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论文编号：	3938
作者编号：	1120080710
上传时间：	2011/12/8 9:49:56
中文题目：	我国盈余重述的起因及其后果研究
英文题目：	Causes and Consequences of Earning Restatement in China
指导老师：	周晓苏
中文关键字：	财务重述，盈余重述，外部监管，财务报告稳健性，投资者保护
英文关键字：	financial restatement, earning restatement, external regulatory, conservatism of financial report, investor protection
中文摘要：	财务重述作为资本市场监管工作的重要方面之一，受到国内外学者和监管机构的高度关注。各国致力于制定和完善相关的准则和政策，旨在提高财务报告信息质量、保证资本市场的有效运行、保护投资者的合法权益。上证联合研究计划第十九期课题《上市公司会计信息披露质量研究——基于年报重述视角》（2008）首次对我国财务重述问题进行描述，并指出，相比美国，我国的财务重述行为更具有普遍性，但对其重视程度却不及美国，尚有很多问题值得探讨。本文考察财务重述中最重要的一种类型——盈余重述。由于盈余重述与上市公司的盈余质量密切相关，因此，受到监管机构和学者们的广泛关注。本文选取2004-2010年我国盈余重述公告为样本，采用理论分析和实证检验相结合的方法。首先，对国内外盈余重述的研究文献进行梳理和评述；然后，以经典的信息不对称与契约理论、经济后果观、信息披露与公司治理、以及投资者保护观为理论指导，结合我国重述制度的演变特征，对盈余重述的发生机制予以刻画，并提出本文后续的研究问题；最后，采用描述统计、事件研究、配对分析和多元回归分析对我国盈余重述的特征、起因及其后果这几方面展开探讨。本文的主要研究结果如下： 1．我国盈余重述的比重虽然不高，但重述现象在各行业各地区的上市公司中已普遍存在，2004-2010年间，盈余重述的比重约为6%。涉及对前期盈余进行向下追溯调整的负向重述和不确定重述占85%以上，且重述对最近一个会计差错年度净利润的调整幅度十分显著。成本费用计量、税费相关、收入确认是盈余重述涉及的三个最主要问题。相比美国，我国上市公司主动进行盈余重述的动力较小，仅占40%。我国盈余重述信息披露的及时性很差，约有64%的公司会有选择性地将重述公告与年报同步或相继披露。近年来，随着新准则的颁布和实施，我国盈余重述的披露形式正逐步趋于规范化。本文尝试对我国盈余重述行为展开全景式的描述，以期对深入了解盈余重述及其演变特征提供指导。 2．基于我国盈余重述发起方的特征，本文将重述样本划分为主动重述样本组和被动重述样本组，对其发起的原因进行理论分析和实证检验。研究结果显示，提前释放风险、公司治理水平的提升和管理层更换是公司主动发起重述的主要原因；外部监管部门的监督、检查和敦促是公司被迫发起盈余重述的原因。同时，研究还发现，因会计师事务所的外部审计而被迫发起重述的公司在重述之前大都发生了会计师事务所的更换。本文结合我国资本市场和上市公司的特征，首次从主动与被动重述的视角，实证检验了重述的起因问题，这是我国盈余重述有别于国外重述行为的重要方面，也为后续研究的开展奠定基础。 3．本文从盈余重述公告时的市场反应和公告前后对财务报告稳健性的影响两个方面，考察了盈余重述行为的后果问题。我国盈余重述公告时的负面市场反应十分显著。针对聚合重述，同时披露的年报利好消息或非利好消息会对市场反应产生显著的“抵减”或“加剧”效应；剔除年报消息影响的分离重述的市场反应显著，CAR约为-3%，其中，负向重述在重述公告前后CAR可达-2.80%，不确定重述的CAR为-3.78%。基于重述起因的研究表明，相比其他原因导致的主动重述，为提前释放风险而进行的主动重述，公告前后的负面市场反应更加显著，CAR约为-4%；因会计师事务所的外部审计而被迫发起的重述，市场反应也十分显著，约为-5%，而因其他外部监管机构的敦促而发起的被动重述，市场反应相对较小。同时，研究还发现，相对于被动重述，主动重述被认为是一种“说真话”的表现，导致的负面市场反应相对较小；追溯调整的幅度越大、盈利能力越差、财务风险越大、资产负债率越高的公司，重述发布时面临的负面市场反应越强烈。本文以盈余激进度和盈余平滑度作为财务报告稳健性的度量。研究发现，相对于非重述公司，重述公司在盈余重述行为发生前，财务报告缺乏稳健性。相对于盈余重述发生前，因公司内部治理水平的提升而主动重述的上市公司，在盈余重述之后提高了财务报告稳健性；因管理层更换而主动重述的上市公司，没有在盈余重述之后提高财务报告稳健性，甚至财务报告稳健性水平进一步降低了。因会计师事务所、证监会、财政部、审计署等外部监管机构监督和检查而被迫发生重述的上市公司，在重述后都提高了其财务报告稳健性；因税务机关的检查而被迫发起重述的公司，在重述之后，财务报告稳健性没有显著提高。公司治理水平的提升、外部监管的不断完善和加强，对约束重述公司后续的财务报告行为，以及促进财务报告质量的提升具有重要作用。
英文摘要：	As an important aspect of capital market regulation, financial restatement has attracted an intensive attention from domestic and foreign scholars and regulatory agencies. Meanwhile, many countries being committed to draw up and complete related guidelines and policies, in order to improve the quality of financial information, ensure the effective function of capital market and protect investors’ legitimate rights. In 2008, the nineteenth issue of Shanghai Stock Exchange’s research projects “Research of the Listed Companies’ Accounting Information Disclosure Quality- Based on Annual Report Restatement Perspective” elaborated China’s financial restatement for the first time. In addition, it also points out that financial restatement behaviors in China are much more widespread compared to U.S., however, financial restatement doesn’t bring enough attention in China and still many issues are deserved to be discussed further. In this dissertation, we focus on earning restatement - one of the most important restatement types, which has been highly concerned due to its close relationship to earning information disclosure and earning quality. We collecte a sample set of earning restatements from 2004 to 2010 in China and use theoretical and empirical tests methods. The dissertation is constituted of following parts: firstly, we sort and comment related financial restatement literatures. Then based on the classic theories of asymmetric information and contract theory, economic consequence view, information disclosure, corporate governance and investors’ protection opinion, we elaborate the mechanism of financial restatement under the institution background of China’s earning restatement, and propose some research questions addressed in later sections. In the end, we dissect the characteristics, cause and economic consequences of earning restatement with descriptive statistics methodology, event study, paired analysis and multiple regression analysis and make conclusion. Through the research and analysis, we draw the main conclusions as follows: 1. Restatement phenomenon has been existed in the listed companies from various industries and regions, although the proportion of earning restatement in China is not high, only 6 percent during the period of 2004-2010. Besides, negative restatement and uncertain restatement involved in adjusting the previous reported earnings numbers account for 85 percent of whole restatement samples. Moreover, the adjusted extent on net profit item of the most recent fiscal error year is significant. We also find that cost- or expense-related, tax-related and revenue recognition issues are three primary reasons for restatements. Compared to U.S., the motivation of active earning restatement is relatively small in China, which is only 40 percent in total. China’s earning restatements disclosure activities are poor of timeliness, and about 64 percent of the restated companies will disclose their restatement reports with the annual reports simultaneously or in succession. In recent years, disclosure appears of earning restatement has become more and more standard, because many new rules are published and implemented. Therefore, this dissertation gives a panoramic display of earning restatements in China which is thought to be essential for deep understanding of earning restatement behavior and its evolution characteristics. 2. We divide samples into two groups- active and passive restatements according to characteristics of Chinese earning restatements, and then carry out theoretical analysis and empirical test to figure out the motivation of restatements. The researches find that risk release, corporate governance enhance, management changes are the main causes for active restatements initiation. Supervision, inspection and compel of external regulatory are the key reasons for the passive restatements, meanwhile, most of studied companies who are forced to announce a restatement reports by external audit, experience a replacement of accounting firms after a restatement. Combination with characteristic of China’s capital market and listed corporate, this dissertation verifies the causes of restatements from the perspective of active and passive restatements for the first time. This is the major difference between the earning restatement behavior in U.S. and in China which also pave the way for future research. 3. This dissertation examines the problem of economic consequences of earning restatement based on two perspectives: market reaction of earning restatement announcement, the effect of earning restatement behavior on financial report conservatism between the pre- and post-restatement periods. Negative response of market for earning restatement announcement is notable in China. We are the first to propose aggregated restatement and separated restatement according to the time selection characteristic of China’s earning restatements. The results indicate that good news or bad news from annual report acts “offset effect” or “aggravated effect” on negative market reaction of restatement significantly. Separated restatement which has been excluded effect of annual report has a significant negative cumulative abnormal return (CAR), about -3 percent over a three-day announcement window; furthermore, negative CAR of negative restatement reaches 2.8 percent and uncertain restatement rises up to 3.78 percent. Active restatements initiated by risk release confronted with much more negative market reaction (-4 percent) compared to others. Whereas, restatements promoted by external auditors show more severe market penalty, CAR is -5 percent. Correspondingly, market reaction of restatement forced by other external parties is relatively small. Results address that compared to passive restatement, active restatement is regarded as a way of “honest expression” which has a relative lower negative abnormal returns. Meanwhile, the degree of market reaction is related to indications of adjustment degree, profit ability, financial risk and asset-debt ratio. In the dissertation, we use earning aggressiveness and earning smoothness as the measure of financial statement conservatism. Our study indicates that restatement companies’ financial reports are lack of conservatism compared to the non-restatement corporate before restatement happened. Active restatement firms who restate due to corporate governance enhance, will increase the financial conservatism after a restatement. Active restatement firms who restate due to management changes won’t appear to adopt a more conservative financial reporting after a restatement announcement, to some extent, the conservatism level is actually even lower. Passive restatement firms forced by external regulators, such as accounting companies, the China Securities Regulatory Commission (CSRC), Finance Department and State Auditing Administration, improve the conservatism of financial report; Passive restatement firms investigated by tax bureau, don’t raise its conservatism level. Enhancement of corporate governance, accomplishment and strengthening of external monitoring plays a positive role in the financial reporting behavior and the improvement of financial report quality.
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