董事会特征、财务重述与公司价值——基于会计差错发生期的分析

Board Characteristics,Financial Restatement and Corporate Value:An Analysis Based on Occurrence of Accounting Errors

基于会计差错发生期,以2002年至2010年中国A股上市公司为研究样本,实证检验了董事会特征、财务重述与公司价值之间的关系。研究发现,董事会规模和董事会会议频率与公司发生财务重述的概率显著正相关,董事会独立性和董事会成员持股比例与公司发生财务重述的概率显著负相关,而且发生财务重述行为的公司价值显著低于无财务重述行为的公司价值。研究结果表明公司财务重述行为不仅受到董事会特征的影响,而且该行为具有严重的经济后果。

With the occurrence of accounting errors of listed companies in the China A-share stock market through 2002-2010 as the research object,we study the relationships between board characteristics,financial restatement and corporate value based the occurrence of accounting errors.We find that board size and frequency of board meetings show significantly positive correlations with the possibility of financial restatements,board independence and shareholding of board show significantly negative correlations with the possibility of financial restatements.These results indicate that board characteristics have great significant impacts on financial restatements.We also find that financial restatement samples have significantly lower corporate value than the matched samples,which indicates that the behavior of financial restatement has serious economic consequences.