文献解读 | 中国公司财务舞弊问题研究

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本期主要介绍中国公司财务舞弊问题研究的最新论文，以及过往与该研究相关的论文介绍：

1. Managerial ability, political connections, and fraudulent financial reporting in China

Journal of Accounting and Public Policy

Volume 36, Issue 2, March–April 2017, Pages 141-162

Zhi Wang

Changsha University of Science & Technology

Mei-HuiChen

National Defense University

Chen LungChin

National Chengchi University

Qi Zheng

Changsha University of Science & Technology,

Abstract

The primary objective of this paper is to examine the associations among managerial ability, political connections and enforcement actions for financial reporting misrepresentation (hereafter financial reporting fraud) in China. Using a sample of listed firms in China during 2007–2012, we first find that increased managerial ability leads to less financial reporting fraud. Second, political connections of firms can weaken or limit the effect of managerial ability on the likelihood of financial statement fraud. Further analyses indicate that the results are primarily driven by non-state-owned firms, rather than state-owned firms. Finally, we further find that firms with capable managers face less severe penalties by the regulatory agencies relative to those without capable managers.

Keywords: Managerial ability, Political connections, Fraudulent financial reporting

链接地址：

http://www.sciencedirect.com/science/article/pii/S0278425417300170

2. Cooking the books: Recipes and costs of falsified financial statements in China

Journal of Corporate Finance

Volume 17, Issue 2, April 2011, Pages 371–390

Michael Firth

Lingnan University

Oliver M. Rui

Chinese University of Hong Kong

Wenfeng Wu

Shanghai Jiaotong University

Abstract

We examine the causes and consequences of falsified financial statements in China. Using bivariate probit regression analysis, we find that firms with high debt and that plan to make equity issues are more likely to manipulate their earnings and thus have to restate their financial reports in subsequent years. We also find that corporate governance structures have an effect on the occurrence and detection of financial fraud. There are significant negative consequences to fraudulent financial statements. Restating firms suffer negative abnormal stock returns, increases in their cost of capital, wider bid–ask spreads, a greater frequency of modified audit opinions, and greater CEO turnover. We also find that firms located in highly developed regions suffer more severe consequences when they manipulate their accounts.

Keywords: Fraud; Financial restatements; Regional development; Corporate governance; Causes and consequences of restatements

链接地址：

http://www.sciencedirect.com/science/article/pii/S0929119910000659

3. Ownership structure, corporate governance, and fraud: Evidence from China

Journal of Corporate Finance

Volume 12, Issue 3, June 2006, Pages 424–448

Gongmeng Chen

Shanghai Jiaotong University

Michael Firth

The Hong Kong Polytechnic University

Daniel N. Gao

Shanghai Jiaotong University

Oliver M. Rui

Chinese University of Hong Kong

Abstract

Our study examines whether ownership structure and boardroom characteristics have an effect on corporate financial fraud in China. The data come from the enforcement actions of the Chinese Securities Regulatory Commission (CSRC). The results from univariate analyses, where we compare fraud and no-fraud firms, show that ownership and board characteristics are important in explaining fraud. However, using a bivariate probit model with partial observability we demonstrate that boardroom characteristics are important, while the type of owner is less relevant. In particular, the proportion of outside directors, the number of board meetings, and the tenure of the chairman are associated with the incidence of fraud. Our findings have implications for the design of appropriate corporate governance systems for listed firms. Moreover, our results provide information that can inform policy debates within the CSRC.

Keywords: Ownership; Corporate governance; Fraud; China's enforcement actions

链接地址：

http://www.sciencedirect.com/science/article/pii/S0929119905000763

本文转自 会计与资本市场研究平台 公众号

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