我国上市公司财务报表重述的市场反应研究

Research on the Market Reaction toward Restatement of Financial statements of Listed Companies in China

近年来,上市公司财务报表重述现象日趋频繁,引起了监管层、投资者和国内外学者的广泛关注。本文以2008～2010年沪深两地A股上市公司发布的234份财务报表重述公告为研究对象,运用实证研究方法,全面、系统地分析了财务报表重述的市场反应,以考察不同特征重述公告发布前后的股价表现。研究表明,我国股票市场对重述公告的特征具有一定的识别能力:更正公告,涉及核心利润、税费问题的重述公告,调减盈余的重述公告以及较高频率的报表重述均会带来显著的负面市场反应;而其他特征的重述公告发布前后的市场反应较为微弱。最后,本文根据实证分析结果提出了相应的对策建议。

In recent years, more and more restatement announcements of listed companies are released, and this phenomenon has attracted increasing attention of the regulators, investors and scholars. We chose 234 financial restatements announced by A-share companies in the stock markets of Shanghai and Shenzhen during 2008 to 2010, had an empirical analysis of the market reactions during the short period of time before and after a financial restatement was announced. The result showed that Chinese stock market had certain recognition capacity of different restatements. Correcting announcements, restatements concerning core profit and taxes, restatements because of earning adjustment, and frequent restatements of financial statement could bring obvious negative market reactions. However, the market reactions were relatively being weak when other forms of restatements are announced. In the end, we proposed some tentative suggestions according to the study.