中文摘要：

文章以2003—2006年5000多家上市公司为样本，较为系统地剖析了中国上市公司年报重述的影响因素。实证结果表明，公司特征、股权结构和外部治理环境是目前影响我国上市公司年报重述的主要因素，而内部治理结构对年报重述的约束和影响力较小。进一步地，文章构建了一个财务报告重述、信息披露与投资者保护的扩展分析框架，对加强财务报告重述监管、引导和规范上市公司信息披露行为提出了相应的政策建议。

英文摘要：

This paper takes more than 5000 Chinese listed companies between 2003 and 2006 as the sample to explore the determinants of annual report restatement. The empirical results show that the company characteristics, ownership structures and the external governance environment are main determinants of restatement, while the constraints and influences of internal governance structures are very limited to restatement. Furthermore, we build a framework for analyzing restatement, information disclosure and investor protection, and put forward some policy proposals to strengthen the supervision of restatement, to guide and normalize information disclosure of Chinese listed companies.