近年来,频繁发生的上市公司财务重述现象引起了社会各界的高度关注。本文以2005-2011年发布财务重述公告或补充更正公告的深圳证券交易所中小企业板上市公司为研究对象,从财务重述的经济后果视角考察公司治理机制的有效性。Logistic回归结果表明,中小企业板上市公司财务重述对企业高管变更无显著影响,企业规模越大越不容易进行高管变更。 In recent years, frequent occurrence of listed companies financial restatement phenomenon has aroused great concern from all walks of life. In this paper, SME listed companies listed on the Shenzhen Stock Exchange that issued the financial restatement announcement or the supplementary announcement for correction from 2005 to 2011 are investigated, and the effectiveness of the corporate governance mechanism is examined from the perspective of financial consequences of financial restatement. Logistic regression results show that the financial restatement of SME listed companies has no significant effect on the change of executives, and the bigger the business, the harder it is to change executives.