摘要
本文以事件研究法为基础,分析了财务重述前后每股盈余、每股现金流量和超额报酬率之间的相关性,研究表明:我国上市公司财务重述的内容多为负面消息,延迟发布不良信息成为管理层普遍采用的做法。财务重述期间平均超额收益率显著为负,市场投资者并没有因为上市公司的"积极"修正财务报告而提高对公司财务报告的信任,反而视其为上市公司进行盈余管理的一种伎俩,财务重述发生之后,投资者对财务报告信息信任度降低,转而选择诸如现金流量等不易被操纵的指标。
Time delay and randomness of disclosure makes financial restatement which is used to provide more reliable and relevant accounting information become the way to operate profit.The paper based on event method,contrasts the relevant between per-share earning and cumulative abnormal return,cash flow per share and cumulative abnormal return before and after financial restatement.The research shows that our country listed companies financial restatement always are negative,and to delay the bad information disclosure is the common method the managers use.Average cumulate abnormal return is significant negative,the investors doesn't increase the trust to the financial reports because of the listed companies' positive correction action.On the contrary,the investors consider financial restatement as earning management,and decrease the trust to the financial reports and choose the index which is not easy to be manipulated,such as cash flow.So the paper advise to enhance the supervision to financial restatement through perfect financial restatement system,corporate governance and audit supervision.
出处
《财会通讯(下)》
北大核心
2015年第6期75-78,129,共4页
Communication of Finance and Accounting
基金
江苏省高校社会科学基金项目"上市公司财务重述与公司价值研究"(项目编号:15SJD630034)
三江学院教育教学改革研究课题之财务管理优秀课程建设项目阶段性成果
关键词
财务重述
每股盈余
每股现金流量
超额报酬率
Financial restatement
Earnings per share
Cash flow per share
Cumulate abnormal return