我国家族上市公司财务重述与公司治理.doc

PAGE PAGE 31 我国家族上市公司财务重述与公司治理 摘要：财务重述制度作为上市公司特有的一种制度，意味着如果上市公司在已发布的财务报告中发现了错误，必须对错误进行修正性申明，让报告的使用者能够及时了解这一情况。财务重述通常会导致公司形象受损、公司信誉下降、招致证监会的调查以及巨额支出等不良后果，更有甚者会引起公司的倒闭破产。国内外众多学者研究表明上市公司财务重述的根源在于公司治理效率低下。针对财务重述与公司治理的相关性问题，本文基于国内外相关理论和文献，并结合我国家族上市公司的特殊背景，选取了2011-2013年全部A股家族上市公司为初始样本，通过构建多元回归模型，进行了深入的实证研究。研究发现，我国家族上市公司的股权集中度、董事长和总经理兼任情况与财务重述有显著相关性，独立董事数量因其对财务重述表现出两种不同的作用，两者相互交织、抵消，最终表现为无显著相关性，本文也就此给出了一些评价与建议。 关键词：家族上市公司财务重述公司治理 Financial Accounting Restatements and Corporate Governance of Chinese Family-Owned Listed Corporation Abstract: The financial restatement system is a unique system of listing Corporation. Listing Corporation is liable to the published financial report, so when errors exist in the published financial report, we must adopt some ways of correction to attract the attention of users of financial statements. Financial restatements will often lead to serious consequences, such as the harm to company's image, reducing the company’s reputation, and may lead to the SFC’s investigation and huge expenses, and the worst case may be leading to comprehensive bankruptcy of entire firm. Studies on the domestic and foreign financial restatement results show that low efficiency of corporate governance of listing Corporation is the root of the financial restatements. Aiming at the problem of relationship between financial restatements and corporate governance, this paper based on the theory and literature at home and abroad, and combined with the special background of our family listing Corporation; select the 2011-2013 in all A shares family listing Corporation as the initial sample, by constructing a multiple regression model, conducted in-depth empirical research. The results of the study found that, the family listing Corporation ownership concentration, the chairman and general manager are significantly correlated with financial restatement, the number of independent directors for the financial restatements has two different functions, showed no significant