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在我国当前诚信水平整体偏低的情况下,声誉机制是否增进了公司治理的效率?理论界还少有研究。本文选择上市公司财务重述行为这一视角,以2007～2009年发布涉及核心会计利润和盈余调整财务重述公告的184家A股上市公司为研究样本,实证检验财务重述行为对管理层声誉的影响,以此检验声誉机制在公司治理中的作用。结果显示,财务重述公告降低了上市公司管理层的声誉;另外,财务重述也显著降低了管理层的媒体覆盖度,进而降低了管理层的声誉。本文选定财务重述事件中的声誉治理作用这一新的研究视角,丰富了我国公司治理的研究,并为监管部门和投资者的决策提供重要参考。
Under the current low level of integrity in our country, does the reputation mechanism improve the efficiency of corporate governance? There is little research in the theory circle. This paper chooses the financial restatement behavior of listed companies from the perspective of 2007-2009 issued a notice involving the core accounting profit and earnings adjustment of financial Amendment Announcement of 184 A-share listed companies as a sample, the empirical test of financial restatement of management reputation In order to test the role of reputation mechanism in corporate governance. The results show that the financial restatement notice reduces the reputation of the listed company’s management; In addition, the financial restatement also significantly reduced the management’s media coverage, thus reducing the management’s reputation. In this paper, we choose the research perspective of reputation governance in financial recapitalization to enrich the research on corporate governance in our country and provide important reference for the decision-making of regulators and investors.