Differences Between The Background Characteristics Of Management And Financial Restatement Of Listed Company

Listed companies are the source of providing information in the securities market,which are responsible for providing users with high quality information.The financial restatement is a correction to the serious problems that exist in previously open accounting information,indicating that the information provided previously is unreliable.In recent years,the increasingly common financial restatement of listed companies has caused users to question the reliability of enterprise accounting information,which has a negative impact on further enhancing investors' confidence in the capital market.So how to prevent the companies'financial restatement and improve the quality of accounting information has become the focus of widespread concern.The characteristics of the manager will influence the firm's strategic behavior.Financial restatement as a business accounting behavior,cannot do without the impact of business managers.At present,in China's listed companies,CFO and chairman of the board to a certain extent affect the accounting behavior of enterprises,and China's accounting regulations also require the company responsible person(usually chairman)and the person in charge of accounting work(usually CFO)signing the financial statements to ensure the reliability and completeness of the financial statements.Therefore,this paper starts from the CFO background characteristics and the chairman and CFO vertical to the characteristics to study its impact on the financial restatement.This paper reviews the research on the relationship between financial restatement and background of management,the financial restatement and expounds the theory of upper echelon,similar attraction theory and social norms theory.This paper makes a simple analysis of financial restatement of listed companies.In addition,this paper manually select the financial restatement companies from 2013 to 2015 on the A-share market,and uses Agrawal's methods and standards for the corresponding sample matching.This paper checks whether the background characteristics of CFO and the vertical dyad linkage differences between the chairman of the board and CFO will affect the financial restatement of listed companies by designing the empirical model.According to the results of empirical analysis:(1)The age and education background of CFO can restrain financial restatement,and CFO for directors may lead to the occurrence of financial restatement;the gender and term of CFO do not affect the financial restatement.(2)The "president-CFO" vertical dyad linkage characteristics in terms of age is positively related to the financial restatement.That is,if the chairman's age is older than the CFO,it may lead to the occurrence of financial restatement;the "president-CFO" vertical dyad linkage characteristics in terms of education background is negatively related to the financial restatement.If the academic level of Chairman is higher than the CFO,it can inhibit the companies' financial restatement behavior;and the "president-CFO" vertical dyad linkage characteristics in terms of gender and term have no relationship with financial restatement.