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中文摘要：
GA0（2002）的研究报告指出，投资者对财务报告的信心是证券市场有效运作的重要保证。近年来，财务重述现象在国内外呈现出“蔓延”局势，国外一系列研究表明财务重述对公司价值产生负面影响，而比短期的市场价值受损更可怕的是投资者对重述公司的信任度大打折扣，对整个资本市场的信心下降。中国上市公司的重述现象也不容乐观，但是对于财务重述经济后果的研究相对较少。因此本文主要考察重述报告对重述公司的盈余反应系数的影响，通过理论分析与数据检验投资者对财务重述公司盈余信息的反应程度，研究发现重述公告使重述公司特别是涉及核心会计指标重述公司盈余反应系数降低。以期通过本文的研究为上市公司敲响警钟，并为监管部门对财务重述行为进行规范监管提供经验证据。
英文摘要：
According to the GAO （2002） research report, investors＇ confidence in financial reports is an important factor for the effective functioning of securities markets. In recent years the phenomenon of financial restatements shows a spreading trend both in the domestic and abroad markets. A series of foreign studies have shown its negative impact on the value of the financial restatement company, and more serious consequence is that investors lose the trust of financial restatement companies, and their confidences of the entire capital market is also declined. The situation of financial restatements in China is also not optimistic, but there is relatively little study on the economic consequence of the firms with financial restatements. This paper tests the relationship between financial restatements and earnings response coefficients using theoretical analysis and data test, and finds that financial restatements especially those related to the core accounting indicators will decrease earnings response coefficients. We hope this study could provide reference for Chinese listed companies and empirical evidence for regulatory authorities conducting regulation and supervision of financial restatements.
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