企业财务重述在集团内部传染效应的实证研究

An Empirical Study on Contagion Effect of Financial Restatement in Group

企业财务重述代表财务报告的低质量与不可信,会给企业带来严重的经济后果,作为同一控制人控制下的集团内其他企业也会受到不良影响。以2003—2014年深沪两市A股主板上市集团公司为样本,比较财务重述公告前后集团内重述企业与重述关联企业的市场反应发现,财务报表重述在集团内存在负传染效应,并且,重述内容、重述滞后期、重述发起方以及重述企业聘请的审计事务所规模、集团公司的控制人性质和审计方式都会影响这种传染效应。

A financial restatement indicates low quality and afl＇eets the credibility of restating a company＇s financial statements. It brings not only serious economic consequences to the restating company, but also affects adversely companies in the group under same control. Using data of A listed firms from 2003 to 2014, we compare the market reaction of restating company and companies under same control before and after the restatement. We find that financial restatements in group companies has a negative contagion effect, and this effect will be influenced by the content of the restatement, the later period of the announcement, the auditor and the audit finn＇s scale, the control of the enterprise group and the way of audit.