公司战略、大股东持股与财务欺诈
Corporate Strategy,Major Shareholders and Financial Fraud

以2001—2015年我国A股上市公司为样本，考察企业公司战略定位对财务欺诈行为的影响，研究发现：公司战略对财务欺诈行为有显著影响，公司战略定位越激进，越可能导致财务欺诈行为的发生；经过稳健性测试后，结果依然成立。进一步研究发现：提高大股东持股比例，可以增强大股东对管理者的“监督效用”，从而提升企业内部监督效率，进而抑制公司战略对财务欺诈行为的影响。
This paper uses A share listed companies from 2001 to 2015 in China’s capital market as the sample,and empirically analyzes the relationship between corporate strategy and financial fraud. It comes to the results as follows:firstly,the corporate strategy has a significant influence on financial fraud; the more radical of corporate strategic positioning，the more likely the companies financial fraud occurs; furthermore，and after a series of robustness tests，the result remains valid. Secondly,improving the shareholding ratio of strong shareholders could strengthen the “supervision effect” of major shareholders to managers，which will improve enterprise internal supervision efficiency，thereby inhibiting the impact of the corporate strategy on financial fraud.