基于融资需求的财务重述研究——来自中国资本市场2009-2010年的证据

A Study of Financial Restatements Based on Financing Demands——Evidences from China's Capital Markets from 2009 to 2010

本文以2009-2010年间曾经发生财务重述的A股上市公司及其配对样本为研究对象,采用逻辑回归法研究企业融资需求与财务重述的关系。研究发现,上市公司某年度资金需求越大,下一年度发生财务重述的可能性越大;企业外部融资需求越大,发生财务重述的可能性越大;有再融资意向的企业比没有再融资意向的企业发生财务重述的可能性要大。上述研究结果和欧美国家的情况类似,表明我国上市公司存在基于融资需求的财务报表粉饰行为。

Based on the samples of A-share listed companies that had restated from the year 2009 to 2010, this paper studies the relationship between financing demands and financial restatements by manipulating screened counterparts by means of logistic regression. The research found out that the higher fund demands of listed companies in a certain year result in more probabilities of financial restatements in the following year; and enterprises with greater external financing demands or having refinancing propensities are more likely to restate the financial reports than those without such options. These findings somewhat resemble those in Euro-American countries, which suggests that there exist similar false practices regarding financial restatements based on financing demands in the listed companies of China.