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.

摘要： 本文利用CCER经济金融研究数据库，以深市A股市场2010年1月1日至2013年12月31日期间发布年报重述公告的上市公司为样本，通过检索和整理，筛选出202个最终样本。将财务重述按发起人、重述信息性质不同分为两大类进行实证分析，揭示了不同事件窗口的因果变化。研究结果表明，无论从整体上看还是从分类角度考察，财务重述对公司股价的影响是广泛而深刻的。强化市场监管，减少不必要的财务重述有利于证券市场健康稳定的发展。