【摘要】：隨著我國(guó)經(jīng)濟(jì)的迅猛發(fā)展，我國(guó)資本市場(chǎng)的建設(shè)也取得了很大的跨越，投資者的數(shù)量越來越多，投資熱情持續(xù)升溫。與此同時(shí)，財(cái)務(wù)報(bào)告作為投資者了解上市企業(yè)財(cái)務(wù)狀況、經(jīng)營(yíng)成果和現(xiàn)金流量的主要途徑，其披露信息的質(zhì)量一直受到各界的關(guān)注。自有效市場(chǎng)假說提出以來，一個(gè)高效、真實(shí)的財(cái)務(wù)報(bào)告一直被視為證券市場(chǎng)健康、快速發(fā)展的關(guān)鍵。反過來說，只有上市企業(yè)有一個(gè)高效、真實(shí)、可靠的財(cái)務(wù)信息披露質(zhì)量，才可能形成一個(gè)健康的證券市場(chǎng)。然而，近些年來，國(guó)內(nèi)外出現(xiàn)的對(duì)財(cái)務(wù)報(bào)告重述的現(xiàn)象愈演愈烈，嚴(yán)重的影響了財(cái)務(wù)信息披露的質(zhì)量，降低了投資者的投資熱情，從而嚴(yán)重阻礙了證券市場(chǎng)的健康發(fā)展。為此，國(guó)內(nèi)外學(xué)者也認(rèn)真研究了此種現(xiàn)象，他們選取一定的研究方法從不同的角度研究了與財(cái)務(wù)報(bào)告重述相關(guān)的各個(gè)方面，取得了一定的成果。與國(guó)外的研究相比，我國(guó)證券市場(chǎng)建設(shè)較晚，財(cái)務(wù)報(bào)告重述的現(xiàn)象發(fā)現(xiàn)也晚一些，因而使得我國(guó)有關(guān)財(cái)務(wù)報(bào)告重述的研究較淺。除此之外，由于我國(guó)本身的經(jīng)濟(jì)環(huán)境和制度背景都有一定的特殊性，財(cái)務(wù)報(bào)告重述能否像國(guó)外學(xué)者研究的一樣在我國(guó)證券市場(chǎng)上也會(huì)產(chǎn)生一定的市場(chǎng)反應(yīng)，此問題值得商榷，為此本文認(rèn)為對(duì)我國(guó)財(cái)務(wù)報(bào)告重述的市場(chǎng)反應(yīng)進(jìn)行研究是十分必要的。 本文內(nèi)容主要包括以下幾個(gè)部分：第一部分緒論，，介紹了本文研究的背景、意義方法、本文的創(chuàng)新點(diǎn)、研究框架，并對(duì)有關(guān)財(cái)務(wù)報(bào)告重述的國(guó)內(nèi)外文獻(xiàn)進(jìn)行了梳理，分析總結(jié)前人研究成果和研究不足，以為本文研究探明方向；第二部分為財(cái)務(wù)報(bào)告重述的市場(chǎng)反應(yīng)的理論分析，主要包括財(cái)務(wù)報(bào)告重述相關(guān)概念的界定，有效市場(chǎng)假說的介紹，財(cái)務(wù)報(bào)告重述市場(chǎng)反應(yīng)的作用機(jī)理以及事件研究法的說明；第三部分為實(shí)證設(shè)計(jì)部分，介紹本文的研究假設(shè)、樣本的選取和來源以及具體的研究步驟；第四部分為得出實(shí)證結(jié)果并對(duì)其進(jìn)行分析，驗(yàn)證上部分所提假設(shè)的正確性；第五部分為研究結(jié)論、政策建議、不足及展望。 通過本文研究發(fā)現(xiàn)：企業(yè)進(jìn)行財(cái)務(wù)報(bào)告重述會(huì)引起負(fù)的市場(chǎng)反應(yīng)；不同類型的財(cái)務(wù)報(bào)告重述會(huì)引起不同程度的市場(chǎng)反應(yīng)，其中更正類財(cái)務(wù)報(bào)告重述引起的市場(chǎng)反應(yīng)最為劇烈，補(bǔ)充更正類次之，補(bǔ)充類引起的市場(chǎng)反應(yīng)最��；涉及不同內(nèi)容的財(cái)務(wù)報(bào)告重述引起的市場(chǎng)反應(yīng)程度也不相同，其中涉及利潤(rùn)減少的財(cái)務(wù)報(bào)告重述會(huì)引起最為劇烈的負(fù)反應(yīng)，不涉及利潤(rùn)變動(dòng)類次之，利潤(rùn)增加類最��；不同原因進(jìn)行的財(cái)務(wù)報(bào)告重述的市場(chǎng)反應(yīng)也不相同，強(qiáng)制性進(jìn)行的財(cái)務(wù)報(bào)告重述比自愿進(jìn)行的會(huì)引起更大的負(fù)的市場(chǎng)反應(yīng)。
[Abstract]:With the rapid development of our country's economy, the construction of our capital market has made a great leap forward, the number of investors is more and more, and the investment enthusiasm continues to heat up. At the same time, as the main way for investors to understand the financial situation, operating results and cash flow of listed enterprises, the quality of disclosure information has been concerned by all walks of life. Since the efficient market hypothesis was put forward, an efficient and real financial report has been regarded as the key to the healthy and rapid development of the securities market. On the other hand, only if listed enterprises have an efficient, true and reliable quality of financial information disclosure, can a healthy securities market be formed. However, in recent years, the phenomenon of financial restatement at home and abroad has become more and more serious, which has seriously affected the quality of financial information disclosure, reduced the investment enthusiasm of investors, and seriously hindered the healthy development of the securities market. For this reason, scholars at home and abroad have also studied this phenomenon seriously. They have selected certain research methods to study various aspects related to financial restatement from different angles, and have achieved certain results. Compared with foreign research, the construction of securities market in our country is late, and the phenomenon of financial report restatement is discovered later, which makes the research of financial report restatement in our country shallow. In addition, due to the particularity of our country's own economic environment and institutional background, whether the restatement of financial reports can produce a certain market reaction in the securities market of our country, as studied by foreign scholars, is open to question. Therefore, it is necessary to study the market reaction of financial restatement in China. The content of this paper mainly includes the following parts: the first part is introduction, which introduces the background, meaning method, innovation of this paper, research framework, and combs the domestic and foreign literature about financial report restatement. The second part is the theoretical analysis of the market reaction of financial report restatement, including the definition of the related concepts of financial report restatement, the introduction of efficient market hypothesis. The third part is the empirical design part, which introduces the research hypothesis, sample selection and source, as well as the specific research steps; the financial report restates the mechanism of the market reaction and the explanation of the event research method, the third part is the empirical design part, introduces the research hypothesis, the sample selection and the source, and the concrete research steps; The fourth part is to obtain the empirical results and analyze them to verify the validity of the hypothesis mentioned in the above part. The fifth part is the conclusion of the research, policy recommendations, shortcomings and prospects. Through the research of this paper, it is found that the financial report restatement of enterprises will cause negative market reaction, and different types of financial report restatement will cause different degree of market reaction, among which the market reaction caused by the corrected financial report restatement is the most intense. The second category is supplementary correction, and the least market reaction is caused by supplement; the degree of market reaction caused by restatement of financial report involving different content is also different, and the restatement of financial report involving reduced profits can cause the most severe negative reaction. Not involving the category of profit changes, the category of profit increase is the least; different reasons for the financial report restatement of the market reaction is also different, mandatory financial report restatement will cause a greater negative market reaction than voluntary restatement.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F231.5;F832.51;F224

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