财务重述与公司治理最佳效率点的关系

Relationship Between Financial Restatement and Corporate Governance

摘要:

采用实证研究方法，以我国深、沪市A股市场在2008~2011年间的364份财务重述公司和4 904份非财务重述公司为研究样本，研究发现董事会会议次数、高管薪酬以及是否由四大会计师事务所审计等显著影响公司治理效率；并采用因子分析的方法建立公司治理指数，发现与财务重述的发生呈U型关系，证明了公司治理结构最佳效率点的存在；与此同时，公司所处的发展阶段和代理成本均显著影响公司治理效率.

Abstract:

Based on 364 restatement samples and 4904 non restatement samples from 2008 to 2011 of A share stock market in China, an empirical research shows that board meeting frequency, executive compensation and whether being audited by one of Four Big Accounting Firms significantly influence the corporate governance efficiency. G established from factoring analysis is U curve related with financial restatements, proving that there exists an optimal corporate governance efficiency point. A company’s development period and agency cost also influence the efficiency of corporate governance.