盈余管理和财务重述的实证研究

An Empirical Study of Surplus Management and Financial Restatement

资本市场是信息的集中地,是能发挥信息最大价值的场所,因此投资者和其他信息使用者从资本市场获取信息,为重要的投资决策提供参考和依据,而信息披露质量的高低对投资者的判断起关键性作用。近些年来,发生财务重述的上市公司数量和比例大幅上升,上市公司将财务重述变成盈余管理的一种特殊手段已然成为事实。本文对这二者的关系进行研究。本文选取沪深两市A股主板市场2017-2019年发生财务重述的上市公司数据进行实证分析,将财务重述作为被解释变量,盈余管理作为解释变量,并以扩展的Jones模型衡量盈余管理水平,引入上市公司不同维度的财务指标以及所选取样本的行业和年度作为控制变量,构建了回归模型,实证检验了盈余管理水平对财务重述发生可能性的影响实证分析结果显示,盈余管理与财务重述之间存在显著的正相关关系,盈余管理水平越高,财务重述发生的可能性越高。综上,本文针对研究结果提出了政策建议。

The capital market is the concentration of information and the place where the greatest value of information can be exerted,so investors and other information users obtain information from the capital market to provide reference and basis for important investment decisions,and the quality of information disclosure plays a key role in investors'judgment.In recent years,the number and proportion of listed companies that have undergone financial restatements have risen sharply,and it has become a fact that listed companies have turned financial restatements into a special means of surplus management.This article examines the relationship between the two.This paper selects the data of listed companies that have undergone financial restatements in the A-share main board markets of Shanghai and Shenzhen from 2017 to 2019 for empirical analysis,takes financial restatement as the explanatory variable,surplus management as the explanatory variable,measures the level of surplus management by extending the Jones model,introduces the financial indicators of different dimensions of the listed company and the industry and year of the selected sample as the control variables,constructs a regression model,and empirically tests the impact of the surplus management level on the possibility of financial restatement.The empirical analysis results showed that there was a significant positive correlation between surplus management and financial restatement,and the higher the level of surplus management,the higher the likelihood that financial restatement would occur.In summary,this paper puts forward policy recommendations for the research results.