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论文编号：	1238
作者编号：	2120071927
上传时间：	2009/6/12 0:06:33
中文题目：	基于投资者保护的财务报表异常特
英文题目：	Research of Exceptional Charac
指导老师：	周晓苏
中文关键字：	财务报表异常特征;投资者保护;审
英文关键字：	exceptional characteristics of
中文摘要：	现代企业制度的两权分离使企业存在形式更加多元化，使企业的规模和发展空间的一再扩大成为可能，同时也促进了经营管理效率的极大改善。然而由此产生的委托代理和信息不对称问题及逆向选择和道德风险的存在，不仅影响了企业的可持续发展，也使得投资者、尤其是中小投资者要时刻承担利益受损的风险，由此也造成了管理者和所有者之间的矛盾局面。管理者显然占有关于企业经营管理的信息优势，因而投资者保护的问题一再被提上日程。国内外相关研究众多，但是多是从法律制度和契约安排的完善角度出发，研究如何从外部实施对投资者的保护，鲜有从提高投资者自身能力、从而使其进行自我保护的角度出发进行的研究，本文在此做了这方面的尝试。 本文回顾了国内外相关研究及理论后，遵循数据挖掘的思想，从九个行业2002至2005年的上市公司年报数据入手，试图通过资产负债表和利润表的结构比和年度变化指标离散化后与审计意见类型之间建立的关联规则所体现的经济实质，来归纳出被出具了非标准审计意见的财务报表数据所具有的特征——我们将其称为财务报表异常特征，以此来培养投资者鉴别和分析财务报表的能力，同时也提请投资者在使用同样具有此类异常特征但却未被出具非标准审计意见的上市公司年报时特别注意。 通过实证研究，我们在四个不同的行业发现了其各自所具有的比较鲜明的财务报表异常特征，也验证了其所体现的经济实质：C11纺织业体现出的是严重的虚构业绩，C75交通运输设备制造业体现出的是关联方占款比较严重，G81通信及相关设备制造业和C43化学原料及化学制品制造业体现出的是经营周转困难。同时我们也发现，具有上述财务报表异常特征的上市公司样本数被出具非标准审计意见的只占样本总数的35%，这足以让投资者在使用财务报表和审计报告时更加谨慎。 本文最后针对投资者的自我保护提出了一些建议，同时也讨论了本文研究的局限之处。
英文摘要：	Under the modern enterprise system, the right of management of an enterprise is separated from the right of ownership, which makes the existence form of enterprises more diversifying, makes the scale and development space of an enterprise to expand every now and then more possible, and at the same time, improves the efficiency of operation and management greatly. However, the separation of management from ownership also brings the principal-agent problem and information asymmetry, and then adverse selection and moral hazard follow next. The existence of these problems not only hinders the sustainable development of an enterprise, but also makes the investor, especially the small and medium-sized investor, take the risk of losing property from instant to instant. The contradiction between the owner and operator is intensifying as the result. Since the operator hold information dominance about the enterprise’ operation and management obviously, so the problem of investor protection is putting on the agenda again and again. There are numerous relevant studies at home and abroad already, the majority of which were carried out from the perspective of perfection of institution of law and contractual arrangement. The existing researches are most about protecting the investor externally. This thesis attempts to carry on the research from the perspective of enhancing the ability of investors so that they can protect them by themselves. After literature reviewing, this thesis takes annual reports of 2002 to 2005 year of listed companies from nine industries as research data, and first discretizes the indexes of structural ratio and rate of change between years of the items from balance sheet and income statement, then establishes association rules between them and types of audit opinion, to conclude characteristics of financial reports which have been issued non-standard audit opinion--these characteristics we call exceptional characteristics of the financial reports. We hope to cultivate the investors’ abilities to distinguish and analyze financial statements and audit opinion by this way. At the same time, we want to remind investors to pay more attention to these annual repots which have exceptional characteristics but hadn’t been issued non-standard audit opinion. From the empirical study, we find exceptional characteristics of financial statements in four different industries, and also explain the economic substances of these association rules. The exceptional characteristic of the financial reports in textile industry registers as seriously imaginary achievements; in transportation equipment manufacturing industry registers as affiliated party’s occupying funds discretionarily; in communication and relevant equipment manufacturing industry and chemical raw material and chemicals manufacturing industry both register as big difficulty in operating and turnover. We also find that only 35% of the samples which has the exceptional characteristics were issued non-standard audit opinion, which means that when using financial statements and audit reports, enough prudence must be paid. At the end of the thesis, in addition to making the conclusion, several suggestions about how the investors can protect them on their own are put forward, and limitations of this research are discussed.
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