Resaerch On The Influenxe Of Ownership Structure Factors On Financial Rsetatement Of China’s Listed Companies

Annual financial reports of listed companies is one of the major stakeholders to understand business management and financial information the most important ways, credible, timely and accurate annual financial report. However, in recent years, China’s securities market to complement the corrected announcement in the form of financial restatements phenomenon after another, this phenomenon is that there are significant errors in the early annual reports of listed companies, which will be negative economic consequences. Chinese A-share listed company financial restatements of the company to explain the ownership structure factors and variables, using a combination of theory and municipal ownership structure factors on the financial restatement.This paper first introduces the research background and significance of the ownership structure of listed companies in China to the impact of financial restatements, domestic and foreign scholars reviewed the research literature on the impact of relations between the two, and this study content and the method; described the ownership structure and financial restatement of the meaning of the introduction of asymmetric information theory, principal-agent theory, the internal control theory of these three relations theory; then through the list of China’s listed companies2005-2010ownership structure statistics and listed companies financial restatement of the annual allocation, sector allocation point of view, the specific ownership structure in China listed companies and financial restatement of the status quo, then owned by management, shareholders Nature of three aspects of ownership concentration defined the mechanism of the ownership structure factors on the impact of financial restatements; last listed companies for2007to2010, the Chinese A-share listed company financial restatements, the proportion of state-owned shares and legal person shares, the proportion of The stake of institutional investors, the proportion of tradable shares, the management stake as explanatory variables to financial restatements as an explanatory variable, the level of corporate profitability, financial leverage, firm size as control variables, the correlation matrix model of China the relationship between the listed company capital structure and shareholding structure factors and the financial restatement empirical research and empirical analysis of the results..Through empirical analysis the following conclusions:Top Ten Shareholders of the proportion of financial restatement probability of occurrence of negative correlation, indicating the listed companies in China, the higher the proportion of top ten shareholders equity the higher the concentration, the largest shareholder the greater the motivation and ability to oversee the management of behavior, the more we can inhibit the occurrence of financial restatements; positive correlation to the level of the proportion of state-owned shares and the occurrence of financial restatements. Note the higher the proportion of state-owned shares to some extent, may reduce the transparency and credibility of accounting information, resulting in the generation of severe agency problems, thereby creating the phenomenon of the generation of financial accounting fraud and other financial restatement. Legal person shares, institutional ownership and management stake and the occurrence of financial restatements had no significant relationship. There was negative correlation between the proportion of tradable shares and the probability of occurrence of financial restatements. Description of the holders of tradable shares in China’s securities market, the large number of positive supervisory role in the disclosure of financial information; profitability and operating conditions of the financial restatement occurs significantly, this analysis and previously listed companies in order to cover up the company’s internal management issues, to keep the stock price manipulation of accounting earnings, leading to financial restatement occurs consistent with this content. Finally, based on empirical results, gradually reduce the proportion of state-owned shares, steady improvement in the ownership of corporate shares, and to maintain an appropriate ownership concentration, and optimize the equity structure to circumvent the financial restatement of supporting measures, etc. to optimize the equity structure of listed companies in China to reduce the financial re-the above phenomenon occurred some suggestions.