主讲人：郑悦副教授，香港科技大学

主题：当员工发声：保密证人在财务披露欺诈股东诉讼中的作用

（When Employees Speak Up: The Role of Confidential Witnesses in Shareholder Litigation of Financial Disclosure Fraud）

时间：2026年3月16日上午10:00 -11:30

地点：主教1006会议室

主持人：林雯副教授，中央财经大学会计学院

摘要：For shareholders seeking to hold managers liable for fraudulent financial disclosures in securities lawsuits, a major hurdle is establishing managers’ intent to defraud and providing particulars of misstatements. A common practice to overcome this hurdle is to encourage employees to provide misstatement-related information. We study the determinants and consequences of involving employee confidential witnesses (ECWs) in securities lawsuits. We find that shareholders are more likely to engage ECWs when there is limited public information about misstatements, when significant negative market events hint at potential fraud, when misstating firms have higher labor intensity and employee growth rates, or when employees are less satisfied with their firms. Additional analysis reveals that ECWs from specific job functions are more knowledgeable about misstatements related to their functions. The presence of ECWs increases both the likelihood of settlement and lawsuit duration, especially when ECWs provide more specific information about misstatements. Our study sheds new light on the role of rank-and-file employees in disciplining corporate financial disclosure fraud.

主讲人简介：郑悦现任香港科技大学商学院会计系副教授，郑教授在The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis等国际顶尖会计学和金融学期刊上发表了多篇学术论文，曾获得杰出教学奖等优秀奖项。研究领域包括公司治理，资本市场信息及监管等。

撰稿 | 林雯 王佳琪 李娅妮

排版 | 刘怡帆

审核 | 郑登津

封面图 | 张亚男