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论文编号：	2350
作者编号：	2120082085
上传时间：	2010/6/9 10:38:12
中文题目：	我国上市公司财务重述的市场反应研究
英文题目：	Research of Market Reaction to the Financial Restatement in China
指导老师：	周晓苏
中文关键字：	财务重述;累积异常收益率;投资者保护;市场反应
英文关键字：	Financial Restatement;CAR;Investor Protection;Market Reaction
中文摘要：	财务重述代表了原先发布的公告存在瑕疵，那么重新表述财务报告究竟是一种补救措施还是对市场的干扰？本文通过对我国证券市场上年报的重述公告的市场反应进行研究，发现财务重述带来的市场反应为负（即累计异常收益率为负），并且重述的发起方、重述内容的不同所带来的市场反应也具有差异。这说明财务重述的信息被投资者有效的识别，财务重述具有信号传递的作用。财务重述公告所包含的信息使得投资者可以做出理性的投资决策，从而避免了盲目投资，投资者的利益得到了有效的保护。可见，财务重述是一种有效的纠错机制。 财务重述制度是对原有的不全面的信息进行的补充，是对会计信息失真的纠正。对于财务重述的理解存在不同的观点，如：投资者保护观和决策有用观，但这两种观点并不存在本质的矛盾。 投资者保护观强调财务报告要具有透明度、中立性以及充分披露的特征，而财务重述制度就是对先前公开发布的报告的更正或者补充，以纠正会计信息的失真，从而达到保护投资者的目的。而投资者保护的一个重要目的之一就是使投资者能够根据公司的财务信息做出正确的决策，这也就是决策有用观所强调的财务报告内容的质量。但是除了财务报告本身的质量外，财务报告披露的质量也影响着是否能有效保护投资者的利益，从这个角度讲，投资者保护观是决策有用观的进一步完善。 本文的研究证实了财务重述的投资者保护机制以及信息含量，进一步的研究可以从财务重述特征识别以及动因研究的角度进行。
英文摘要：	Financial restatement is the Pandora's Box, since it's the system which means the former financial statement is incorrect. This paper examines the effect of the financial restatement and documents that it brings the market a decrease. And depending on the different initiator and the content of the financial restatement, there are some differences between market reactions. It means the information contained in the financial restatement report could be identified by the investors, so we can say that the financial restatement report would play a role in signaling. Then it helps the investors make rational investment decisions so that they can avoid blind investment. As a result, the interest of investors could be protected. Why the financial restatement system was established, here are some explanations. We can discuss it from the viewpoints of 'decision usefulness' which comes from the FASB and 'investor protection' which is formed by SEC. Actually; there is no essential difference between them. Because from the view of investor protection, we know that this idea focus on correcting the former statement and it also emphasizes that the financial statement should be transparency, neutral and full disclosure in order to protect the investors. How to do the protection? That is to give the investors the related information which can help them to make the right decisions. From this point of view, it is also the purpose of the 'decision usefulness' idea. However, the quality of the financial restatement is not only about the content of the disclosure; it is also about the format which the information is disclosed. And the view of 'investor protection' not only requires the company disclose the right information but also in a right format. So we could say that the 'investor protection' contains the 'decision usefulness'. Although the CAR which is used to test the market reaction to the financial restatement is negative, that doesn't mean the financial restatement system damages the investor's interests. Because it releases the risk in advance. But if the risk could not be released and is reserved in the end, what will happen, maybe the investors will get more loss. In general, this paper shows that the market reaction is negative and the market reaction is more negative if the financial restatement is initiated by the outside regulators and is related with the main accounting problems. Besides, this paper also gives some suggestions to the regulator and investors.
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