中国上市公司年报重述分析:1999～2007  

Annual Report Restatement of Chinese Listed Firms:1999-2007

作　　者：魏志华[1] 李常青[1] 王毅辉[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《证券市场导报》2009年第6期31-38,共8页Securities Market Herald

基　　金：国家自然科学基金(批准号:G0205-70572092);教育部人文社会科学重点研究基地基金(批准号:07JJD630009);教育部新世纪优秀人才支持计划(批准号:NCET-06-0565);教育部人文社科青年项目(批准号:08JC630073)

摘　　要：本文以1999～2007年1368家A股上市公司发布的1435份年报补充及更正公告作为研究对象,对中国上市公司年报重述现状进行了较为系统的分析。实证结果显示,上市公司年报重述的整体发展趋势不容乐观,表征为重述公司数量和比例居高不下、重述原因性质严重、重述内容对公司价值存在一定的负面影响等,其中更正公告不仅比重最高危害也最大。此外,对于年报重述中可能存在的盈余操纵以及信息披露管理行为应引起投资者和监管部门的高度关注。因此,建立财务报告重新表述的信息披露规范和标准以及完善相应的法律制度,对于规范上市公司财务重述行为和提高信息披露质量具有重要意义。Using a sample of 1368 supplement and correction announcements to annual reports of Chinese A-share listed companies between 1999 and 2007, this paper conducts a relatively systematic study on the status quo of financial restatement in China. The results show that the development trend of financial restatement is not optimistic, for the large number of restated companies, the serious restating reasons and the negative impact on firms＇ value as a result of restatement, especially the correction announcements. In addition, the investors and regulators should be highly concerned about the possible earnings manipulation and disclosure management. Therefore, it＇ s appears extremely urgent to further standardize and guide the restatement behavior of Chinese listed companies in order to protect the interests of investors.

关 键 词：公司年报 年报重述 信息披露质量 公司监管 

分 类 号：F276.6[经济管理—企业管理]