财务报告质量与投资者保护——基于事件研究法的实证考察

Financial Reporting Quality and Investor Protection——An empirical test based on event study

西方国家大量的实证研究表明,财务报告具有经济后果。在中国新兴的资本市场,财务报告是否具有信息含量,进而带来市场反应,是否保护或损害投资者的利益,目前的实证研究不仅比较鲜见,而且结论尚不一致。文中以因舞弊财务报告而被中国证监会处罚的41家上市公司为样本,运用事件研究法(event study)考察了财务报告质量与投资者保护之间的经验关系。证据表明,那些因舞弊财务报告而受到证监会处罚的上市公司,其股价的超额收益率显著为负。这些公司的投资者因为公司舞弊蒙受了较大的损失,研究还发现市场存在消息提前泄漏的现象。

Lots of empirical studies have found that financial reporting have economic consequences. But in China emergency market, whether financial reporting has information and market reaction, whether it protects or harms investor, there is no evidence study, and the conclusion is not consistent. The article tests the relationship between financial reporting ,abnormal return and investor protection empirically by means of event study which is based on 41 firms who have been fined by CSCR because of issuing fraudulent financial reporting. The evidence shows that abnormal return of these firms are negative. The investors have suffered large losses.