集体诉讼对会计稳健性影响研究

Research on the Impact of Class Action on Accounting Conservatism

摘要: 近十年来中国证券市场存在虚假陈述和欺诈等违法行为，导致投资者利益受损，但因权益维护成本高、程序繁琐，难以通过民事诉讼保护自身权益。2020年3月新《证券法》实施，特别代表诉讼制度基于“默示加入、明示退出”原则，为投资者提供权益保护途径。会计稳健性有助于协调利益相关者关系，受到重视。本文基于前文分析，借鉴相关理论，运用对比分析方法，提出论文的研究假设。即被诉讼公司的会计稳健性程度较高，对集体诉讼与会计稳健性关系进行检验，选取我国上市公司数据作为样本，运用回归分析两者影响。尤其是在实施新证券法之后建立完善证券集体诉讼制度，使得权益受损的利益相关者有更为便利、更低成本维权渠道来取得民事赔偿，维护自身合法权益。落实证券侵权代表人诉讼制度的实施，对进一步完善资本市场制度建设、维护资本市场稳定发展和提高企业会计稳健性具有重要的作用和意义。

Abstract: In the past ten years, there have been illegal acts such as false statements and fraud in China’s securities market, which have resulted in losses of investors’ interests, but it is difficult to protect their rights and interests through civil litigation because of the high cost and cumbersome procedures for safeguarding rights and interests. In March 2020, the new Securities Law was implemented, and the special representative litigation system is based on the principle of “implied accession and express withdrawal” to provide a way for investors to protect their rights and interests. Accounting conservatism helps to coordinate stakeholder relations and is valued. Based on the previous analysis, this paper draws on relevant theories and uses the comparative analysis method to put forward the research hypothesis of this paper. That is, the litigant company has a high degree of accounting conservatism. The relationship between class action and accounting conservatism is tested, and the data of listed companies in China are selected as samples, and the influence of both is analyzed by regression. In particular, after the implementation of the new Securities Law, the securities class action system has been established and improved, which makes it more convenient and low-cost for stakeholders to obtain civil compensation and safeguard their legitimate rights and interests. The implementation of the securities infringement representative litigation system plays an important role and significance in further improving the capital market system construction, maintaining the stable development of the capital market, and improving the accounting conservatism of enterprises.