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论文编号：	7456
作者编号：	2120132380
上传时间：	2015/6/10 9:21:51
中文题目：	财务重述公告的市场反应研究
英文题目：	Research on the market reaction of the financial restatement announcement
指导老师：	边泓
中文关键字：	财务重述;盈余管理;市场反应
英文关键字：	financial restatement;market reaction;earnings management
中文摘要：	现代经济社会中，资源配置的重要场所之一便是证券市场。而信息披露制度的成熟程度的高低很大程度上决定了资本市场能否有效运作。上市企业对外披露的重要载体为公司年度的财务报告，故而财务报告的信息质量显得尤为重要。与国外上市公司财务重述越来越严重的现状相呼应，我国资本市场也出现了类似的重述现象，对我国证券市场的信息披露环境构成了严峻挑战。学者们对此现象背后的原因进行了大量的研究发现，上市公司的管理者为了达到各种经济目的而运用盈余管理手段，最终导致了财务重述。特别是管理当局对会计政策、会计估计的选择具有很大的空间，最终得出的财务报告可能误导信息使用者。由此可见，从本质上研究财务重述行为的公告效应是非常重要的。从而可以探索市场投资者是否能够很好地对财务重述报告内容进行识别，进一步揭示我国资本市场的有效性程度高低。同时，提出一些建议，为我国不断修正完善会计信息披露制度做出微薄贡献，使得我国资本市场健康、有序地发展。本文基于盈余管理对于财务重述公司的市场反应进行研究。首先，本文按照财务重述披露的意愿性以及财务重述披露的内容对财务重述公告进行了分类，研究市场对于哪一种类型的财务重述报告的负面反应更高，为我国资本市场中信息使用者提供了识别分析依据。第二，本文研究了盈余管理程度与财务重述导致的市场反应之间的关系，探讨了在我国现有资本市场有效性的条件下，投资者们能否通过企业所披露的信息识别出盈余管理程度高的企业并对其做出反应。第三，本文将研究样本局限于高报盈余以及由于监管导致的财务重述报告，提高了研究的准确性以及稳健性。第四，本文肯定了财务重述确实会带来负面的反应，而高管前期的盈余管理是财务报表重述的一个主要原因，但是不能以偏概全，本文选取了前期高报盈余以及由于监管导致的财务报表重述样本，并且按照财报重述的意愿和内容细分，研究前期盈余管理程度与财务重述公告的市场反应之间的关系。
英文摘要：	In the modern economic society ,the securities market is one of the important place of resource allocation. Whether the securities market can be effective is depend on the maturity degree of the information disclosure system. The annual financial report is an important carrier of the information of listing Corporation. On the other hand ,the interest related people can obtain the information of enterprise production and management from the financial statements. So the quality of the information in the financial statement is particularly important. With more and more financial restatements in foreign listing Corporation, China’s security market has also appeared similar phenomenon, which poses severe challenges to the information disclosure environment. Scholars have conducted a lot of research findings about the essential reason behind this phenomenon. The managers of the listing Corporation conduct earnings management in order to achieve a variety of economic purposes, eventually leading the financial restatement. Especially the management authorities have great space of the accounting policy, and choice of accounting estimate, which makes the final financial statement may blind the users’eyes. Therefore, it’s very important to study and analyse the motivation, the means and the effect of financial restatement announcement. Thus we can explore that whether the market investors are able to identify and distinguish the content of restatement well, further revealing the effectiveness level of China’s capotal market. At the same time. we can put forward some advice for our country to perfect the disclosure system of accounting information, and to make our capital market healthy and orderly develop. On the basis of previous studies, this paper studies the market reaction to the financial restatement based on the earnings management. Firstly, according to the willingness and content of financial restatement, this paper studies that for which type of restatement, the negative reaction is higher. and provides the basis of the identification analysis of restatements for information users in China’s capital market.Secondly ,this paper studies the relationship between the market reaction to financial restatements and the degree of earnings management and discusses whether investors can identify th degree of earnings management of enterprises that restate under the effectiveness of modern capital market and react in response.Thirdly,this paper limits the sample to earnings overstated restatement to improve the accuracy and robustness of empirical study. Fourth,this paper affirms the financial restatements will indeed bring negative reaction,and earnings management is a major cause of the financial statement restatements.This paper studies the the relationship between the market reaction to financial restatements and the degree of earnings management on the basis of overstated earnings sample.
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