控制权、媒介功用与市场治理效应:基于财务报告重述的实证研究

本文以财务报告重述为研究视角,实证检验了我国转轨市场环境下媒介功用改善对大股东控制权治理的效应。研究表明,财务报告重述导致市场风险与不确定性的增加,但与控制权的负相关性并不显著,彰显近年来控制权治理缺陷纠偏的动态成效初见。同时,控制权治理效应受媒介机制作用,在媒介功用发挥弱的市场环境下,控制权提升加剧了低质量会计信息引致的资源错配,体现为显著的负市场治理效应;而随着媒介环境改善和监督功用的增强,控制权治理效应得以修正,表明媒体对约束大股东行为起到积极的治理功能。此外,审计委员会、审计意见和重述及时性同样具有显著影响。本文结论为监管机构倡导和加强媒体在资本市场上的作用提供了初步证据支持。

Control Rights,Media,and Market Governance Effects:Perspective of Financial Report Restatements

Taking the perspective of financial report restatements,this paper examines the role of media in control rights governance.The results show that restatements increase the risks and uncertainties in capital market,which is insignificantly negative related to the degree of large shareholder control.It suggests that dynamics effect to correct the abuse of control rights is visible.The further research finds that market governance effect is significantly related to media coverage,that is,in the district with weak media function,increasing control rights aggravates the resources misallocation promoted by lower accounting quality while effect is in the opposite in strong media district,which suggests that the media plays an important role in corporate governance to regulate the abuse actions of large shareholders.In addition,this paper also finds that audit committee,audit quality,and timeliness of restatements have significant effects.The conclusion provides preliminary evidence for supporting regulator's argument of strengthening the role of media in transition capital market.