行为金融视角下投资者情绪对财务重述行为的影响

The Effect of Investor's Sentiment on Financial Restatement: From the Perspective of Behavioral Finance

基于行为金融理论,以2008～2016年我国A股上市公司为样本,实证检验了投资者情绪对财务重述行为的影响。研究发现:投资者情绪与公司财务重述行为正相关,即投资者情绪越高涨,财务重述行为发生的概率也越高。在进一步的分样本检验中发现,投资者情绪与上市公司财务重述行为的正相关关系只在如下子样本中显著:非国有的、第一大股东持股比例较低的、董事长未兼任总经理的、机构投资者持股比例较低的和由非十大会计师事务所审计的公司。研究结论对于理解投资者情绪与公司财务行为之间的关系提供了新的经验证据,同时也为监管部门更好地发挥其监督作用提供了一定的参考。

Based on the data of China's A share listed companies from 2008 to 2016, this article investigates the effect of investor's sentiment on the financial restatement from the perspective of behavioral finance. The result shows that investor's sentiment increases the probability of financial restatements. In the further sub-sample tests, we find that the positive correlation between investor's sentiment and financial restatement behavior of listed companies is more pronounced in the following subsamples: non-state-owned enterprises, lower shareholding ratio of the largest shareholder, the companies that chairman of the board of directors do not serve as CEO, lower proportion of institutional investors, and companies audited by non-big 10 audit firms. The results of this article provide us new evidence on the relation between investor's sentiment and financial restatement, as well as providing practical implications for the regulatory authorities.