管理层持股、领导权结构与财务重述

本文以我国2005-2009年间A股市场补充与更正报告中出现"会计差错更正"项目的公司为研究对象,以是否发生财务重述为因变量,采用配对样本分析的Logit回归方法研究了管理层持股、领导权结构与财务重述之间的关系。本研究发现,管理层持股比例与财务重述之间存在显著的U型关系,领导权结构对财务重述没有显著影响,然而管理层持股的利益协同效应(堑壕效应)在两职分离(两职合一)的公司中更容易得到发挥。本研究发展了财务重述、管理层持股以及领导权结构的研究内容,为完善公司治理机制、防范会计错报提供了相应的思路。

Management Shareholding, Leadership Structure and Financial Restatement

Based on items of accounting errors correction from supplement and correction statement in Chinese listed firms in A share market between 2005-2009,analyzing 219 firm-year observations from 178 restating firms and 219 firm-year observations from 178 non-restating firms,this research empirically investigates the relationship between management shareholding,leadership structure and financial restatement systematically by Logit regression with matched sample analysis method,taking financial restatement occurs or not as dependent variable.The finding suggests that there is a U shaped relationship between management shareholding and financial restatement,that is to say,the incidence of financial restatement decreases with management shareholding at first,then increases with management shareholding.This finding is consistent with the notion that management shareholding can play the alignment effect,to reduce the incidence of financial restatement when management shareholding is lower;and that management shareholding can play the entrenchment effect,to increase the incidence of financial restatement when management shareholding is higher.Besides,we document that leadership structure itself has no significant effect on the incidence of financial restatement.However,the alignment of management shareholding is much more apparent in CEO-chair role split firms,the entrenchment of management shareholding is much more apparent in CEO-chair role combined firms,indicating that leadership structure can mediate the effect of management shareholding on the incidence of financial restatement.This research contributes to the growing literature that provides evidence on the linkage between corporate governance mechanisms and the quality of financial reporting,providing suggestions for enhancing corporate governance and preventing accounting misstatements.More specifically,it extends the literature on the relationship between management shareholding,leadership structure and financial restatement.Further,this paper adds to the financial reporting quality literature by showing that the alignment or entrenchment of management shareholding hinges on leadership structure to some extent from the perspective of financial restatement.