企业财务重述、供应链关系与商业信用融资

Corporate financial restatement,supply chain relationship,and trade credit financing

以我国证券市场2005至2017年A股上市公司为样本,本研究对企业财务重述与商业信用融资之间的关系进行实证检验,从供应链关系视角区分了企业商业信用融资的类型,并考察了审计师类型、内部控制等公司治理机制对上述关系的潜在影响。研究发现:企业财务重述对商业信用融资变化(方向和大小)具有负面影响,并且这一关系在舞弊类财务重述企业中更加明显;相比于供应链中的下游企业,上游企业对企业财务重述带来的商业信用融资负面影响更加敏感;相比于审计师类型信号,企业内部控制质量信号更能够缓解财务重述与商业信用融资变化之间的负相关关系,且这一调节效应对上游企业的信用政策更加明显。研究结果表明,财务重述不利于供应链中企业间信任关系的构建,对企业商业信用融资产生负面影响,但内部控制质量信号能够有效地缓解上述负面效应,企业市场地位以及供应商采购额是企业财务重述影响商业信用融资的两个潜在作用渠道。本研究丰富和拓展了企业会计信息披露的信号机制与融资行为关系的相关文献,有助于我们加深理解企业财务重述的融资经济后果。

Although existing studies on the economic consequences of financial restatement tend to be relatively in-depth,most such studies focus on the impact of financial restatement on formal financing channels,such as the impact of restatement behaviors on financing costs or the pricing of bank loans.How corporate financial restatement affects the informal financing channel of trade credit financing is not well known;however,the existing literature ignores the potential impacts of different types of financial restatement and the supply of trade credit financing for downstream companies(customers)in supply chain relationships.While trade credit functions as typical relationship financing,upstream firms(suppliers)and downstream firms(customers),as the supply and demand sides of trade credit,respectively,are important corporate stakeholders,and they are bound to pay close attention to the quality of financial reporting.This study mainly aims to answer the following questions:(1)Does the corporate financial restatement of a firm affect the changes(direction and size)in its trade credit financing?(2)Does this impact depend on a firm′s position in other supply chain relationships?(3)How can internal and external governance mechanisms such as external auditing and internal control affect the abovementioned relationships?(4)What are the channel mechanisms of the relationship between financial restatement and corporate trade credit financing?Based on information disclosure theory and signal theory,this paper examines how different types of corporate financial restatement affect changes(direction and size)in trade credit financing by distinguishing between different types of corporate trade credit financing from the perspective of supply chain relationships.Moreover,the potential impacts of certain corporate governance mechanisms,such as external auditing and internal control,on the above relationship are also investigated.Finally,the potential channel mechanisms of the relationship between financial restatement and trade credit financing are identified.This paper employs A-share listed firms in China from 2005 to 2017 as research samples and uses the STATA program to analyze the obtained empirical results and identified moderating effects.The results show that corporate financial restatement has a negative impact on changes(direction and size)in trade credit financing,and this relationship is more pronounced among firms exhibiting fraud-related financial restatement;furthermore,compared with the downstream firms in a supply chain relationship,upstream firms are more sensitive to the negative impact of corporate financial restatement on trade credit financing.Additionally,in contrast to external auditing,the more effectively corporate internal controls are implemented,the more likely it is that the negative correlation between financial restatement and trade credit financing will be attenuated,and this moderating effect is more pronounced for upstream companies.The results suggest that financial restatement is not conducive to the construction of trust relationships among the firms in a supply chain and thus that this factor has a negative impact on trade credit financing;however,the results also show that the signal of internal control can effectively alleviate the above negative effects.The results also indicate that firms′market positions and the purchases of major suppliers are two potential factors that affect the relationship between corporate financial restatement and trade credit financing.The theoretical and practical implications of this study are as follows.First,this paper expands upon the earlier dual perspective on the supplier/customer relationship in the context of trade credit and examines the potential impact of the interactions between financial restatement and internal and external corporate governance mechanisms on corporate trade credit in the supply chain relationship,which has practical guiding significance for trust reconstruction in supply chain relationships and for the adjustment of corporate trade credit financing decisions.Second,this paper examines the impact of fraud financial restatement and non-fraud financial restatement on corporate trade credit financing,and the results imply that regulatory authorities should strengthen their disclosure requirements regarding the details of corporate financial restatement,clearly defining the scope of different types of financial restatement,and then establish a creditor′s rights protection mechanism based on reputation mechanisms,which have positive significance in relation to improving the financing channels of listed firms in China.Third,from the perspective of corporate internal control,this paper finds that effective corporate internal controls can help attenuate the negative relationship between corporate financial restatement and financing constraints.Therefore,regulatory agencies and companies should strengthen the designs of their internal control systems and increase their effectiveness in relation to operation and maintenance.Finally,through channel tests,this study also finds that corporate financial restatement can weaken a firm′s corporate market position and bring transaction risks to major corporate suppliers.Hence,this study provides empirical evidence to support regulatory authorities in designing policies regarding information disclosure in relation to supply chain relationships.