企业间高管联结与财务重述行为扩散  

Inter-corporate Top Managers' Ties and the Diffusion of Financial Restatement

作　　者：陈仕华[1] 陈钢[1] 

机构地区：[1]东北财经大学工商管理学院,辽宁大连116025

出　　处：《经济管理》2013年第8期134-143,共10页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目"企业网络视角下的公司治理:基于连锁董事的研究"(71002093);国家社会科学基金青年项目"转轨经济背景下的媒体治理与投资者保护的理论与实证研究"(12CGL027);辽宁省教育厅"2012年辽宁省高等学校杰出青年学者成长计划"(WJQ2012022)

摘　　要：本文从企业间网络关系视角研究企业间高管联结对财务重述行为扩散的影响。基于2003～2010年深沪两市A股上市公司的企业间高管联结与财务重述数据，研究发现，财务重述行为可以通过高管联结关系在企业之间进行扩散，即如果联结企业（与目标企业通过企业间高管联结关系联结的企业）发生过财务重述行为，那么目标企业发生财务重述的可能性增大。在进一步考察公司治理机制在此扩散效应中作用时，本文发现，部分公司治理机制在财务重述行为的企业间扩散过程中起到“防火墙”作用，即如果目标企业公司治理机制越好（独立董事比例越高、董事长与总经理两职分离、机构投资者持股比例越高），那么，目标公司受联结公司财务重述行为“传染”的可能性越小。这些发现不仅为财务重述行为研究提供了新的理论分析视角，还为监管部门规范财务重述行为提供了有益启示。Although financial restatement may induce many negative effects, such as the drop of stock price, the rise of financing cost, executive turnover, and so on, more and more corporate conduct the behavior of financial re- statement. Why do so many corporate go in for the behavior？ The existing literatures expound the phenomena from three aspects： the corporate external level, corporate level and the top managers＇ level. The further two aspects view the corporate as the analysis unit, neglect top manager as the executor of financial restatement. Although the third aspect view the top manager as the analysis unit, this aspect view the top manager as self-interest rational man focus on economic-man property, or view the top managers as bounded rational man, focus on top managers＇ natural-man property. This aspect neglects the influences of top managers ＇ social-man property on financial restatement. Therefore, the paper explores the influence of inter-corporate top managers＇ ties on the diffusion of fi- nancial restatement from the perspectives of inter-corporate networks. The paper uses the data of A-share listed com- panies from 2003 to 2010 in China,and finds that： the behavior of financial restatement are diffused through inter- corporate top managers＇ ties, that is, the financial restatement behavior of tied corporate positively influence the probability financial restatement behavior of focal corporate. The paper further investigates the effects of corporate governance mechanism on the diffusion of financial restatements, and finds that： corporate governance mechanism play the defensive roles in the inter-corporate diffusion of financial restatement, that is, the higher the corporate gov- ernance quality （that is, the higher of the ratio of independent directorates; the separate of CEO and board chair; the higher of institution share） of focal corporate is, the lower the diffusion effects of the focal corporate financial re- statement behavior are. The findings above put forward to two theor

关 键 词：企业间高管联结 财务重述行为 企业间扩散 公司治理机制 实证研究 

分 类 号：F276.6[经济管理—企业管理]