公司欺诈问题研究进展  

The Progress of Research on Corporate Fraud

作　　者：王爱萍 马奔[2] 胡海峰[2] WANG Aiping;MA Ben;HU Haifeng(Beijing Technology and Business University, Beijing, China;Beijing Normal University, Beijing, China)

机构地区：[1]北京工商大学经济学院,邮政编码100048 [2]北京师范大学经济与工商管理学院,邮政编码100875

出　　处：《经济学动态》2019年第2期115-132,共18页Economic Perspectives

基　　金：国家社会科学基金重点项目"推进我国资本市场的改革;规范和发展研究"(14AZD035)

摘　　要：公司欺诈已经成为各国资本市场的一种普遍现象,是学术界重点关注的热门话题之一。本文从公司欺诈的动机、影响因素、识别、揭露、后果等方面对代表性文献进行综述。理论与实证研究表明:管理层绩效薪酬契约是导致公司欺诈发生的主要诱导因素,但具体作用机制尚需探索,尤其是需要关注公司高管的个人特征、经历以及过度自信等非理性心理。公司治理机制、公司文化、社会关系、经济周期、监管环境都是影响公司欺诈的重要因素;员工内部举报和媒体报道是揭露欺诈行为的主要机制;公司欺诈对公司价值、股东财富以及整个社会都会造成巨大的危害;估计公司欺诈的严重程度和社会成本面临数据和方法等诸多困难。据此,本文认为未来研究要重点关注公司高管的心理因素、外部不确定性、文化等对公司欺诈行为的影响,并深入探讨公司欺诈的国家间异同。Corporate fraud, a common phenomenon in the capital markets of various countries, has been one of the hot topics of academic concern. This paper reviews the existing literature from the perspectives of motives, determinants, identification, disclosure and consequences of corporate fraud. Firstly, theoretical and empirical studies show that performance-based compensation contracts are the main driving force. However, the specific mechanism remains unknown and more analysis should be conducted on personal characteristics, experiences, and irrational psychological factors such as overconfidence of corporate executives. Secondly, corporate governance mechanisms, corporate culture, social relationships of corporate executives, economic cycles and regulatory environments are important determinants of corporate fraud. Thirdly, internal whistle-blowing and media are the primary means of disclosing fraud. Fourthly, corporate fraud harms company value, shareholders and the whole society. However, it is difficult to estimate the severity and social costs of corporate fraud due to the limits of data available and methods. Lastly, future research should be directed to the effect on corporate fraud of psychological factors of corporate executives, external uncertainty, and culture and the differences in corporate fraud among various countries.

关 键 词：公司欺诈 绩效薪酬 公司治理 经济周期 

分 类 号：F272[经济管理—企业管理]