Abstract: Abstract: This paper by means of CCER economic and financial research database sampled 202 annual reports of restatement announcements concerning listed corporations from Jan. 1, 2010 to Dec. 31, 2013 in Shenzhen's a-share market. The pragmatic analysis disclosed the causal influences of different event windows in accordance with the two categories of their initiators and restatements. The research results showed that there were widespread influences of financial restatements on corporate stock prices no matter from the overall perspective or from the classifying perspective. Strengthening market supervision and reducing unnecessary financial restatements would definitely be beneficial to the good and stable development of stock market.