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Efficient and reliable accounting information disclosure has been regarded as the foundation of efficient capital market operation. The financial report as a listed company disclosed the company’s information carriers, it is an important means for stakeholders to obtain the company’s information. Science the 1990s, the phenomena of financial restatements of each country happened frequently, it has coursed a wide attention of scholars from different countries. They have done some researches like the reason of financial restatement, the characteristic of financial restatement companies, the economic consequences of companies which released financial restatements and so on, and obtained many achievements. With the acceleration of reform and opening up and marketization process of our country, domestic securities market has already begun to take shape and growing rapidly. But in the mean time, the phenomena of financial restatements of our country has becoming increasingly seriously, it poses a major challenge to the information disclosure environment of China’s capital market. Based on Chinese endemic economic environment and system background, the supplement and correction of financial report of listed companies is a‘Chinese Characteristics’financial restatements, so domestic scholars should do the research based on the particularity of our country. This paper firstly takes the external management environment as a starting point, having a systematic study of external management environment impaction on the financial restatements, expecting to play an active role in the capital market like optimizing listed company’s external management environment, improving the quality of accounting information disclosure and perfecting the capital market.This paper firstly makes collection and analysis the date of all the A- share listed companies during 2008-2010 period, making a descriptive statistical analysis of the listed company’s financial restatements present situation. Then use both the standard and real diagnosis research, and collect the data of companies of 2010 in A stock market as samples, select 153 financial restatement companies and 1895 companies which haven’t release financial restatement through a certain selected standard, establish Logistic regression model, nominates whether financial restatement happened as dependent variable, and marketization process, legalization level, the control of the government level, industry competition degree, independence of accounting firm, the intellectual property rights protection degree,the market intermediary development levelas explanation variables, then does empirical research on the relationship between financial restatement and external management environment of listed company.Results indicate that, the process of market and financial restatements was negatively correlated, that is, the higher the marketization level, the smaller probability of the financial restatement; the level of legalization and financial restatements was negatively correlated, that is, the good region legalization level will be conducive to the accounting information disclosure, the higher the legalization level, the smaller probability of the financial restatement; the control of the government level and financial restatements was negatively correlated, that is, the probability of financial restatements of state-owned holding enterprise is bigger than non-state-owned holding enterprise; intermediaries especially independent external audit institutions of the listed companies have great influence on the quality of information disclosure, whether the audit from‘big four’has a negative correlation with the probability of financial restatements, that is, strong independence audit institution will provide high quality of auditing services, and the probability of the financial restatement will be smaller; the auditor’s opinion style and financial restatements was negatively correlated, when the auditor issues a qualified opinion, the probability of the financial restatement will be smaller; the study also found, competitiveness of company’s products and term of accounting firm have no significant correlation with the probability of the financial restatement.The innovation of this paper lies in,firstly quantified the external management environment of listed company systematically, then make a systematic analysis on the influence factors of financial restatements respectively from 5 aspects 7 concrete variables like the legal environment, market system environment, agency environment, government control environment, industrial competition environment. Make a regression analysis by using Logistic regression model, researching whether the 7 elements of external management environment of listed company have influence on financial restatements and the strength of the influence degree. expecting to play an active role in the capital market like optimizing listed company’s external management environment, improving the quality of accounting information disclosure and perfecting the capital market.
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