我国上市公司财务报告重述及其市场反应研究

发布时间：2018-08-09 14:00

【摘要】：随着我国经济的迅猛发展，我国资本市场的建设也取得了很大的跨越，投资者的数量越来越多，投资热情持续升温。与此同时，财务报告作为投资者了解上市企业财务状况、经营成果和现金流量的主要途径，其披露信息的质量一直受到各界的关注。自有效市场假说提出以来，一个高效、真实的财务报告一直被视为证券市场健康、快速发展的关键。反过来说，只有上市企业有一个高效、真实、可靠的财务信息披露质量，才可能形成一个健康的证券市场。然而，近些年来，国内外出现的对财务报告重述的现象愈演愈烈，严重的影响了财务信息披露的质量，降低了投资者的投资热情，从而严重阻碍了证券市场的健康发展。为此，国内外学者也认真研究了此种现象，他们选取一定的研究方法从不同的角度研究了与财务报告重述相关的各个方面，取得了一定的成果。与国外的研究相比，我国证券市场建设较晚，财务报告重述的现象发现也晚一些，因而使得我国有关财务报告重述的研究较浅。除此之外，由于我国本身的经济环境和制度背景都有一定的特殊性，财务报告重述能否像国外学者研究的一样在我国证券市场上也会产生一定的市场反应，此问题值得商榷，为此本文认为对我国财务报告重述的市场反应进行研究是十分必要的。本文内容主要包括以下几个部分：第一部分绪论，，介绍了本文研究的背景、意义方法、本文的创新点、研究框架，并对有关财务报告重述的国内外文献进行了梳理，分析总结前人研究成果和研究不足，以为本文研究探明方向；第二部分为财务报告重述的市场反应的理论分析，主要包括财务报告重述相关概念的界定，有效市场假说的介绍，财务报告重述市场反应的作用机理以及事件研究法的说明；第三部分为实证设计部分，介绍本文的研究假设、样本的选取和来源以及具体的研究步骤；第四部分为得出实证结果并对其进行分析，验证上部分所提假设的正确性；第五部分为研究结论、政策建议、不足及展望。通过本文研究发现：企业进行财务报告重述会引起负的市场反应；不同类型的财务报告重述会引起不同程度的市场反应，其中更正类财务报告重述引起的市场反应最为剧烈，补充更正类次之，补充类引起的市场反应最小；涉及不同内容的财务报告重述引起的市场反应程度也不相同，其中涉及利润减少的财务报告重述会引起最为剧烈的负反应，不涉及利润变动类次之，利润增加类最小；不同原因进行的财务报告重述的市场反应也不相同，强制性进行的财务报告重述比自愿进行的会引起更大的负的市场反应。
[Abstract]:With the rapid development of our country's economy, the construction of our capital market has made a great leap forward, the number of investors is more and more, and the investment enthusiasm continues to heat up. At the same time, as the main way for investors to understand the financial situation, operating results and cash flow of listed enterprises, the quality of disclosure information has been concerned by all walks of life. Since the efficient market hypothesis was put forward, an efficient and real financial report has been regarded as the key to the healthy and rapid development of the securities market. On the other hand, only if listed enterprises have an efficient, true and reliable quality of financial information disclosure, can a healthy securities market be formed. However, in recent years, the phenomenon of financial restatement at home and abroad has become more and more serious, which has seriously affected the quality of financial information disclosure, reduced the investment enthusiasm of investors, and seriously hindered the healthy development of the securities market. For this reason, scholars at home and abroad have also studied this phenomenon seriously. They have selected certain research methods to study various aspects related to financial restatement from different angles, and have achieved certain results. Compared with foreign research, the construction of securities market in our country is late, and the phenomenon of financial report restatement is discovered later, which makes the research of financial report restatement in our country shallow. In addition, due to the particularity of our country's own economic environment and institutional background, whether the restatement of financial reports can produce a certain market reaction in the securities market of our country, as studied by foreign scholars, is open to question. Therefore, it is necessary to study the market reaction of financial restatement in China. The content of this paper mainly includes the following parts: the first part is introduction, which introduces the background, meaning method, innovation of this paper, research framework, and combs the domestic and foreign literature about financial report restatement. The second part is the theoretical analysis of the market reaction of financial report restatement, including the definition of the related concepts of financial report restatement, the introduction of efficient market hypothesis. The third part is the empirical design part, which introduces the research hypothesis, sample selection and source, as well as the specific research steps; the financial report restates the mechanism of the market reaction and the explanation of the event research method, the third part is the empirical design part, introduces the research hypothesis, the sample selection and the source, and the concrete research steps; The fourth part is to obtain the empirical results and analyze them to verify the validity of the hypothesis mentioned in the above part. The fifth part is the conclusion of the research, policy recommendations, shortcomings and prospects. Through the research of this paper, it is found that the financial report restatement of enterprises will cause negative market reaction, and different types of financial report restatement will cause different degree of market reaction, among which the market reaction caused by the corrected financial report restatement is the most intense. The second category is supplementary correction, and the least market reaction is caused by supplement; the degree of market reaction caused by restatement of financial report involving different content is also different, and the restatement of financial report involving reduced profits can cause the most severe negative reaction. Not involving the category of profit changes, the category of profit increase is the least; different reasons for the financial report restatement of the market reaction is also different, mandatory financial report restatement will cause a greater negative market reaction than voluntary restatement.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F231.5;F832.51;F224

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