上市公司财务报告补充更正问题研究

Financial Restatements of Listed Companies in China

近几年来,我国上市公司发布财务报告补充更正公告的现象已经相当普遍。本文通过对1999至2003年期间A股上市公司发布的所有定期财务报告(包括年报和半年报)的补充、更正公告进行实证分析发现,频繁补充说明的事项几乎涉及上市公司各个方面,反映了财务信息的披露仍然存在很多不规范和随意性；而频繁更正的事项中有一半以上都与利润相关,可见这一问题背后可能隐藏着部分上市公司利用财务补充更正公告粉饰财务信息的恶意行为。这些行为不仅有损上市公司信息披露的质量和规范,也反映了市场监管的漏洞。为此,本文最后提出了几点政策建议。

Financial restatements of listed companies in China have been flourishing in recent years in the forms of either appending or amending corporate financial statements. We examine a sample of over 1000 restatement announcements made from 1999 to 2003 by all the domestic listed companies. Our results show that the frequency of different appended items reveals the defects of information disclosure. Over a half of the amended accounting items in the restatements are related to earnings, which probably indicates an intentional earnings manipulation of some companies by restatements.