财务重述、年报披露及时性与股价波动性.docVIP

财务重述、年报披露及时性与股价波动性 马晨 程茂勇 张俊瑞 西北大学经济管理学院 西安交通大学经济与金融学院 西安交通大学管理学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 本文检验了财务重述公司的年报披露及时性是否低于未发生财务重述的公司的年报披露及时性。研究表明财务重述公司的年报披露及时性的确低于非重述公司。此外,本文用重述方向、重述金额、被重述的年度数、重述涉及的差错数以及是否涉及核心账户来衡量财务重述的严重程度,发现及时性会与重述严重程度呈现此消彼长的关系。较低的年报披露及时性意味着信息不对称,降低了信息含量,可能会导致股价波动性。财务重述通常伴随着信息风险的增加,能够增强年报披露及时性对股价波动性的负向影响,而且这种关系在负向财务重述中比在正向财务重述总更为明显,表明负向财务重述是恶性的重述,而正向财务重述可能只是管理层的信息供给,有助于降低信息不对称。 关键词： 财务重述; 及时性; 股价波动性; 作者简介：马晨:通讯作者,讲师,西北大学经济管理学院; 作者简介：程茂勇:讲师,西安交通大学经济与金融学院; 作者简介：张俊瑞:教授,西安交通大学管理学院; 基金：国家自然科学基金项目71102095 Financial Restatement, Timeliness of Annual Report Disclosure and Stock Price Volatility Ma Chen Cheng Maoyong Zhang Junrui Abstract： In this study, we examine whether timeliness is lower for restating firm relative to non-restating firm. We present evidence that disclosure timeliness is lower for restating firm than for non-restating firm. Besides, we use restated direction, restated amount, number of restated years, number of restated errors, restated account to measure the severity of financial restatement, and find that timeliness is negatively related to this severity. Low timeliness of annual report disclosure means information asymmetry, decreasing information risk, which may lead to stock price volatility. Financial restatement is often related to ascending firm risk, we find that the appearance of financial restatement does amplify the negative relationship between volatility and disclosure timeliness, this relationship is more pronounced in firm with income decreasing restatement, indicating that income decreasing restatement is malicious restatement. On the other hand, this negative relationship between information risk and disclosure timeliness does not hold for income increasing restatement firm, suggesting that income increasing restatement is just information supply from management, helping to reduce information asymmetry. Keyword： Financial restatement Timeli