财务重述公司盈余反应系数研究——基于中国上市公司年报财务重述的经验证据.pdfVIP

财务重述公司盈余反应系数研究 ——基于中国上市公司年报 务重述的经验证据 1 2 陈晓敏 胡玉明 1.武汉科技大学管理学院会计学系， 湖北 武汉430000；2.暨南大学管理学 院会计学系， 广东 广州 510632） 摘要：GAO 2002）的研究报告指出，投资者对财务报告的信心是证券市场有效 运作的重要保证。近年来，财务重述现象在国内外呈现出“蔓延”局势，国外一 系列研究表明财务重述对公司价值产生负面影响，而比短期的市场价值受损更可 怕的是投资者对重述公司的信任度大打折扣，对整个资本市场的信心下降。中国 上市公司的重述现象也不容乐观，但是对于财务重述经济后果的研究相对较少。 因此本文主要考察重述报告对重述公司的盈余反应系数的影响，通过理论分析与 数据检验投资者对财务重述公司盈余信息的反应程度，研究发现重述公告使重述 公司特别是涉及核心会计指标重述公司盈余反应系数降低。以期通过本文的研究 为上市公司敲响警钟，并为监管部门对财务重述行为进行规范监管提供经验证 据。 关键词：财务重述；经济后果；盈余反应数 Abstract:GAO (2002) research report, investor confidence in financial reporting is an important guarantee for the effective functioning of securities markets.In recent years the phenomenon of financial restatements showing a spread the situation, both home and abroad. A series of foreign studies have shown the negative impact on the value of the financial restatement company, while more frightening consequences is that investors reduced the reliance of financial restatement company, the confidence of the entire capital market aslo decline.The situation of financial restatements of China in recent years is aslo not optimistic ,but there are relative little study on the economic consequence of the firms with financial restatements.This paper tests the relationship between financial restatements and earnings response coefficients, finding that financial restatements lead decreased earnings response coefficients, indicating that the decline of investor confidence and dependency on the earnings information of listed companies. According to the analysis with grouping research on economic consequences, this paper discoveries the investor pays more attentions to the core accountant restatement companies, with the lower earnings response coefficient.This study will provide Chinese listed companies with