舞弊治理：基于上市公司财务舞弊特征的分析

Corrupt governance:The Analysis based on the characteristics of financial fraud of listed companies

选取2003～2007年度5645家沪深两地上市公司为样本，首先对其中209家舞弊公司财务舞弊的影响因素做统计分析，明晰上市公司财务舞弊的特征；然后，根据舞弊公司不同特征进一步实证检验，得出大规模事务所的选择、股权集中度、公司规模与财务舞弊负相关，独立董事比例与财务舞弊成“U”型关系。但没有发现代表财务状况指标净资产收益率的显著性影响，究其原因，发现舞弊公司存在虚增利润以外的其他更多隐性盈余操纵手段。

This article selects samples of 5645 listed companies from 2003 to 2007 from the stock exchange of Shanghai and Shenzhen. First, a statistics analysis to 209 companies which had some financial scandals is made in order to disclose the influential factors to their fraud activities and clarify the features of listed company＇s financial fraud. Then an empirical research is made according to the special features. The results shows that the selected rate by the large-scale agency, the concentration degree of ownership and size of company are negatively related to financial fraud, while the proportion of independent directors in the company has a ＂U＂-type relationship with company fraud. However, return of equity which represents the financial condition has no significant relation, because the companies have many manipulation operations to latent surplus besides making fake profit.