Abstract: Using the data of listed companies on SME Board and GEM Board from 2011 to 2020, this paper examines the impact of the digital finance development on the quality of accounting information of small and medium-sized enterprises from the perspective of financial restatement. The study finds that the development of digital finance can reduce the financial restatement behavior of small and medium-sized enterprises by alleviating financing constraints, improving internal control of enterprises and promoting executive compensation incentives. Further research shows that the coverage breadth and depth of digital finance are the important reasons for restraining financial restatement, while the degree of digitalization has no significant effect on financial restatement. Furthermore, the governance effect of digital finance is more significant in non-state-owned enterprises and subgoups with low-level digital development, low-level external audit supervision, low shareholding ratio of institutional investors, low-level regional financial development, and low-level investor protection, which shows that there is a “compensation mechanism” for the governance effect of digital finance.

Key words: Digital Finance, Accounting Information Quality, Financial Restatement, Governance Effect

摘要： 本文以2011—2020年中小板和创业板上市公司为样本,从财务重述视角考察了数字金融发展对中小企业会计信息质量的影响。研究发现,数字金融发展可以缓解融资约束、完善企业内部控制、促进高管薪酬激励,从而减少中小企业财务重述行为。进一步研究发现,数字金融覆盖广度及使用深度特征是抑制财务重述的重要原因,而数字化程度对财务重述的影响不显著;数字金融的治理效应在非国有企业、数字化发展水平低、审计监督水平低、机构投资者持股比例低、地区金融发展水平低及投资者保护程度低的分组中更显著,说明数字金融的治理效应存在“补偿机制”。

关键词: 数字金融, 会计信息质量, 财务重述, 治理效应