最后本文提出研究的不足及后续的研究方向,希望在后续研究能进一步区分恶意财务重述与一般财务重述,并且区分财务重述对债务融资规模、债务融资来源结构、债务融资期限结构的影响进行进一步研究。图15幅,表26个,参考文献166篇
Accounting information is an important basis for the capital market investors to invest decision-making, and high quality of accounting information not only is the guarantee of the modern capital market operation healthy and security, but also is the security of the interests of investors.As an important way of disclosure information, the financial report of listed companies is an important way for investors to understand an enterprise's financial position and operating results. In recent years, there are more and more financial restatements, in a way of supplement or amendment, emerged in Chinese security market. The restatement of financial report showed the low quality and incredibility of former financial report, and caused serious economic result such as enterprise market value loss, cost of capital increase and the industry reputation negative decline. Although there has already set up financial restatements system in China, there are still large gaps when compared with Western countries; and China's capital market is being in transition and development stage. This paper puts forward some of the following questions:What is driving Chinese listed companies restate their financial report? Will Chinese investors use the financial restatement information when they make decisions? Will financial restatement announcement impact enterprises' financing?These answers can lead us to deeper understanding of causes and results of financial restatement,But nowadays domestic and international relevant research are seldom, so this paper research this themes under the background of China system.
This paper is made on the basis of generalizing relevant literature, analysis of development of system background and the current situation. The reseach work takes the2008-2010financial restatements reports of a share companies listed in Shanghai and Shenzhen Securities Exchange as study samples. And Give her matching samples.
The first part of the empirical research is about the relationship of financing demand and financial restatements.Selecting dividend payments ratio, dividend payment rate change, business activities net cash flow, generated productive financing demand and external financing demand, refinancing as proxy variable of enterprise financing needs.All data were analyzed by paired-sample T test. There's a marked difference between two groups variables in addition to the productive financing needs. Financial restatements as the explained variable and other variables as the explanatory variable, we set up the Logistic regression model and test three year's data of samples. The authors found that dividend payment rate, dividend payments rate reduced, business activities net cash flow and financial restatement generated significant negative correlation. And External financing demand, refinancing meaning and financial restatement are significant positive correlation. So come to the conclusion that the more financing is needed, the more probability of financial restatement.
The second part of the empirical research is based on the financing change perspective to research the financial restatement brings to the enterprise's economic consequences. In the period of before and after the restatement report announced, borrowing cash inflow amount of the financial restatement enterprise is selected, and the matching enterprise select the same period and the same data, Paired analysis was used to compare between groups.Founds contain that before restatement report announced, restatement enterprise and matching enterprise borrowing cash inflow amount have not significant difference. And after restatement report announcement, they have significant difference.The pairing comparison showed that the financial restatement will give enterprise debt financing effects.Secondly this paper has conducted the linear regression. The results show that the financial restatements have negative correlation with borrowing cash inflow amount.Further research use the sample of restatement enterprise, the relationship between The restatement delay, relative income adjustment, absolute income and borrowing cash inflow amount。Come to the conclusion that restatement relative adjustment and borrowing cash inflow amount are significantly negative related.The conclusion shows that the financial restatement will lead to the creditor to adjust enterprise credit, enterprise debt decline significantly.
The research results based on the empirical study are discussed. The paper point out that some of listed companies based on the specific purpose to financial fraud, Lead to later release financial restatement announcement. And some of the enterprises based on the objective reasons correct their financial report. Therefore, it is necessary to further distinguish between financial restatement enterprises。For countries, in view of the different types of financial restatement enterprise work out different supervision system, Investors, in view of the different types of financial restatement enterprise make different response.
Finally this paper also puts forward the insufficiency and the follow-up research direction, For instance distinguish malicious financial restatement and general financial restatement. Research the relationship between the scale of debt financing, debt financing source structure, debt financing term structure and the financial restatement for.
引文
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