管理自主权与财务重述的实证研究——基于企业外部治理的调节作用

An Empirical Study of Management Ownership and Financial Restatement—Reconciling Role Based on External Corporate Governance

摘要: 文章基于2011~2021年沪深A股上市公司的数据，结合委托代理理论以及高阶理论探索企业财务重述的影响因素，实证分析管理自主权与财务重述的关系，并检验企业外部治理在管理自主权和财务重述之间的调节效应。同时，对不同产权性质的企业进行异质性分析。研究结果表明：管理自主权能够显著正向影响企业财务重述。同时法律制度环境、外部审计以及产品市场竞争负向调节管理自主权与财务重述之间的关系。除此之外，相较于非国有企业而言，在国有企业中，企业及高级管理者可能会受到特殊身份等因素的影响，从而管理自主权受到牵制，对企业发生财务重述行为的抑制作用更强。

Abstract: Based on the data of Shanghai and Shenzhen A-share listed companies from 2011~2021, the article explores the influencing factors of corporate financial restatement by combining principal-agent theory and higher-order theory, empirically analyzes the relationship between management autonomy and financial restatement, and tests the moderating effect of corporate external governance between management autonomy and financial restatement. At the same time, heterogeneity analysis is conducted for enterprises with different ownership properties. The results show that management autonomy can significantly and positively influence financial restatement. At the same time, the legal environment, external audit and product market competition negatively moderate the relationship between management autonomy and financial restatement. In addition, compared to non-state owned enterprises, in state owned enterprises, enterprises and senior managers may be affected by special status and thus management autonomy is constrained, which has a stronger inhibitory effect on the occurrence of financial restatement.