上市公司财务重述市场反应分析——基于我国上市公司的经验数据-analysis on market response of financial restatement of listed companies - based on empirical data of listed companies in china.docxVIP

IV IV Part Ⅴ. Conclusion，limitation and prospect，which present our conclusion of this study，summarized the limitations of this paper，and eventually, outlook for future research. The paper reaches some conclusions as follows：First, financial restatement will definitely lead a reaction in capital market, but the market reaction is not completely in line with content of the relevant restatement report; Second, in recent years, there are more and more financial restatement occurred in Chinese market, among which the correction reports has the highest proportion and spreads most bad news to market; Third, the overall effect of the financial restatement is negative in China, but the impact is less serious compared with the foreign capital market; Fourth, financial restatement with different characteristics lead to different market effect ， the restatement which more largely influences the value of the company will have greater impact on stock market. The innovation of this paper lies in, first, we choose the Chinese a-share companies which have released financial restatements from 2007 to 2008 as samples, to make statistical analysis and conclude the features for distribution of financial restatements. This article is based on the empirical research, supplemented with normative research．We classify and analyze the financial restatements with different natures, reasons and contents, to reach a conclusion for relevant investors and governments as reference. Key Words: Financial restatements; Market reaction; Event study; Accumulative abnormal return ratio 表 表 格 目 录 II II 表 3-1：重述公司年度分布情况表 19 表 3-2：重述公司重述次数统计情况表 20 表 3-3：三大类别重述公告统计情况表 21 表 3-4：不同性质重述公告统计情况表 22 表 3-5：不同原因重述公告统计情况表 23 表 3-6：不同内容重述公告统计情况表 25 表 4-1：重述公告发布前后超额收益率统计 33 表 4-2：三大类别重述公告在事件窗口内平均每日超额收益率统计表 34 表 4-3：三大类别重述公告平均累计超额收益率统计情况表 35 表 4-4：不同性质重述公告平均累计超额收益率统计情况表 36 表 4-5：不同原因重述公告平均累计超额收益率统计情况表 37 表 4-6：不同内容重述公告平均累计超额收益率统计情况表 39 插 插 图 目 录 III III 图 1-1：研究框架示意图 7 图 2-1：有效市场理论分类关系图 13 图 3-1：重述公司年度分布情况图