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本文以2001—2009年发生财务报表重述的上市公司作为研究样本,实证检验了财务报表重述对企业债务融资的影响,以及所有权性质对该影响产生的作用。与国外已有的研究结果不同,我们发现中国上市公司发生财务报表重述后,其债务融资水平与前期相比不会发生明显的变化,这说明债权人并不重视由财务报表重述带来的违约风险与信息风险。区分企业所有权性质的分组检验结果显示,财务报表重述后,民营企业的债务融资水平显著地下降,但不会影响国有企业债务融资,体现了银行等金融机构对不同所有权性质企业的差别对待。本文的研究成果为我国政策制定者进行合理的资源配置提供了经验证据和借鉴意义。
This article takes the listed company listed in financial statements from 2001 to 2009 as a research sample, empirically examines the impact of the restatement of financial statements on corporate debt financing, and the effect of the nature of ownership on the impact. Different from the existing research results abroad, we found that after the restatement of financial statements of Chinese listed companies, the level of their debt financing will not change significantly compared with the previous period. This shows that creditors do not attach importance to the restatements of financial statements. Default risk and information risk. The group inspection results that distinguish the nature of the ownership of the company show that after the restatement of the financial statements, the level of debt financing of private enterprises has dropped significantly, but it will not affect the debt financing of state-owned enterprises, reflecting the different treatment of different ownership companies by banks and other financial institutions. The research results of this paper provide empirical evidence and reference for China’s policy makers to allocate resources reasonably.