财务重述公司盈余反应系数研究——基于中国上市公司年报财务重述的经验证据

发布时间：2018-07-13 12:19

【摘要】：GAO(2002)的研究报告指出,投资者对财务报告的信心是证券市场有效运作的重要保证。近年来,财务重述现象在国内外呈现出"蔓延"局势,国外一系列研究表明财务重述对公司价值产生负面影响,而比短期的市场价值受损更可怕的是投资者对重述公司的信任度大打折扣,对整个资本市场的信心下降。中国上市公司的重述现象也不容乐观,但是对于财务重述经济后果的研究相对较少。因此本文主要考察重述报告对重述公司的盈余反应系数的影响,通过理论分析与数据检验投资者对财务重述公司盈余信息的反应程度,研究发现重述公告使重述公司特别是涉及核心会计指标重述公司盈余反应系数降低。以期通过本文的研究为上市公司敲响警钟,并为监管部门对财务重述行为进行规范监管提供经验证据。
[Abstract]:According to the GAO (2002) study, investors' confidence in financial reporting is an important guarantee for the effective functioning of the securities market. In recent years, the phenomenon of financial restatement has been "spreading" at home and abroad. A series of studies abroad have shown that financial restatement has a negative impact on the value of the company. What is more frightening than the short-term market value damage is that investors' confidence in restated companies has been reduced and confidence in the capital markets as a whole has fallen. The phenomenon of restatement of listed companies in China is not optimistic, but there are few researches on the economic consequences of financial restatement. Therefore, this paper mainly studies the effect of restatement report on restatement company's earnings response coefficient, and tests the degree of investor's reaction to financial restatement company's earnings information through theoretical analysis and data analysis. It is found that the restatement announcement reduces the coefficient of response to restatement, especially to the core accounting indicators. The purpose of this paper is to sound the alarm for listed companies and provide empirical evidence for regulatory authorities to regulate financial restatement behavior.
【作者单位】：武汉科技大学管理学院会计学系;暨南大学管理学院会计学系;
【基金】：国家自然科学基金重点项目(71032006) 广东省普通高校人文社会科学重点研究基地重大研究项目(04JDXM63006)的资助
【分类号】：F275;F832.51;F224

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