SEC意见信与财务造假——基于中概股危 机的实证分析.docVIP

会计研究 2015,07,11-17+96 SEC意见信与财务造假——基于中概股危机的实证分析 张然 陈思 雷羽 北京大学光华管理学院 导出/参考文献 已关注 关注 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 分享 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 收藏 打印 摘????要： 2010~2011年,美国卖空机构相继发布研究报告,质疑绿诺科技等在美上市的中概股公司涉嫌财务造假。其质疑随后被证实,多家中概股公司股价暴跌,最终停牌或退市。据Bloomberg报道,此次做空机构识别财务造假的重要信息来源竟然是此前未曾引起投资者关注的美国证监会(SEC)公开披露的公司公告意见信。本文以中概股危机为背景,研究SEC意见信对于财务造假的预测作用。研究发现:相较于没有收到SEC意见信的企业,收到意见信的企业更有可能成为问题公司。SEC意见信提出的问题数量越多,解决难度越大,企业越有可能成为问题公司。本文的研究对于帮助投资者理解如何解读SEC意见信,识别财务造假有重要意义,也为SEC制定合理的意见信披露制度提供政策性建议。 关键词： SEC意见信; 财务披露; 财务造假; 反向并购; 基金：国家自然科学基金71132004) SEC Comment Letter and Accounting Fraud——Empirical Study on Chinese Firms Accounting Crisis Zhang Ran Abstract： From 2010 to 2011,US short sellers accused Chinese companies listed in the US,including Rino International Corp.,of financial frauds. As the short sellers reports proved to be right later on,several Chinese companies listed in US suffered from a crisis with a sharply falling stock price andwere either forced to halt trading or delisted as a result. As Bloomberg reports,the important information for short sellers to detect financial frauds comes from SEC comment letters,which are publicly disclosed but attract little attention by investors before. This paper studies the predictive ability of SEC comment letter on financial frauds using the Chinese firms accounting crisis. We find that companies receiving SEC comment letters are more likely to become problematic compared to those not receiving comment letters. Further,companies are more likely to be problematic when there are more comments involved in the comment letter,and when it is more difficult to solve the problem. Our research helps investors understand more about SEC comment letters as well as detect financial frauds. We also help provide suggestions to develop SEC comment letter disclosure system. 一、引言 自2010年起,美国的 “浑水” “香橼”等做空机构相继对在美上市的中国公司发起攻击,质疑 “绿诺科技” “东南融通”等公司涉嫌财务造假,被做空的公司股价暴跌,市值缩水。美国证券交易委员会 ( Securities and Exchange Commission,简称SEC) 随