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上市公司财务信息质量是构建健康、透明、有效市场的关键因素,也是投资者进行投资决策的重要依据。选取1999年到2015年进行会计重述的沪深A股上市公司为样本,通过事件研究法,以超额收益率,累计超额收益率和风险等指标分析重述公告所带来的市场反应,并结合线性回归检验财务指标与市场反应的关系。研究表明,会计重述行为会带来显著的负面市场反应,并且市场规模以及盈利能力也会显著影响市场反应的程度。
The quality of financial information of a listed company is a key factor in building a healthy, transparent and effective market and an important basis for investors to make investment decisions. This paper chooses Shanghai-Shenzhen A-share listed companies which recounts their accounting data from 1999 to 2015 as an example and analyzes the market response brought by the restatement announcement through the event research method with indicators of excess return, accumulated excess return and risk, etc. The Relationship between Financial Indicators and Market Reaction Based on Linear Regression. Research shows that accounting restatements lead to significant negative market reactions and that market size and profitability can also significantly affect the degree of market reaction.