会计舞弊、控制权转移和股票风险变化

Accounting Fraud,Transfer of Control Right and Change of Stock Risk

本文旨在调查会计舞弊发生和揭露过程中舞弊公司股票风险的变化趋势。我们发现控制权转移影响了舞弊公司股票风险的变化。在没有发生控制权转移的情况下,舞弊公司股票风险从舞弊期到处罚期总体上呈长期上升趋势。我们还发现舞弊期的股票风险大小决定了其在处罚期的变化方向。

This article wants to investigate the change of risk of accounting fraud companies＇ stocks in the period of fraud and its disclosure. We find that transfer of control right affects the change of risk of accounting fraud company＇ s stocks. The risk of fraud companies＇ stocks overall appear ascending trend from fraud period to sanction period under the condition that control right does not change. We also find that the stock risk in fraud period determines the change direction in sanction period.