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以1999~2009年发布盈余重述公告的上市公司为样本,采用价格模型和报酬模型研究了上市公司盈余重述的价值相关性。研究表明,我国上市公司披露的盈余重述信息不具有价值相关性,市场对重述传达的盈余信息的信任度较低,重述没有影响投资者对公司价值的判断,但非核心重述具有显著的负的市场反应。因此,对盈余重述行为应重点关注,加强对上市公司信息披露行为的规范和监管。
Taking the listed companies with the announcement of earnings restatement published in 1999-2009 as a sample, this paper studies the value relevance of the restatement of listed companies’ earnings by using the price model and the compensation model. The research shows that the restatement information disclosed by China’s listed companies is not of value relevance and the market trust in the surplus information conveyed by the restatement is low. Restatement did not affect the investors’ judgment of the company’s value, but the non-core restatement has Significant negative market reaction. Therefore, the restatement of earnings should focus on the issue, and strengthen the norms of listed companies and disclosure of information supervision.