本文選題：財(cái)務(wù)重述 + 市場(chǎng)反應(yīng)��； 參考：《廣東商學(xué)院》2012年碩士論文

【摘要】：近幾年，年報(bào)重述現(xiàn)象在我國(guó)證券市場(chǎng)上越來(lái)越普遍。年報(bào)重述通常表明先前發(fā)布的信息存在錯(cuò)誤或遺漏，這可能會(huì)使投資者對(duì)信息披露質(zhì)量甚至重述公司的經(jīng)營(yíng)管理產(chǎn)生質(zhì)疑，從而有可能影響公司在資本市場(chǎng)上的表現(xiàn)。 文章以2009-2011年滬市A股和深市主板A股上市公司發(fā)布的359份年報(bào)更正、補(bǔ)充和更正及補(bǔ)充公告作為研究對(duì)象，，探討市場(chǎng)對(duì)重述公告的反應(yīng)，目的在于研究我國(guó)特有的經(jīng)濟(jì)背景和制度下，我國(guó)證券市場(chǎng)是否對(duì)財(cái)務(wù)重述公告發(fā)布的信息做出反應(yīng)，以及包含的信息和管理層選擇公告發(fā)布的時(shí)機(jī)能否合理地解釋股價(jià)的變動(dòng)。 文章首先對(duì)國(guó)內(nèi)外財(cái)務(wù)重述制度和研究文獻(xiàn)進(jìn)行了總結(jié)評(píng)述，并基于財(cái)務(wù)重述的相關(guān)理論提出本文的假設(shè)；其次，對(duì)研究進(jìn)行設(shè)計(jì)，并篩選出實(shí)驗(yàn)樣本；最后，文章以篩選的樣本作為研究對(duì)象，采用事件研究法，測(cè)算重述公司在指定事件期內(nèi)的股票累計(jì)超常收益率，并以此為基礎(chǔ)將單樣本均值t檢驗(yàn)與多元回歸分析相結(jié)合進(jìn)行實(shí)證考察。結(jié)果顯示，上市公司年報(bào)重述從整體而言對(duì)公司價(jià)值存在一定的負(fù)面影響，但不同類(lèi)型重述公告的市場(chǎng)反應(yīng)各異，這可能與投資者對(duì)重述公告的關(guān)注焦點(diǎn)不同或性質(zhì)判斷不同有關(guān)。具體而言，相對(duì)于補(bǔ)充公告，市場(chǎng)對(duì)更正公告和更正及補(bǔ)充公告表現(xiàn)出的負(fù)反應(yīng)更為劇烈，由外部機(jī)構(gòu)發(fā)起的公告和涉及核心會(huì)計(jì)指標(biāo)的公告，其市場(chǎng)反應(yīng)顯著為負(fù)，而與定期報(bào)告一起發(fā)布的重述公告對(duì)市場(chǎng)的影響是正面的。最后，針對(duì)研究結(jié)論，結(jié)合我國(guó)證券市場(chǎng)的情況，提出本文的建議。
[Abstract]:In recent years, the phenomenon of annual report restatement is becoming more and more common in China's securities market. The restatement of the annual report usually indicates that there are errors or omissions in the information previously released, which may make investors question the quality of the information disclosure and even the management of the company, which may affect the performance of the company in the capital market. In this paper, 359 annual report corrections, supplements and corrections and supplementary announcements issued by A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Market in 2009-2011 are taken as research objects to explore the market reaction to restatement announcements. The purpose is to study whether the securities market in China responds to the information released by the financial restatement announcement under the unique economic background and system of our country. And whether the information contained and the timing of the announcement can reasonably explain the stock price movements. Firstly, the article summarizes and comments the financial restatement system and research literature at home and abroad, and puts forward the hypothesis of this paper based on the related theory of financial restatement. Secondly, the research is designed, and the experimental samples are screened out. This paper takes the selected samples as the research object and uses the event research method to calculate the cumulative extraordinary return rate of the shares of the restatement company during the specified event period. On the basis of this, the single sample mean t test and multiple regression analysis are combined for empirical investigation. The results show that the restatement of the annual report of the listed company has a certain negative impact on the value of the company as a whole, but the market reaction of different types of restatement announcements is different. This may have something to do with investors' different focus or nature judgment on restatement announcements. In particular, the market has shown a more intense negative reaction to corrections and supplementary announcements than supplementary announcements, and the market response has been significantly negative for announcements initiated by external agencies and those relating to core accounting indicators. The impact of the restatement announcement along with the periodic report on the market is positive. Finally, according to the conclusion of the study, combined with the situation of China's securities market, this paper puts forward some suggestions.
【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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本文編號(hào)：1946270