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本文以1999—2006年财务重述公司为研究样本,试图回答两个问题:财务重述公司是否在重述前盈余信息质量就比较低?市场是否能够对这一较低的盈余质量做出正确的预期,即市场对盈余质量的认知是否存在系统性偏差?我们的研究结果发现相对于对照样本,重述样本在重述前,盈余的波动性显著偏高,盈余的持续性显著偏低,说明其盈余质量一贯较差。在重述前,市场高估了重述公司应计盈余的持续性,但是在公司重述后,市场对其错误的预期会进行修正。
This article takes the financial restatement company from 1999 to 2006 as a sample of the study and tries to answer two questions: does the financial restatement whether the company restates the quality of the former earnings information is relatively low and whether the market can correct the lower earnings quality? The expectation, that is, whether there is systematic bias in the market’s perception of earnings quality, our findings show that compared with the control sample, the restatement sample has significantly higher volatility in earnings before restatement, and the surplus is significantly lower in continuity. , indicating that its earnings quality has consistently been poor. Before restatement, the market overestimated the restatement of the continuation of the company’s accrued earnings, but after the company restates, the market corrected its erroneous expectations.