徐灿宇,王俊秋,闫珍丽.异质机构投资者、实地调研与公司财务重述行为[J].北京工商大学社科版,2023,38(2):52-63
异质机构投资者、实地调研与公司财务重述行为
Heterogeneous Institutional Investors, Site Visits and Financial Restatements of Firms
投稿时间:2022-05-11  
DOI:10.12085/j.issn.1009-6116.2023.02.005
中文关键词:  异质机构投资者  财务重述  实地调研  信息环境  内部控制
英文关键词:heterogeneous institutional investor  financial restatement  site visits  information environment  internal control
基金项目:中国博士后科学基金资助项目(2021M701194);中央高校基本科研业务费专项资金项目(JKN02222203);上海市哲学社会科学规划青年课题(2020EJB014)。
作者单位
徐灿宇 华东理工大学 商学院, 上海 200237 
王俊秋 华东理工大学 商学院, 上海 200237 
闫珍丽 上海对外经贸大学 会计学院, 上海 201620 
摘要点击次数: 197
全文下载次数: 267
中文摘要:
      上市公司真实、准确地履行财务信息披露责任,对于保护投资者权益、稳定资本市场具有重要意义。基于2013—2020年中国深圳证券交易所A股上市公司数据,考察了异质机构投资者对公司财务重述行为的影响。研究发现,同交易型机构投资者相比,稳定型机构投资者显著抑制了公司财务重述行为,实地调研则强化了上述抑制作用。机制分析表明,稳定型机构投资者通过改善公司信息环境、提高内部控制水平发挥抑制作用。进一步研究发现,稳定型机构投资者对技术问题型和非技术问题型财务重述行为、欺诈型和非欺诈型财务重述行为均有抑制作用,但实地调研仅强化了对非技术问题型和非欺诈型财务重述行为的抑制作用。因此,监管部门应积极引入稳定型机构投资者,完善投资者实地调研的相关制度,从而形成对上市公司会计信息质量的有效外部监督。
英文摘要:
      Listed companies fully fulfill the responsibility of financial information disclosure, which is of great significance for protecting investors' rights and stabilizing the capital market. Based on the data of A-share firms listed on Shenzhen Stock Exchange from 2013 to 2020, this paper empirically examines the effect of heterogeneous institutional investors on financial restatements. It is found that compared with transactional institutional investors, stable institutional investors significantly suppress financial restatements. The site visits of institutional investors strengthens the inhibitory effect of stable institutional investors on financial restatements. Mechanism analysis shows that stable institutional investors play an inhibitory role through improving the information environment and internal control of firms. Further research shows that stable institutional investors have inhibitory effects on the different types of financial restatements, but the site visits of institutional investors only strengthen the inhibitory effect on financial restatements not caused by technical issues and fraud. Therefore, the regulatory authorities should actively introduce stable institutional investors and improve relevant systems for investors' site visits, so as to form an effective external supervision for the accounting information quality of listed companies. 
查看全文  查看/发表评论  下载PDF阅读器
关闭