暨南大学硕士学位论文
题名（中英对照）：
股吧舆论对财务重述的影响研究
Public Opinion of Stock Bar and Financial Restatement
作者姓名：周晓霞
指导教师姓名
及学位、职称：熊剑博士教授
学科、专业名称：管理学财务管理
学位类型：学术学位
论文提交日期：
论文答辩日期：2022年5月26日
答辩委员会主席：
论文评阅人：
学位授予单位和日期：
摘要
本文以2011-2020年我国A 股上市公司为研究对象，选用东方财富股吧的数
据考察了股吧舆论对公司财务重述的影响。研究结果表明，首先，在财务重述的
数量方面，股吧中发表的与公司相关帖子数量越多，公司发生财务重述的可能性
越低，表明股吧作为网络媒体的形式之一，具备一定的外部监督作用。在划分语
调后，结果表明负面舆论对财务重述发生的抑制作用更强烈。进一步的，互动性
也是网络媒体平台区别于传统媒体的一大特点，因此本文考虑了不同的用户互动
参与水平带来的影响，结果显示那些具备更多用户评论和点赞的舆论关注才会显
著降低公司财务重述的概率。此外，我国特殊的国情使得不同产权性质的企业面
临不同的声誉成本，产权性质的分组检验结果表明股吧舆论能够显著降低声誉成
本更高的国有企业的财务重述可能性，而对非国有企业的财务重述没有显著影响。
其次，在财务重述的质量方面，结果表明，一方面尽管不同类型的财务重述在滞
后性上具有差异但股吧舆论对公司财务重述的滞后性没有显著影响；另一方面股
吧舆论对因公司内部统计错误导致的技术类财务重述没有显著影响而对经济后
果较为严重的监管类财务重述有显著抑制作用。最后在选用公司上市年限和互联
网普及率作为工具变量进行内生性检验后，以上结论保持不变。在考虑滞后一阶
的被解释变量的动态模型后，结果也保持稳健。本文丰富了媒体对财务重述影响
的文献，也扩展了对股吧这一网络媒体平台的研究，对法律外因素如何更好起到
公司治理作用提供了相关的新的视角。
关键词：股吧舆论，财务重述，用户互动参与，声誉
I
Abstract
Taking China's A-share listed companies from 2011to 2020as the research object,
this paper selects the data of Eastmoney stock bar to investigate the impact of stock bar
public opinion on the company's financial restatement.The results show that,firstly,in
terms of the number of financial restatements,the more posts related to the company in
the stock bar,the lower the possibility of financial restatement,indicating that the stock
bar,as one of the forms of network media,has a certain role of external supervision.
After dividing the intonation,the results show that negative public opinion has a
stronger inhibitory effect on financial restatement.Furthermore,interactivity is also a
major feature of the network media platform different from traditional media.Therefore,
this paper considers the impact of different levels of user interaction and participation.
The results show that the public attention with more user comments and likes will
significantly reduce the probability of financial restatement.In addition,China's special
national conditions make enterprises with different property rights face different
reputation costs.The grouping test results of property rights show that stock bar public
opinion can significantly reduce the possibility of financial restatement of state-owned
enterprises with higher reputation costs,but has no significant impact on the financial
restatement of non-state-owned enterprises.Secondly,in terms of the quality of
financial restatement,the results show that on the one hand,although different types of
financial restatement have differences in lag,stock bar public opinion has no significant
impact on the lag of corporate financial restatement;on the other hand,the public
opinion of stock bar has no significant impact on the technical financial restatement
caused by the internal statistical errors of the company,but has a significant inhibitory
effect on the non-technical financial restatement with serious economic consequences.
Finally,after selecting the company's listing years and Internet penetration as
instrumental variables for endogenous test,the above conclusions remain unchanged.
After considering the dynamic model of the explained variable with first-order lag,the
result also remains robust.This paper enriches the literature on the impact of the media
II
on financial restatement,expands the research on the network platform of stock bar,
and provides a new perspective on how to better play its role in corporate governance.
Key words:Public opinion of stock bar,Financial restatement,Users engagement,
Reputation
III
目录
1绪论.........................................................................................................1
1.1研究背景...........................................................................................1
1.2研究意义...........................................................................................4
1.3研究思路与方法...............................................................................6
1.3.1研究思路.....................................................................................6
1.3.2研究方法.....................................................................................7
1.4论文结构安排...................................................................................8
1.5研究贡献与不足.............................................................................10
2文献综述...............................................................................................12
2.1财务重述.........................................................................................12
2.1.1财务重述的动因.......................................................................12
2.1.2财务重述的经济后果...............................................................15
2.2媒体关注.........................................................................................16
2.2.1媒体关注的影响.......................................................................16
2.2.2股吧相关的研究.......................................................................19
2.3用户互动参与.................................................................................20
2.4文献述评.........................................................................................21
3理论基础与研究假设..........................................................................23
3.1理论基础.........................................................................................23
3.1.1信息不对称理论.......................................................................23
3.1.2代理理论...................................................................................24
3.1.3声誉机制...................................................................................25
3.2研究假设.........................................................................................26
4研究设计...............................................................................................30
4.1样本选取.........................................................................................30
4.2变量度量.........................................................................................30
4.3实证模型.........................................................................................33
5实证检验...............................................................................................34
5.1描述性统计分析.............................................................................34
5.2相关性分析.....................................................................................37
5.3实证分析.........................................................................................40
5.3.1假设检验分析...........................................................................40
5.3.2稳健性检验...............................................................................52
6结论.......................................................................................................56