经济管理
經濟管理
경제관리
Economic Management Journal（EMJ）
2011年
7期
112~120
,共null页
财务报表重述 事件研究法 市场反应 累计超额收益率
財務報錶重述 事件研究法 市場反應 纍計超額收益率
재무보표중술 사건연구법 시장반응 루계초액수익솔
restatement of financial statements; event study; market reaction; cumulative abnormal return
近年来，上市公司财务报表重述现象日趋频繁，引起了监管层、投资者和国内外学者的广泛关注。本文以2008～2010年沪深两地A股上市公司发布的234份财务报表重述公告为研究对象，运用实证研究方法，全面、系统地分析了财务报表重述的市场反应，以考察不同特征重述公告发布前后的股价表现。研究表明，我国股票市场对重述公告的特征具有一定的识别能力：更正公告，涉及核心利润、税费问题的重述公告，调减盈余的重述公告以及较高频率的报表重述均会带来显著的负面市场反应；而其他特征的重述公告发布前后的市场反应较为微弱。最后，本文根据实证分析结果提出了相应的对策建议。
近年來，上市公司財務報錶重述現象日趨頻繁，引起瞭鑑管層、投資者和國內外學者的廣汎關註。本文以2008～2010年滬深兩地A股上市公司髮佈的234份財務報錶重述公告為研究對象，運用實證研究方法，全麵、繫統地分析瞭財務報錶重述的市場反應，以攷察不同特徵重述公告髮佈前後的股價錶現。研究錶明，我國股票市場對重述公告的特徵具有一定的識彆能力：更正公告，涉及覈心利潤、稅費問題的重述公告，調減盈餘的重述公告以及較高頻率的報錶重述均會帶來顯著的負麵市場反應；而其他特徵的重述公告髮佈前後的市場反應較為微弱。最後，本文根據實證分析結果提齣瞭相應的對策建議。
근년래，상시공사재무보표중술현상일추빈번，인기료감관층、투자자화국내외학자적엄범관주。본문이2008～2010년호심량지A고상시공사발포적234빈재무보표중술공고위연구대상，운용실증연구방법，전면、계통지분석료재무보표중술적시장반응，이고찰불동특정중술공고발포전후적고개표현。연구표명，아국고표시장대중술공고적특정구유일정적식별능력：경정공고，섭급핵심리윤、세비문제적중술공고，조감영여적중술공고이급교고빈솔적보표중술균회대래현저적부면시장반응；이기타특정적중술공고발포전후적시장반응교위미약。최후，본문근거실증분석결과제출료상응적대책건의。
In recent years, more and more restatement announcements of listed companies are released, and this phenomenon has attracted increasing attention of the regulators, investors and scholars. We chose 234 financial restatements announced by A-share companies in the stock markets of Shanghai and Shenzhen during 2008 to 2010, had an empirical analysis of the market reactions during the short period of time before and after a financial restatement was announced. The result showed that Chinese stock market had certain recognition capacity of different restatements. Correcting announcements, restatements concerning core profit and taxes, restatements because of earning adjustment, and frequent restatements of financial statement could bring obvious negative market reactions. However, the market reactions were relatively being weak when other forms of restatements are announced. In the end, we proposed some tentative suggestions according to the study.
