本研究主要在探討財務報表重編是否導致重編公司股價下跌及投資人是否會因此重新評估其他同業公司之會計品質而使股價產生蔓延效應。本研究以1995至2008年間上市上櫃公司發生財務報表重編之同業非重編公司,採用重編發生前最近一期報表的財務資料與重編發生時之累積異常報酬率進行研究,並於模型中加入會計品質、市場壓力及審計品質等變數,以期能捕捉較完整之蔓延效應產生因素。實證結果發現,當重編公司宣告財務報表重編時,除了使重編公司股價下跌外亦會使同產業的非重編公司產生股價下跌之現象,當同業非重編公司具有較高的應計項目或較高的市場壓力時,其本身較差的盈餘品質或較激進會計方法的採用將會使公司遭受較大的股價下跌。因此財務報表重編時,同業非重編公司的股價異常報酬反映了投資人對於會計品質的關心,顯示財務報表重編除了是一會計品質警訊之外,亦是投資人重行關心與評價其他公司財報品質之催化劑。
This study predicts and finds that accounting restatements will adversely affect the restating firm’s shareholder wealth but also induce share price declines among non-restating firms in the same industry.This share price declines seem to reflect investor’s accounting quality concerns, peer firms with high accruals will suffer more pronounced share price decline than low-accrual firms. These results imply that some financial statements cause investors to reassess the accounting quality. Therefore, this study shows that financial restatements serve as a catalyst for investors to reassess the past financial statement of other similar firms.