摘要
本文首次在细分年报重述类型的基础上,对我国上市公司年报重述的公告效应进行了较为系统的研究。以2004年1月1日至2007年12月31日之间发布年报补充或更正公告的691家上市公司为样本,实证发现,重述公告整体而言具有微弱的负面市场反应,但不同类型重述公告的市场反应各异,投资者关注重述公告的焦点在于重述是否影响公司价值判断。具体而言,更正公告、因会计问题导致的重述、重述内容涉及核心会计指标或调低了公司盈余、重述涉及多个会计年度以及重述消息是坏消息时,市场反应显著为负;极少数重述公告带来了好消息,市场反应显著为正。重述公告的市场价值相关性表明,进一步引导和规范上市公司的年报重述行为以保护投资者利益显得极为迫切。
Based on specifical classifications,this paper conducts a relatively systemic study on market reactions to restatement announcements of Chinese listed companies for the first time.Using a sample of 691 restated firms between January 1,2004 and December 31,2007,the results show that market reactions to restatement announcements are very weak negative overall,but different types of restatements react differently,and the investors focus on whether restatement announcements affect the firm's value.Specifically,there are negative market reactions to correction announcements,announcements that caused by accounting problems,related to core accounting indicators or reduing eownings,and the bad news.Few restatement announcements bring good news and cause significant positive market reactions.Therefore,it's extremely urgent to further standardize and guide the restatement behavior of Chinese listed companies in order to protect the interests of investors.
出处
《会计研究》
CSSCI
北大核心
2009年第8期31-39,共9页
Accounting Research
基金
"上证联合研究计划第十九期课题"的最终研究成果之一
国家自然科学基金(项目编号:G0205-70572092)
教育部人文社会科学重点研究基地基金(项目编号:07JJD630009)
教育部新世纪优秀人才支持计划(项目编号:NCET-06-0565)的资助
