上市公司财务重述与高管变更的研究

《上市公司财务重述与高管变更的研究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、ABSTRACTInrecentycars，theincidenceofnnancialrestatelllelltsandnnancialreportingf1．audhasi11creaseddralllatically．Theerosionin￡11equalitynf“na橱alrepomlgaseVidencedbyt11epr01．ferationof行11ancialrestatementshascauscdconcernamongacademics，practitionersandregulators．OneoftheparticuIarconc

2、ernsistheextenttowhich111anagers’actionscanbeadequatelymonitoredandwhetllertheinternalcontrolmechanismofthcsecompaniescanw01．kefFectiVclyaf、terrestatementsbychangingtopmanagerstoreestablishreputationoftheconlpany，protectinvestorsandimproVeeffectiVenessofcol‘pol‘ategoVernance．Tbaddres

3、sthisquestion，thispaperinVcstigatctherel)LItationaIpenaltiestomanagersofnrInsannouncingmaterialfinancialrestatelllcntsandf．actorsinlpactmanagementtu¨10Verinthesecol”panies．ThispapcrisdiVidedinto“Vechapters．ThenI’stchaptcrincIudesacomprehensiVecxplallationofthebackground，Ineaningandn‘

4、a111eworkofstLldyandanoVcrViewofthccontentsofLhepapeI．．1itcratLlrereViewoI、chapCcr2w11ichisthetheoreticalbasisofcnlpiricalresearchsonedoutthecxistingsLu(1yaboutnnanciaIrcstatcments，lnanagcnlenttui．110Verandpoliticalconnections．111theei

5、npiricalchapter3andchapter4，nncrcolllprehensiVea

6、naIysisona11nual“nancialreportsofandsampleseIection，wegetasalllpleofl47nrmsthatconductcdmaterialnnanciaIrestatelllentsduring2006—2009andl47controlnrmsthroLIghConlpany’sAnnualReportandthe(：SMARDatabase．BasedontheorcticaIanalysis，theeInpiricalanalysisisexpandedbyconstructingLIniVariate

7、statisticandLogitmodel．Finally，chapter5proposcspolicyrecommendationsandpossibledifectionsf．orfhrtherresearchbasedonasumlllaryofkeyconclusions．ThispaperproVcsthepredictionthatmaterial6nancjalrestatementsincreasethepossibilityofmanagementturnover．TheturnoverrateofCE0orchairmanoftheboar

8、dofrestating“rmsissigni行cantIyhigherthanthecorrcspondingrateofsize—andindustry—matchednrlnswithinoneyearbeforeandoneyearanertherestatement，twoycarsfollowingtherestatementaswellassixmonthsbeforcandsixmonthsancr1．estatelllcnt．ThesignmcalltdifkrellcesmtLIllloVcrpe嘣stevena{1ercontroIling

9、forothcrfact