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A Correlation Study on Financial Restatement and Debt Financing

Author: LangXianXia
Tutor: MengZuo
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: Financial Restatements Debt Maturity Structure Scale of Following Year’sNew Loans Debt Financing
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 5
Quote: 0
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Abstract


In recent years, the numbers of listed companies that release financial restatements are rising each year, and the proportion of them has always been high. The function of the financial restatements is to make correction or supplement to the financial statements which they have released, but they usually reduce the listed company’s financial information quality. A series of studies show that the financial restatements cause some negative impact on the listed company’s value, exacerbate the degree of information asymmetry between investors and listed companies. What’s worse, it can make investors change their investment decisions. As a result of it, the debt financing situation of the listed company will be affected.Using a sample of Chinese A-share manufacturing industry listed companies that release financial restatements between2009and2011, this paper make a research on whether different types of financial restatements effect the debt financing situation of the listed companies. At first, summarizing related literature and sorting out relevance theories, make theoretical basis for the further empirical study. Secondly, financial restatements are classified into two groups:the reason of financial restatements and the content of financial restatements. The standard to measure the debt financing are debt maturity structure and the scale of following year’s new loans. And then, make a descriptive statistical research on all of these and test the relationship between the type of financial restatements and the debt financing. Finally, conducts an empirical research with Multiple Linear Regression and make a further analysis of the empirical resultsThe results show that different types of financial restatements result in diverse debt financing reactions. According to the reason of financial restatements, this paper discoveries that the listed companies which release financial restatements for regulatory reasons have much shorter debt maturity structure than those release financial restatements for voluntary reasons, and they also have a smaller scale of following year’s new loans. Meanwhile, according to the content of financial restatements, the listed companies which release malicious financial restatements have worse debt financing condition than those which release goodwill financial restatements. That is to say, different types of financial restatements result in diverse debt financing reactions. This study extends and enriches the related research in market reflection of the listed companies which have released financial restatements.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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