The Study In The Influences Of Internal Governance Structure On Listed Companies Financial Restatement

Accounting information disclosure, as one of the core elements of capital market allocation of resources, its quality directly affects the investor’s decision, which maintains the important condition of capital market in good order and the interests of the investors to protect the basic guarantee. In all kinds of accounting information, the financial report as investors understand the financial position and operating results of listed companies of important tool, as a result, the quality of financial report information disclosure has been a focus on key areas of regulators and academics. In recent years, however, the domestic and foreign capital markets intensified financial statement restatements phenomenon, caused the wide concern from all walks of life. Financial restatement is refers to the listed companies in the form of a temporary announcement of the published reports, half annals, quarterly reports and monthly reports to supplement or correct. In the event of financial restatement behavior of listed companies, that is, on behalf of its published financial statements before there are errors or omissions situation of accounting information, and enterprises are likely to be the shareholders with misleading information and missing information surplus manipulation, affect the company’s financial performance to the trend, which seriously damage the interests of investors, adverse effects on the corporate image.The perfect degree of the corporate governance can play an effective restriction role on the quality of accounting information disclosure, weak internal governance structure defect of listed company and the accounting system usually provide an opportunity to the enterprise financial restatements. To a certain extent, it also lead to the profit manipulation of the board and management. Thus, the listed company financial restatement of its internal governance structure has a close correlation. In the premise of analyzing the related literature at home and abroad were reviewed and summarized, on the principal-agent theory, stakeholder theory and information asymmetry theory, the current situation of the listed company financial restatement of our country is analyzed, and the internal governance structure of listed company of financial restatement behavior hypothesis is put forward, the influence of the Logistic decision model is established, by using descriptive statistics, correlation analysis and regression analysis method to carry on the model test, the conclusion. According to the empirical study results from the listed company’s internal governance, external supervision and law system from several aspects, for regulators to our country listed company financial restatement behavior standards put forward rational and feasible advice, specific include: optimization of internal shareholding structure, improving the structure of the board of directors and improve the mechanism of independent directors, to strengthen supervision of the board of supervisors, perfecting the management incentive mechanism of listed companies, vigorously promote the audit committee system, improve the relevant laws and regulations and so on, to better protect the interests of investors, to maintain the good order of the capital market.