CAJ | 학술논문

本文从企业间网络关系视角研究企业间高管联结对财务重述行为扩散的影响。基于2003～2010年深沪两市A股上市公司的企业间高管联结与财务重述数据，研究发现，财务重述行为可以通过高管联结关系在企业之间进行扩散，即如果联结企业（与目标企业通过企业间高管联结关系联结的企业）发生过财务重述行为，那么目标企业发生财务重述的可能性增大。在进一步考察公司治理机制在此扩散效应中作用时，本文发现，部分公司治理机制在财务重述行为的企业间扩散过程中起到“防火墙”作用，即如果目标企业公司治理机制越好（独立董事比例越高、董事长与总经理两职分离、机构投资者持股比例越高），那么，目标公司受联结公司财务重述行为“传染”的可能性越小。这些发现不仅为财务重述行为研究提供了新的理论分析视角，还为监管部门规范财务重述行为提供了有益启示。
본문종기업간망락관계시각연구기업간고관련결대재무중술행위확산적영향。기우2003～2010년심호량시A고상시공사적기업간고관련결여재무중술수거，연구발현，재무중술행위가이통과고관련결관계재기업지간진행확산，즉여과련결기업（여목표기업통과기업간고관련결관계련결적기업）발생과재무중술행위，나요목표기업발생재무중술적가능성증대。재진일보고찰공사치리궤제재차확산효응중작용시，본문발현，부분공사치리궤제재재무중술행위적기업간확산과정중기도“방화장”작용，즉여과목표기업공사치리궤제월호（독립동사비례월고、동사장여총경리량직분리、궤구투자자지고비례월고），나요，목표공사수련결공사재무중술행위“전염”적가능성월소。저사발현불부위재무중술행위연구제공료신적이론분석시각，환위감관부문규범재무중술행위제공료유익계시。
Although financial restatement may induce many negative effects, such as the drop of stock price, the rise of financing cost, executive turnover, and so on, more and more corporate conduct the behavior of financial re- statement. Why do so many corporate go in for the behavior？ The existing literatures expound the phenomena from three aspects： the corporate external level, corporate level and the top managers＇ level. The further two aspects view the corporate as the analysis unit, neglect top manager as the executor of financial restatement. Although the third aspect view the top manager as the analysis unit, this aspect view the top manager as self-interest rational man focus on economic-man property, or view the top managers as bounded rational man, focus on top managers＇ natural-man property. This aspect neglects the influences of top managers ＇ social-man property on financial restatement. Therefore, the paper explores the influence of inter-corporate top managers＇ ties on the diffusion of fi- nancial restatement from the perspectives of inter-corporate networks. The paper uses the data of A-share listed com- panies from 2003 to 2010 in China,and finds that： the behavior of financial restatement are diffused through inter- corporate top managers＇ ties, that is, the financial restatement behavior of tied corporate positively influence the probability financial restatement behavior of focal corporate. The paper further investigates the effects of corporate governance mechanism on the diffusion of financial restatements, and finds that： corporate governance mechanism play the defensive roles in the inter-corporate diffusion of financial restatement, that is, the higher the corporate gov- ernance quality （that is, the higher of the ratio of independent directorates; the separate of CEO and board chair; the higher of institution share） of focal corporate is, the lower the diffusion effects of the focal corporate financial re- statement behavior are. The findings above put forward to two theoretical implications. Firstly, the existing literatures mainly focus on the factors from corporate or corporate external level, neglect the possible influences of inter-corpo- rate relationship on financial restatement. The paper verifies the existence of inter-corporate relationship influences, which enrich the existing theoretical research. Secondly, the existing researches from the perspective of top manag- ers＇ level mainly focus on the natural-man property and economic-man property of top managers, neglect the social- man property of inter-person relationship. The paper verifies the existence of influences of top managers＇ inter-cor- porate relationship on financial restatement,which implies that it is necessary to inspect top managers＇ inter-corpo- rate relationship influences except for top managers＇ natural property. The findings above also provide some benefi- cial practical implications. First, when the relevant institutions regulate the behavior of financial restatement in the listed company, on the one hand, they should pay more attention to these corporate situated in the center of inter- corporate network, because these corporate are tied more companies, and the diffusion effects of these corporate are stronger. On the other hand, they should further improve the corporate governance mechanism, because the corporate governance mechanism, similar to the ＂defensive wall＂, can weaken the diffusion effects. Moreover, the relevant in- stitutions should pay more attention to the influences from the inter-corporate network, different from the influences from the formal rule, these influences from the inter-corporate network are mostly subtle or unformal. If these influ- ences are compatible to the influences from the formal rule, the rule effects will be more effective.