摘 要
財(cái)務(wù)舞弊已經(jīng)成為全球化問題，嚴(yán)重影響了證券市場(chǎng)的健康穩(wěn)定發(fā)展。中外專家學(xué)者們都試圖從不同的角度分析財(cái)務(wù)舞弊的原因和探討治理對(duì)策，他們發(fā)現(xiàn)這些事件的發(fā)生與公司治理結(jié)構(gòu)的不完善有很大的關(guān)系，眾多的學(xué)者開始關(guān)注公司治理問題對(duì)財(cái)務(wù)舞弊的影響。
國(guó)內(nèi)外有關(guān)公司治理和財(cái)務(wù)舞弊的研究成果已經(jīng)非常豐富，但是在實(shí)證研究上，國(guó)外的數(shù)量很多而國(guó)內(nèi)的相對(duì)較少。雖然近年來國(guó)內(nèi)有關(guān)財(cái)務(wù)舞弊和公司治理關(guān)系的實(shí)證研究數(shù)量在不斷增加，但是結(jié)論卻都不近相同，有時(shí)甚至截然相反。在樣本的選擇以及變量的選取上也都是根據(jù)作者自己的判斷進(jìn)行舍棄，主觀性較強(qiáng)。隨著時(shí)間的推移，可用的樣本數(shù)量在不斷增加，有關(guān)的數(shù)據(jù)也在不斷更新。因此，文章采用更多的樣本數(shù)據(jù)，選擇更為全面的變量來檢驗(yàn)前人的研究結(jié)論在目前、在中國(guó)上市公司的具體環(huán)境中是否仍然適用，從而得出的結(jié)論也更具有說服力。
文章在回顧和梳理了國(guó)內(nèi)外有關(guān)公司治理、財(cái)務(wù)舞弊以及二者關(guān)系的研究成果的基礎(chǔ)上，從理論上對(duì)財(cái)務(wù)舞弊的公司治理因素進(jìn)行了分析。然后文章選取1994至2010年涉及498家上市公司的879個(gè)舞弊樣本，對(duì)上市公司舞弊行為的總體特征進(jìn)行分析，涉及行業(yè)特征、年度特征、舞弊持續(xù)年數(shù)和發(fā)現(xiàn)間隔、審計(jì)意見類型以及財(cái)務(wù)指標(biāo)比對(duì)等多個(gè)方面。在此基礎(chǔ)上，文章又選取了1998年至2009年間被中國(guó)證監(jiān)會(huì)行政處罰或被證券交易所公開譴責(zé)的311家上市公司為研究樣本，并選取了同行業(yè)、資產(chǎn)規(guī)模最相近的311家上市公司作為配對(duì)樣本，對(duì)公司治理的多個(gè)因素與公司財(cái)務(wù)舞弊關(guān)系進(jìn)行了實(shí)證研究。研究結(jié)果表明，董事、監(jiān)事和高級(jí)管理人員平均年齡、董事長(zhǎng)是否變更、領(lǐng)取報(bào)酬的董事總?cè)藬?shù)、領(lǐng)取報(bào)酬的監(jiān)事總?cè)藬?shù)、CR_10指數(shù)與上市公司財(cái)務(wù)舞弊顯著相關(guān)。研究結(jié)果為改善上市公司治理結(jié)構(gòu)、有效預(yù)防和控制上市公司財(cái)務(wù)舞弊行為提供了經(jīng)驗(yàn)證據(jù)。最后，文章對(duì)如何從公司治理角度防范財(cái)務(wù)舞弊行為提出了若干政策性建議。

關(guān)鍵詞 公司治理；財(cái)務(wù)舞弊；實(shí)證分析
Abstract
Financial fraud has become the global issue and has seriously affected the healthy and stable development of securities markets. Chinese and foreign experts and scholars have tried to analyze the causes from different angles and explore policy. They found that the occurrence of these events has very imperfect relationship with the company's governance structure. Thus, many studies were focused on how corporate governance affect on financial fraud.
Domestic and international research results on corporate governance and financial fraud have been very rich. There are more foreign empirical researches than domestic. Recently, there are more domestic empirical researches on the relationship between financial fraud and corporate governance, but the conclusion is not accordingly the same, sometimes even diametrically opposed. Authors selected samples and variables to their own subjective judgments. As time goes by, we can use more samples and dates to test the previous researches, so the conclusions will be more convincing.
After reviewed the domestic and foreign researches on corporate governance, financial fraud and their relationship, we analyzed how corporate governance affects financial fraud theoretically. Then we selected 879 fraud samples involving 498 listed companies from 1994 to 2010 and analyzed their general characters, including industry characteristics, annual features, number of years fraud has sustained and before they were found out, the types of audit opinion and financial indicators. We also selected 311 listed companies which were administratively punished by the CSRC or condemned by Stock Exchange publicly from 1998 to 2009 and 311 listed companies from the same industry, with the asset scales are closest to previous companies as paired samples, and they should have never been found to fraud. The results suggested that average age of directors and supervisors, if chairman of the board is changed, the total number of paid directors, the total number of paid supervisors, CR_10 index were significantly related to financial fraud. These all provided empirical evidence. Finally, we gave suggestions on how to prevent financial fraud based on corporate governance.
Key words Corporate Governance, Financial Fraud, Empirical Research


目 錄
摘 要 I
Abstract II
第一章 緒論 1
1.1 研究背景和意義 1
1.2 公司治理要素與財(cái)務(wù)舞弊關(guān)系的文獻(xiàn)回顧及評(píng)述 2
1.2.1 董事會(huì)、監(jiān)事會(huì)規(guī)模與財(cái)務(wù)舞弊 2
1.2.2 董事長(zhǎng)和總經(jīng)理是否兩職合一與財(cái)務(wù)報(bào)告舞弊 3
1.2.3 獨(dú)立董事與財(cái)務(wù)舞弊 4
1.2.4 公司高層持股與財(cái)務(wù)舞弊 4
1.2.5 股權(quán)結(jié)構(gòu)與財(cái)務(wù)舞弊 5
1.2.6“四委”設(shè)立情況與財(cái)務(wù)舞弊 6
1.2.7 對(duì)前人文獻(xiàn)的評(píng)述 7
1.3 相關(guān)概念辨析 8
1.3.1 公司治理 8
1.3.2 財(cái)務(wù)舞弊 9
1.4 研究思路、方法和章節(jié)結(jié)構(gòu) 10
1.4.1 研究思路和方法 10
1.4.2 文章章節(jié)結(jié)構(gòu) 10
1.5 文章的創(chuàng)新之處 11
1.6 本章小結(jié) 11
第二章 公司治理與財(cái)務(wù)舞弊關(guān)系的理論分析 12
2.1 公司治理理論 12
2.1.1 公司治理的理論基礎(chǔ) 12
2.1.2 公司治理體系及其構(gòu)成 26
2.2 財(cái)務(wù)舞弊理論 31
2.2.1 舞弊的成因理論 31
2.2.2 財(cái)務(wù)舞弊的經(jīng)濟(jì)學(xué)分析 33
2.3 我國(guó)上市公司財(cái)務(wù)舞弊與公司治理關(guān)系的理論分析 38
2.3.1 內(nèi)部治理要素與財(cái)務(wù)舞弊 38
2.3.2 外部部治理要素與財(cái)務(wù)舞弊 40
2.4 本章小結(jié) 42
第三章 我國(guó)上市公司財(cái)務(wù)舞弊的總體特征分析 43
3.1 數(shù)據(jù)來源 43
3.2 描述性統(tǒng)計(jì)結(jié)果 43
3.2.1 舞弊公司的行業(yè)特征 43-b..