财务重述后企业的信任修复行为研究

财务重述有悖于信息使用者的积极预期,降低对重述企业的信任信念,信任违背发生后,企业可能通过管理归因过程实现一定程度的信任修复。文章从行为方式角度来研究目前我国上市企业财务重述后的信任修复策略。首先统计分析2012-2015年沪深两市A股企业的财务重述现状,然后从管理层变更、董事变更、变更会计师事务所以及公布利好信息等行为方式角度分析企业的信任修复现状和归因特征。检验结果显示：财务重述后企业管理层变更、董事变更、公布利好信息这三个信任修复行为的数量和频率显著大于财务重述以前,而会计师事务所变更的数量和频率没有显著差异;并且对照组的上述四种行为的数量均没有显著差异。结果表明目前中国上市企业财务重述后会通过管理内部归因来积极修复重述行为对投资者的信任损害,而不是将信任违背行为消极地外部归因于会计师事务所,从而向资本市场传递了能力型信任违背的信号。

Research on trust repair behavior of firms after financial restatement

Financial restatement runs counter to the positive expectations of information users and reduces their trusting beliefs in the firms. When trust violation occurs, firms may adopt multiple strategies to restore trust both in speech and in behavior. This paper studies the trust repair strategy of listed companies after financial restatement from the perspective of behavior. Firstly, the status quo of financial restatement of A-share companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2015 is analyzed. Then, the status quo and attribution characteristics of trust restoration of enterprises are analyzed from the perspectives of management change, directors'' change, accounting firm change and good news announcement. The result of the paired test shows that:after the financial restatement, the quantity and frequency of the three kinds of trust repair behavior, including the change of the management, the change of the directors and the publication of the good information, were significantly greater than before the financial restatement, and the quantity and frequency of the change in accounting firms did not differ significantly; while for the control group, the result of the test of the above-mentioned four kinds of behavior was not significantly different. The results show that, after the financial restatement, the listed companies will take various actions based on internal reasons to actively repair the trust damage suffered by the restatement behavior instead of attributing the trust violation behavior to the accounting firm''s fault.