上市公司财务重述行为动因分析

上市公司财务重述行为与管理层的盈余操纵动机紧密相关,意味着上市公司会计系统薄弱,并暗藏着可能发生的管理层及董事会的操纵利润行为。上市公司财务重述行为,从内部动因看,主要是高管薪酬契约引发的自利行为;从外部动因看,来自于资本市场的融资需求及监督部门对公司虚假信息陈述惩罚力度不够。只有从根本上准备把握上市公司财务重述行为产生的真正原因,才能更好地加强对上市公司财务重述行为的监管,防范上市公司操纵盈余,提高财务报告信息披露质量。

Behavior Motivation of Financial Restatement of Public-Listed Companies

The financial restatement behavior of public-listed companies correlates closely with a surplus manipulation motivation from the administrator layer,implying weak accounting systems of the public companies and potential profit control from the management layer and the board of directors.The internal motivation of the financial restatement is a self-interest behavior induced by executive compensation contract;the external motivation comes from the financing demand of capital market and weak punishment for false information statement from the supervision departments.Only by making clear the real reasons of the financial restatement behavior of public enterprises,the supervision of this behavior could be strengthened to prevent public companies from surplus maneuver and to improve the information disclosure quality of financial reports.