摘 要
財務舞弊已經(jīng)成為全球化問題，嚴重影響了證券市場的健康穩(wěn)定發(fā)展。中外專家學者們都試圖從不同的角度分析財務舞弊的原因和探討治理對策，他們發(fā)現(xiàn)這些事件的發(fā)生與公司治理結構的不完善有很大的關系，眾多的學者開始關注公司治理問題對財務舞弊的影響。
國內(nèi)外有關公司治理和財務舞弊的研究成果已經(jīng)非常豐富，但是在實證研究上，國外的數(shù)量很多而國內(nèi)的相對較少。雖然近年來國內(nèi)有關財務舞弊和公司治理關系的實證研究數(shù)量在不斷增加，但是結論卻都不近相同，有時甚至截然相反。在樣本的選擇以及變量的選取上也都是根據(jù)作者自己的判斷進行舍棄，主觀性較強。隨著時間的推移，可用的樣本數(shù)量在不斷增加，有關的數(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前人的研究結論在目前、在中國上市公司的具體環(huán)境中是否仍然適用，從而得出的結論也更具有說服力。
文章在回顧和梳理了國內(nèi)外有關公司治理、財務舞弊以及二者關系的研究成果的基礎上，從理論上對財務舞弊的公司治理因素進行了分析。然后文章選取1994至2010年涉及498家上市公司的879個舞弊樣本，對上市公司舞弊行為的總體特征進行分析，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、審計意見類型以及財務指標比對等多個方面。在此基礎上，文章又選取了1998年至2009年間被中國證監(jiān)會行政處罰或被證券交易所公開譴責的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樣本，對公司治理的多個因素與公司財務舞弊關系進行了實證研究。研究結果表明，董事、監(jiān)事和高級管理人員平均年齡、董事長是否變更、領取報酬的董事總人數(shù)、領取報酬的監(jiān)事總人數(shù)、CR_10指數(shù)與上市公司財務舞弊顯著相關。研究結果為改善上市公司治理結構、有效預防和控制上市公司財務舞弊行為提供了經(jīng)驗證據(jù)。最后，文章對如何從公司治理角度防范財務舞弊行為提出了若干政策性建議。

關鍵詞 公司治理；財務舞弊；實證分析
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 公司治理要素與財務舞弊關系的文獻回顧及評述 2
1.2.1 董事會、監(jiān)事會規(guī)模與財務舞弊 2
1.2.2 董事長和總經(jīng)理是否兩職合一與財務報告舞弊 3
1.2.3 獨立董事與財務舞弊 4
1.2.4 公司高層持股與財務舞弊 4
1.2.5 股權結構與財務舞弊 5
1.2.6“四委”設立情況與財務舞弊 6
1.2.7 對前人文獻的評述 7
1.3 相關概念辨析 8
1.3.1 公司治理 8
1.3.2 財務舞弊 9
1.4 研究思路、方法和章節(jié)結構 10
1.4.1 研究思路和方法 10
1.4.2 文章章節(jié)結構 10
1.5 文章的創(chuàng)新之處 11
1.6 本章小結 11
第二章 公司治理與財務舞弊關系的理論分析 12
2.1 公司治理理論 12
2.1.1 公司治理的理論基礎 12
2.1.2 公司治理體系及其構成 26
2.2 財務舞弊理論 31
2.2.1 舞弊的成因理論 31
2.2.2 財務舞弊的經(jīng)濟學分析 33
2.3 我國上市公司財務舞弊與公司治理關系的理論分析 38
2.3.1 內(nèi)部治理要素與財務舞弊 38
2.3.2 外部部治理要素與財務舞弊 40
2.4 本章小結 42
第三章 我國上市公司財務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)計結果 43
3.2.1 舞弊公司的行業(yè)特征 43-b..