上市公司虚假陈述的产品市场后果  

The Economic Consequences of Financial Fraud:Evidence from the Product Market in China

作　　者：辛清泉[1] 周静[1] 胡方 Xin Qingquan

机构地区：[1]重庆大学经济与工商管理学院/会计治理与公司财务创新研究院,400030 [2]澳大利亚格里菲斯大学会计系

出　　处：《会计研究》2019年第3期25-31,共7页Accounting Research

基　　金：国家自然科学基金面上项目(71272087、71872022);中央高校基本科研业务费项目(CDJSK100209、2017CDJSK02PT25)对本文的资助

摘　　要：本文针对上市公司因虚假陈述而遭受监管处罚这一现象,讨论和度量公司的声誉损失在产品市场上的溢出效应。使用2004-2012年间294宗处罚案件,研究发现,相比于控制样本,公司在受罚后三年内销售收入下滑了11.9 %-17.1%,销售毛利率下降了2.4~2.8个百分点。进一步研究发现,来自前五大客户的销售收入在处罚后下降幅度达到43.9%~ 55.1%,而来自小客户的销售收入在处罚之后并未遭受明显下滑。总体而言,公司虚假陈述导致的污名对产品市场有着实质性影响。本文的发现对于重新认识中国情境下产品市场的信任机制提供了帮助。This article m easures the spillover effect of the reputation loss induced by financial fraud on the product market. Using 294 regulatory penalties cases between 2004 and 2012 , w e find th at, compared with the control firm s, firms engaging in financial fraud exhibit a d eclin e in sa les revenue by 11.9-17.1% and ad ecrease in their gross profit margin on sales by 2.4 - 2.8% in the three years after punishm ent. Furtherm ore, we find that the sales revenue from the top five large custom ers falls 43.9-55.1% in the post-punish m entp eriod , w hile sales revenue from sm all custom ers d oes not d eclin e significantly. Overall, our analyses suggest that the damaged reputation as a result of financial fraud has a major im pact on the product market. Our findings help understand the trust m echanism in the C hinese product market.

关 键 词：虚假陈述 监管处罚 产品市场 经济后果 

分 类 号：F832.51[经济管理—金融学]