A Study On Restatement、State Ownership And Financial Crisis

In the development of China’s capital market, the ratio and number of financial restatements are on the rise, which have caused widespread concern in accounting theory and practice, because the quality of accounting information will directly affect the efficiency of the capital market. Restatements will cause the stock price changes, the management change, the replacement of certified public accountants, corporate financing costs rise and so on, if not handled properly; it could increase the possibility of corporate financial distress. In addition, China has a special institutional background, the state-owned holding companies account for a large proportion of the country’s listed companies, state ownership is generally believed that the deterioration of corporate governance, poor earnings quality reasons, and the financial crisis is reflected in the deterioration of corporate governance. Therefore, in consideration of the special institutional background, occurs whether the financial statements after restatement of state-owned listed companies are more likely to lead to an enterprise financial crisis?This study reviews ownership, corporate governance and restatements, the economic consequences of restatements and the financial crisis, ownership, governance and the financial crisis, we chose 2004-2013 All listed companies as samples to study the relationship between ownership, restatements and financial crisis. Furthermore, this study draw Hennes et al. (2008) method, the 2004-2013 restatements samples are divided into irregularity samples and error samples, considering the nature of ownership factors to clear the impact of different types of restatements on the financial crisis. In addition, we also built a surplus misstatements degree (Reraito) and financial restatements item (Item) for study its impact on corporate financial distress. In a series of analyzes based on constructed Logistic regression model to study the restatements, the relationship between nature and ownership among enterprise financial crisis.By descriptive statistics, crisis difference in mean companies and normal company comparative analysis, correlation analysis, Logistic regression and robust test, we draw the following conclusions:(1) restatement of financial statement occur state-owned holding company with a positive correlation between the financial crisis. (2) Compared with the error sample, irregularity sample is easier into financial distress; state-owned holding company is divided into samples of illegal companies and enterprise financial crisis significantly correlated, indicating that compared to non-state-owned enterprises, state-owned financial distress unsatisfactory samples higher probability. (3) The degree of earnings misstatement (Reraito) has a positive correlation between the financial crises. Financial restatements item (Item) has a positive correlation between the financial crises. (4) Considering the degree of cross-impact earnings misstatements and ownership, cross-impact projects and ownership of financial restatements, its business the impact of the financial crisis was not significant.