财务报表重述、所有权性质与债务融资

Accounting Restatements, Ownership Property and Debt Financing,

本文以2001-2009年发生财务报表重述的上市公司作为研究样本，实证检验了财务报表重述对企业债务融资的影响，以及所有权性质对该影响产生的作用。与国外已有的研究结果不同，我们发现中国上市公司发生财务报表重述后，其债务融资水平与前期相比不会发生明显的变化，这说明债权人并不重视由财务报表重述带来的违约风险与信息风险。区分企业所有权性质的分组检验结果显示，财务报表重述后，民营企业的债务融资水平显著地下降，但不会影响国有企业债务融资，体现了银行等金融机构对不同所有权性质企业的差别对待。本文的研究成果为我国政策制定者进行合理的资源配置提供了经验证据和借鉴意义。

Using the firms that disclose accounting restatements during 2001--2009, this paper examines the effect of accounting restatements on corporate debt financing and the role of ownership property on this effect. In contrast to the existing evidence in western countries, we find that in China the listed firms＇ level of debt financing does not change significantly after accounting restatements, which indicates that creditors don＇t pay attention to the default risk and information risk raised by accounting restatements. After distinguishing the owner- ship property, we find that the debt financing of privately owned enterprises decreases signifi cantly after accounting restatements, but state-owned enterprises are not affected, indicating that financial institutions such as banks show a lending discrimination among firms with different ownership property. The results of this paper have important implications to regula- tors on better allocation of financial resources