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近几年来,无论是企业管理者还是外部信息使用者对“财务重述”的关注度都日益提高。随着我国关于内部控制信息披露法律法规的不断完善以及相关政策的强力支持,“财务重述”作为内部控制信息披露的重要方式已经成为了实务界和理论界研究的焦点。在我国,股权融资依然是上市公司主要的外部融资渠道,股权融资成本的高低直接关系到企业的盈利能力,而且股票市场有别于债务市场,适用于债务市场的相关结论未必同样适用于股票市场。不同于以往大部分文献将研究重点放在财务重述所引起的市场反应方面,本文将财务重述引起的经济后果聚焦在企业的股权融资成本上面。
In recent years, both corporate managers and external users of information have become increasingly concerned about “financial restatement.” With the continuous improvement of the laws and regulations on the disclosure of internal control information and the strong support of related policies in our country, “financial restatement” as the important way of information disclosure of internal control has become the focus of practical and theoretical research. In China, equity financing is still the main external financing channel for listed companies. The cost of equity financing is directly related to the profitability of the enterprise, and the stock market is different from the debt market. The relevant conclusions applicable to the debt market may not be equally applicable to the stock market . Different from most of the previous literature, the research focuses on the market reaction caused by financial restatement. This paper focuses on the economic consequences caused by financial restatement above the cost of equity financing of enterprises.