财务重述、盈余质量与市场认知的系统性偏差  

Financial Information Restatements, Earnings Quality and the Systematic Bias of Market Perceiving

作　　者：王霞[1] 薛爽[2] 

机构地区：[1]华东师范大学商学院 [2]上海财经大学会计与财务研究院

出　　处：《中国会计评论》2010年第4期399-414,共16页China Accounting Review

基　　金：国家自然科学基金资助项目(70872107,70602030)的阶段性研究成果;国家社会科学基金资助项目(08BJY024);教育部人文社会科学研究基地重大课题(08JJD630005)的资助

摘　　要：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。In recent years, financial information restatement has been becoming one of the hot research topic. Most researches in this area focus on the economic consequences or motivation of restatement and there is no study on earnings quality ex ante restatement and market recognition. In this paper, we attempt to answer the following two questions： （1） whether the earnings quality of restatement firms is lower than the match firms before the announcement？ We use cash flow proportion in earnings, earnings volatility and persistence as proxies of earnings quality. （2） And whether the market can distinguish the lower quality of earnings in the restatement firms and make correct prediction？ We borrow the method of Sloan （1996） to test whether there is any systematic bias of market perceiving. By using a sample in the period 1999-2006, we find that the earnings of restatement firms before the restatement announcement generally have a lower cash flow proportion of earnings, higher volatility and lower persistence than that of the non-restatement firms, which suggests that the earnings quality of restatement firms is usually worse than the other firms. We also find that the market overrate the persistence of restatement firms before the announcement, especially for its accrual part, but will revise their bias after the first restatement which implies that the market has the function of learning. The contributions of this study lie in ： （1） Our study makes an important contributes to current literatures on restatements. This paper studies restatement and earnings quality ex ante instead of ex post restatement. Besides, we also extend research on restatement both in method and content. （2） We also contribute to literatures on earnings quality. Earnings management, financial scandals and to be punished by CSRC are always used to proxy earnings quality. Our findings imply that restatement can also to be regarded as a red flag of earnings quality. （3） Since restatement is one of the monitoring emph

关 键 词：财务重述 盈余质量 市场认知 系统性偏差 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]