摘要
如何防范化解系统性金融风险是决策高层和社会各界关注的重点。本文基于股价崩盘风险的视角,研究上市公司财务报告重述引起的负面消息及时释放对我国金融市场稳定的影响作用。以2008至2018年A股上市公司为样本,本文发现:上市公司在实施盈余降低型财务重述行为后,次年的股价崩盘风险将显著降低;机制检验表明,企业发生盈余降低型财务重述行为后,其信息透明度和慈善捐赠水平会显著提升,进而对股价崩盘风险产生抑制作用;进一步研究表明,盈余降低型财务重述缓解股价崩盘风险的影响作用在民营企业和市场化程度较高时更为明显。本文不仅拓展了财务重述和股价崩盘风险的有关文献,更揭示了上市公司财务报告重述制度对金融市场行稳致远的重要意义。
How to prevent systemic financial risks has been the focus of excecutive level and all sectors of society.Based on the risks of the stock price crash,this paper studies the impact of negative news restated in the financial reports of listed companies on the stability of Chinese financial market.Taking Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample of A-share listed companies,this paper finds that after listed companies’implementing earnings-reducing financial restatements,the stock price crash risk in the following year will be significantly reduced.The mechanism test shows that after a company’s earnings-reducing financial restatement behavior,its information transparency and charitable donation level will be significantly improved,which will inhibit the risk of stock price crash.Further research shows that the effect of reducing earnings-reducing financial restatement on mitigating the risk of stock price crash is more significant when private enterprises and the degree of marketization are high.This article not only expands the literature on financial restatement and the risk of stock price crash,but also reveals the importance of the financial restatement system to the capital market.
出处
《会计研究》
CSSCI
北大核心
2021年第11期31-43,共13页
Accounting Research
基金
国家自然科学基金重点项目(72132002)
国家自然科学基金重大项目(71790603)
国家自然科学基金面上项目(71972005)
国家社会科学基金重点项目(20AJY002)的资助
关键词
财务报告重述
财务重述类型
金融市场稳定
股价崩盘风险
Financial Restatement
Types of Financial Restatement
Financial Market Stability
Stock Price Crash Risk
作者简介
通讯作者:马新啸,maxx3@mail2.sysu.edu.cn。
