上市公司财务重述公告的市场反应研究

本文利用事件研究法对发布财务重述公告的上市公司在公告日前后的市场反应进行了检验，并对比分析了不同类型重述公告引发的市场反应的差异。研究发现，上市公司的财务重述具有显著的负面市场反应，且不同类型重述公告的市场反应各异。由收入确认问题引发的财务重述，其负面市场反应大于由其他问题导致的财务重述的市场反应；当重述公告涉及范围广、重述发起人为外部监管机构、重述涉及核心会计指标以及重述导致盈余调减时，其负面市场反应更为显著。

An Empirical Study on Market Reactions to Financial Restatement Announcements of Listed Companies

This paper uses the method of event study to test the market reaction of listed companies which release the announcements of financial restatement, then compares and analyzes the difference of market reaction that induced by various types of restatement announcements. Research shows that financial restatements of listed companies have significant negative reactions, and the reactions of various types of restatement announcements are different. The reactions of restatement that induced by income problems are greater than that induced by other problems. When the announcements refer to a wider scope and core-accounts, the sponsor are external regulatory authority and the restate ments lead to earnings decrease, the reactions are more significant.