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Research on Market Reaction on Penalty of Accounting Fraud of China’s Listed Companies

Author: ZhaoQing
Tutor: HanChuanMo
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: Accounting fraud Market reaction Cumulative Abnormal Returns Audit opinion Audit fee
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 396
Quote: 1
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Abstract


With the accelerated integration of global capital market, the range of accounting intervention in economic activities is becoming larger and larger. Accounting plays an important role in the promotion of economic development, at the same time accounting fraud is also getting worse and worse. In China, as the stock market starts late, the legal system is not perfect, the regulatory system is incomplete and many other reasons, accounting fraud of China’s listed companies is continuing to happen. Accounting fraud seriously disturbs the order of social economy and damages the healthy development of capital market, thus bringing in a huge damage to the investors. Considering to the seriousness and harmfulness of accounting fraud, it’s very significant to make a research on the market reaction to the punishment of accounting fraud happened in China’s listed companies.Based on the previous research results, this thesis first analyses the concepts of accounting fraud and defines the accounting fraud, then makes a theoretical analysis by applying the relevant knowledge of economics, information science, management and so on. This paper proposes an assumption and builds a model for empirical research from the perspective of investors and auditors based on the market reaction to the penalty of accounting fraud of China’s listed companies. This dissertation chooses 86 listed companies which are punished by China securities regulatory commission in the year from 2001 to 2010 as research object, and this paper makes a detailed analysis on the market reaction to the penalty of accounting fraud with the method of combining the normative study and empirical study.The research makes the conclusions as follows:First, the results show that the market reactions to penalty announcements are significantly negative overall. The stock price falls and Cumulative Abnormal Returns are significantly negative.Second, by subdividing the penalty announcement and making further research on the content and scope of them, this thesis finds the investors’reaction to financial report fraud and the violations of accounting information disclosure are significantly negative and they don’t distinguish two kinds of frauds. Similarly, the investors don’t distinguish the companies of one year’s violation or many years.Third, the article finds that auditors are less likely issuing standard report after the year the companies are punished than before. Besides that, the auditors will ask more audit fees.Based on the empirical conclusion and relative analysis, the article makes some suggestions at last.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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