中文摘要：

以在2006--2010年的年报附注中披露会计差错更正的上市公司为重述样本，运用倾向得分匹配等两种方法产生控制样本，实证检验财务报表重述公告前后公司投资效率的变化，为财务报告信息质量与公司投资效率间的因果联系提供了更为直接的证据。结果发现：（1）财务报表重述之前，存在融资约束的重述公司会投资不足，不存在融资约束的重述公司倾向于投资过度；（2）报表重述公告后，重述公司投资效率显著提高。

英文摘要：

The paper provides more direct evidence on the causal relation between the quality of financial reporting and invest- ment efficiency by studying the investment behavior before and after the listed firms announced their financial statement re- statement. The accounting error corrections disclosed by the listed firms in their annual reports from 2006 to 2009 are restate- ment samples. This paper uses two different procedures such as PSM to obtain control samples to examine the investment effi- ciency change before and after the listed firms announced their financial statement restatement. The results suggest that： 1 ） Prior to the announcement, the restatement firms under-invest when they are financially constrained and over-invest when they are financially unconstrained; 2） More importantly, after the announcement, these listed firms＇ investment efficiency improves significantly.