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论文编号：	2215
作者编号：	041905
上传时间：	2010/5/26 9:19:01
中文题目：	我国上市公司会计信息失真识别的实证研究
英文题目：	Distortion Of Accounting Information, Corporate Governance, Financial Analysis, Information Supervision
指导老师：	刘建
中文关键字：	会计信息失真 公司治理 财务分析 信息监管
英文关键字：	Distortion Of Accounting Information, Corporate Governance, Financial Analysis, Information Supervision
中文摘要：	一国或地区的综合国力的测评中，经济实力是最重要的一项指标，经济发展需要强大的企业群作为依托，作为企业活动主要舞台的资本市场的重要性自然不言而喻，而资本市场的有效性又依靠各种信息的充分共享，会计信息作为资本市场最基本也是最重要的数据，是各利益相关者决策的依据，是社会资源得以有效配置的基石。 上市公司作为资本市场的主体，其会计信息质量的高低直接影响到资本市场的发展。近几年出现的公司上市后业绩逐年下滑的趋势以及接二连三的财务欺诈事件扭曲了投资者对上市公司的认识，上市资格变成了公司圈钱的工具，资本市场则沦为投机者的乐园。这不仅损害了投资者的利益，也严重影响了我国资本市场的完善和经济的健康发展。因此，作为上市公司财务公告的外部信息使用者，我们要充分掌握上市公司会计信息失真的特征，能够有效识别失真的会计信息，进而为进一步的正确决策打好坚实的基础。 本文在对会计信息失真的概念进行分类界定的基础上，从公司治理和财务状况分析的角度，对上市公司会计信息失真的识别提出了7个假设，以此构造出上市公司会计信息失真的识别模型。 本文首先对会计信息失真的相关理论文献进行了回顾。然后，综合前人的研究结论，结合我国的国情和资本市场现状，对我国上市公司会计信息失真的识别，提出了7个假设，并结合这7个假设，选择了29个相关指标进行实证分析。接着，在实证分析结果的基础上，构造出上市公司会计信息失真的识别模型并进行回归分析。最后，提出了具体的会计信息失真治理对策。 通过研究，我们发现股权的适度集中，能在一定程度上产生利益趋同效应，使大股东与中小股东的利益趋于一致，有利于对上市公司实行更强的监督，从而减少会计信息失真发生的可能性。另外，我们发现虽然提供失真会计信息的公司通过操纵利润达到了与控制样本公司相似的盈利能力，但是信息失真公司的资产质量、与现金流量水平都明显差于配比公司，我们仍然可以从分析资产质量和现金流量入手，识别失真的会计信息。
英文摘要：	Economic performance is one of the most important indicators for performance evaluation of a country or an area. Economic development relies heavily on strong enterprises whilst capital market plays an important role in all business activities. The sufficiency of information sharing provides the efficiency of capital market. Therefore accounting information as the main information criteria for capital market satisfies requirements by all the relevant decision-makers and provides the basis for resource allocation efficiency. The quality of accounting information for public companies will affect the development of capital market directly, as these companies are the main body of capital market. The falls in company performances after going public and all the financial fraudulent incidents in recent years have changed investor perspectives for public companies. Companies start to use going public as a means of gaining profit and capital market turns out to be where speculators can make arbitrage profits. This not only undermines investors’ interest but also seriously affects the completeness of capital market and a healthy economic development in China. Therefore as the external users of financial statements of public companies, we must be familiar with the characteristics of accounting information distortion and be able to identify the distorted accounting information effectively in order to form a firm basis for correct decision making. Based on the classification for definitions of accounting information distortion, this article sets up seven hypotheses for public company accounting information distortion from the perspective of corporate governance and the analysis of financial condition, and hence set up a model for identifying distortions of public company accounting information. Firstly, this article reviews the relevant theories and literatures on distortion of accounting information. Secondly, according to previous research and findings combines the condition of capital market and the situation in China , seven hypotheses are set up to identify the distortion of accounting information in China. What is more, twenty-nine relevant indicators are chosen according to these seven hypotheses for empirical analysis. Thirdly, based on the results of empirical analysis, the model for identifying distortion of public company accounting information is set up and then run the regression analysis. Finally, suggests the policy implication of how to deal with distortion of accounting information. According to this research, we find out that concentration in shareholding will generate synergy to some extent. Mutualization the interests between the majority and minority shareholders will have the effect of stronger supervision to public companies and hence reduce the possibility of distortion of accounting information. In addition, companies with information distortion can achieve similar profitability with sample company through controlling earnings. However, the quality of asset and the level of cash flows of companies with distortion will be much worse than the sample company. Therefore we can still be able to identify the distortion through analyzing asset quality and cash flows.
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