| Financial report is an important part of information disclosure of listed companies,and it is also an important basis for investors to make decisions.The quality and authenticity of financial report is very important.In order to improve the reliability and timeliness of financial information disclosure,China has gradually established a financial restatement system,but in reality,listed companies abuse financial restatement to cover up their bad business conditions.Xingxing Technology is the first listed company in the consumer electronics window protection screen industry,and it has been in the leading position in the industry.Its financial restatement,which changed from profit to huge loss,not only violated the relevant interests of investors,but also brought great negative impact on the securities market.However,due to asymmetric information,it is difficult for external supervisors to find false contents in time under the circumstance of deliberate concealment by enterprise controllers.Therefore,the purpose of this study is to find out the weakness of the supervisors such as audit institutions and supervision departments when regulating abnormal financial restatements,and put forward more targeted suggestions to help the supervisors effectively regulate abnormal financial restatements.This will improve the quality of disclosure,effectively conservation the interests of users of accounting information and promote the healthy development of capital markets.Under the guidance of accounting control theory,information asymmetry theory and stakeholder theory,this paper makes a thorough study of the relevant theories of financial restatement,and after clarifying the current situation of financial restatement of listed companies,the research background of external supervision system and mechanism construction,the research purpose and significance,systematically adopts the methods of literature research,case analysis and the combination of quantitative and qualitative research.Firstly,the content of financial restatement of Xingxing Technology is sorted out,and the self-interest motivation of its two financial restatements is taken as the starting point.By analyzing the contradiction between management behavior and financial data before restatement,the damage to investors after restatement and the failure of internal control,it is determined that this financial restatement is not caused by mistakes,but by the abuse of financial restatement with abnormal motives.It is difficult to control the abnormal financial restatement of self-interested motives only by the checks and balances mechanism of the enterprise itself and the self-discipline of the actual controller,and it is in urgent need of external supervision and restraint by many subjects.Based on this,this paper innovatively explores the countermeasures to standardize the behavior of abnormal financial restatement from the perspective of external supervision such as audit institutions;Secondly,the key factors that can effectively restrict abnormal financial restatement in external supervision are found out after the equilibrium solution is obtained through game theory.Starting from administrative supervision and non-administrative supervision represented by audit institutions and media supervision,this paper determines the weight of influencing factors of external supervision by combination weighting method,and then excavates the weakness of external supervision of abnormal financial restatement of listed companies,such as the dereliction of duty of audit institutions and the need for improvement of administrative supervision.Finally,from three levels: intermediary supervision,institutional mechanism supervision and media supervision,this paper puts forward targeted restraint countermeasures for abnormal financial restatement.It provides reference ideas for external supervision subjects such as intermediaries to restrain abnormal financial restatements and standardize financial restatements. |
PDF Full Text Request