Research On The Relationship Between Ownership Structure Of Listed Companies Leadership Structure And Financial Restatements

Financial information is the basis of the capital market operation and also be the basisfor investors to make investment decisions, its quality of high or low not only affects thehealthy development of capital market in China, but also directly related with the interestsof investors. At present our country is in the adjustment of economic structure, promotingthe development of the economic transformation critical moment, need to provide strongcapital market investment and financing support. Although the development of capitalmarket faster, but a trend of high incidence of the restated financial statements behavior isa kind of hidden danger to its development. Therefore, from the micro perspective, thispaper selected the equity structure, leadership structure of the two factors to research therelationship between them and financial restatements.In this paper, using the method of combining theoretical analysis with metrologicalverification to research financial restatements of the listed company. The first part of thispaper mainly introduces the research background significance, concept definition andresearch methods; the second part separately from the economic consequences of financialrestatements, influence factors of financial restatements, relationship between ownershipstructure and financial restatement, relationship between leadership structure and financialrestatement to review the literature; the third part introduces the theoretical basis of thethesis: the principal-agent theory, the modern housekeeper theory and informationasymmetry theory; The fourth part is the empirical analysis, from2010to2012inShanghai and Shenzhen A-share of listed companies as the research sample, happened401times of financial restatement of384listed companies in this three years. Throughempirical research found that the negative correlation of ownership concentration andfinancial restatement; The proportion of state-owned shares and the probability of financialrestatements are related; Legal person share proportion is negatively related to the financialrestatement; The negative correlation of the proportion of institutional investors andfinancial restatement; There exists a u-shaped relationship between Proportion ofmanagement shareholding and financial restatements; The probability of financialrestatement is that the unity of both is less than two separate companies; The relationship between the control variable profitability and financial restatement is not significant; therate of assets and liabilities and financial restatement is related; the bigger scale of listedcompanies, the smaller of the probability of financial restatements. The fifth part is basedon the results of the empirical analysis, puts forward relevant policy suggestions.In this paper, from the perspective of financial restatements to research therelationship between leading equity structure, ownership structure and financialrestatements, on the one hand, it is of great practical significance on improving theleadership structure and optimizing equity structure to reduce the occurrence of financialrestatements; on the other hand, provides the reference for the regulators and investors tomake decision.