財務報導系統在新冠疫情期間是否正常運作?來自財報誤述可能性之證據

Does the Financial Reporting System Function Properly during Covid-19? Evidence from the Likelihood of Misstatement

本研究探討新冠疫情爆發後財務報表誤述可能性是否產生變化。透過分析美國上市公司，本研究發現相較於未受影響的公司，受新冠疫情影響的公司其財務報表誤述可能性顯著降低，且此效果在總部位於疫情嚴重州別的公司中更為顯著。這些結果顯示監理機關、企業與會計師透過強化監督機制與採用數位科技，共同因應財務報導挑戰，使財務報導系統在疫情期間得以正常運作。此外，本研究進一步發現儘管高槓桿公司在新冠疫情衝擊下操縱盈餘以避免違反債務契約條款的誘因較高，但這些受影響的高槓桿公司在疫情後維持與疫情前相同的財務報表誤述可能性。

This study investigates whether financial misstatement likelihood changed following the COVID-19 pandemic. Analyzing U.S. listed companies, this study finds firms affected by COVID-19 experienced a significant reduction in misstatement likelihood compared to unaffected firms, with the effect more pronounced among companies headquartered in severely impacted states. These results suggest regulators, companies, and auditors collectively addressed financial reporting challenges through enhanced monitoring and digital technology adoption, enabling proper financial reporting system function during the pandemic. Notably, despite COVID-19 causing adverse cash flow shocks that potentially increased high-leverage firms' incentives to manipulate earnings to avoid debt covenant violations, this study finds affected high-leverage firms maintained the same misstatement likelihood post-pandemic as before.