我国上市公司财务重述的市场反应

发布时间：2018-05-28 09:59

本文选题：财务重述 + 市场反应　；参考：《广东商学院》2012年硕士论文

【摘要】：近几年，年报重述现象在我国证券市场上越来越普遍。年报重述通常表明先前发布的信息存在错误或遗漏，这可能会使投资者对信息披露质量甚至重述公司的经营管理产生质疑，从而有可能影响公司在资本市场上的表现。文章以2009-2011年沪市A股和深市主板A股上市公司发布的359份年报更正、补充和更正及补充公告作为研究对象，，探讨市场对重述公告的反应，目的在于研究我国特有的经济背景和制度下，我国证券市场是否对财务重述公告发布的信息做出反应，以及包含的信息和管理层选择公告发布的时机能否合理地解释股价的变动。文章首先对国内外财务重述制度和研究文献进行了总结评述，并基于财务重述的相关理论提出本文的假设；其次，对研究进行设计，并筛选出实验样本；最后，文章以筛选的样本作为研究对象，采用事件研究法，测算重述公司在指定事件期内的股票累计超常收益率，并以此为基础将单样本均值t检验与多元回归分析相结合进行实证考察。结果显示，上市公司年报重述从整体而言对公司价值存在一定的负面影响，但不同类型重述公告的市场反应各异，这可能与投资者对重述公告的关注焦点不同或性质判断不同有关。具体而言，相对于补充公告，市场对更正公告和更正及补充公告表现出的负反应更为剧烈，由外部机构发起的公告和涉及核心会计指标的公告，其市场反应显著为负，而与定期报告一起发布的重述公告对市场的影响是正面的。最后，针对研究结论，结合我国证券市场的情况，提出本文的建议。
[Abstract]:In recent years, the phenomenon of annual report restatement is becoming more and more common in China's securities market. The restatement of the annual report usually indicates that there are errors or omissions in the information previously released, which may make investors question the quality of the information disclosure and even the management of the company, which may affect the performance of the company in the capital market. In this paper, 359 annual report corrections, supplements and corrections and supplementary announcements issued by A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Market in 2009-2011 are taken as research objects to explore the market reaction to restatement announcements. The purpose is to study whether the securities market in China responds to the information released by the financial restatement announcement under the unique economic background and system of our country. And whether the information contained and the timing of the announcement can reasonably explain the stock price movements. Firstly, the article summarizes and comments the financial restatement system and research literature at home and abroad, and puts forward the hypothesis of this paper based on the related theory of financial restatement. Secondly, the research is designed, and the experimental samples are screened out. This paper takes the selected samples as the research object and uses the event research method to calculate the cumulative extraordinary return rate of the shares of the restatement company during the specified event period. On the basis of this, the single sample mean t test and multiple regression analysis are combined for empirical investigation. The results show that the restatement of the annual report of the listed company has a certain negative impact on the value of the company as a whole, but the market reaction of different types of restatement announcements is different. This may have something to do with investors' different focus or nature judgment on restatement announcements. In particular, the market has shown a more intense negative reaction to corrections and supplementary announcements than supplementary announcements, and the market response has been significantly negative for announcements initiated by external agencies and those relating to core accounting indicators. The impact of the restatement announcement along with the periodic report on the market is positive. Finally, according to the conclusion of the study, combined with the situation of China's securities market, this paper puts forward some suggestions.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】