财务与会计学术论坛第七十五期

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题目: The Quality of Financial Reporting in China 演讲者:Min WU,assistant professor of accounting, Department of Accounting, School of Business and Management, Hong Kong University of Science & Technology 时间: 2008年5月30日(星期五)3:00—4:30 PM 地点: 嘉庚二513 参加者: 对会计研究有兴趣的广大师生 主持人: 沈哲老师 论文摘要: This study uses restatements to reveal the low quality of past accounting information reported within China’s capital market. We show that up to a quarter of listed firms in Mainland China explicitly admitted the low quality of financial information by restating their previous financial reports between 1999 and 2005. Many of these firms manage their earnings mainly via below-the-line items to avoid losses and promote survival, rather than to support refinancing goals. Such low quality of financial reporting is more likely among firms that have weaker profitability and a shareholder base that is state-controlled, with diffused ownership and a relatively low proportion of shares held by institutional investors. Furthermore, we find the market to be relatively insensitive to such admission. Investors’ reaction captures only the earnings information of the current reported year, rather than also reflecting the concurrently revealed correction of past financial reporting. However, the equity market does not totally ignore the earnings information, as perceived by many. Investors’ reliance on earnings is just low relative to the mature U.S. market. These findings demonstrate that accounting credibility in China has low value; providing low-quality financial information bears little cost, since various market mechanisms fail to deter such behavior. Nevertheless, the continuous effort by regulators to enhance listed firms’ quality of financial information and disclosure is still fruitful. The frequency of restatements over our sample period is decreasing, which reinforces the current regulatory prospects and strategies for further improving China’s capital markets. 论文作者简介: Dr. Wu got her B. A. of International Economics from Peking University, M. A. of Economics from Tufts University and Ph. D. of Accounting from New York University. She is the member of AAA(American Accounting Association) and European Accounting Association.