上市公司盈余重述价值相关性

The Value Relevance of Listed Companies' Earning Restatements

以1999~2009年发布盈余重述公告的上市公司为样本,采用价格模型和报酬模型研究了上市公司盈余重述的价值相关性。研究表明,我国上市公司披露的盈余重述信息不具有价值相关性,市场对重述传达的盈余信息的信任度较低,重述没有影响投资者对公司价值的判断,但非核心重述具有显著的负的市场反应。因此,对盈余重述行为应重点关注,加强对上市公司信息披露行为的规范和监管。

This paper studies earning restatements value relevance of Chinese listed companies with the price model and returns model,using earnings restatements announcement listed companies from 1999 to 2009 as the samples.The results show that earning restatements have no value relevant in Chinese capital market.Market s reliance on earning restatements information is minimal,and restatements can t influence investors value judgments.But there are negative market reactions to non-core restatements.Therefore,we sh...