上市公司财务舞弊识别实证研究

An Empirical Study on Financial Fraud Identification of Listed Companies

基于舞弊三角理论并通过选择2014-2018年被证监会公开处罚的沪深 A股非金融行业上市公司作为观察样本,探究压力特征和机会特征与财务舞弊的关系后发现:营业利润率、净利润增长率、流动资产比率、监事会会议次数及审计类型等与财务舞弊显著相关,且股权集中度和监事会规模与财务舞弊呈现二次关系且显示"U"型;监事会会议次数和独董比例与财务舞弊具有负相关性;上市公司在舞弊前两年被出过非标准审计意见类型的会增加舞弊发生的概率;但验证结果没有察觉董事兼任经理现象与财务舞弊有关联。

Based on the fraud triangle theory,this paper selects A-share non-financial industry listed companies in Shanghai and Shenzhen,which were publicly punished by the CSRC in 2014-2018,as an observation sample,explores the relationship between pressure characteristics and opportunity characteristics and financial fraud.The results run as the following:financial fraud is significantly related to the following factors:operating profit rate,net profit growth rate,current asset ratio,the number of meetings of the board of supervisors and audit type,and the ownership concentration and the size of the board of supervisors have a secondary relationship with financial fraud and show a “U” type;financial fraud has a negative correlation with the meetings number of board of supervisors and the proportion of independent directors;the listed companies who have been given non-standard audit opinions in the first two years of fraud will increase the probability of fraud;however,there is no verification that financial fraud is related to the phenomenon that directors concurrently serve as managers.