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①目前对于“财务报告重新表述”(financial restatement)尚无统一的定义。美国会计总署(United States General Accounting Office,GAO)在2002年10月的一份调查报告中指出,财务报告重新表述是指公司自愿或在审计师、监管当局的敦促下修正先前报告的财务信息。Skinner(1997)认为,财务报告发布后若发现错误或误导性信息,而且发布者知道或者应该知道人们仍然相信全部或部分报告内容,那么公司管理层就有责任纠正先前的财务报告。Pal mrose和Scholz(2004)则认为,财务重述是对财务报告的确认,因为先前向公众报告和向SEC提交的财务报告不符合公认会计准则。

②财务重述通常造成4%~12%的市场价值损失,具体因样本而异(如GAO,2002;Anderson和Yohn,2002;Pal mrose等,2004;Hir-schey等,2005)。然而,财务重述造成的经济后果和影响绝不仅限于公司市场价值损失。财务重述还将导致大投资者减持股票和减少交易(Hribar等,2004;Demirkan,2006);也可能导致代价高昂的诉讼和赔偿(Jones和Weingram,1997;Pal mrose和Scholz,2004);甚至会对同行业上市公司带来负面“传染效应”(Gonen,2003;Efendi等,2005)。此外,有学者发现,财务重述还可能导致市场信息不对称性的加剧(Anderson和Yohn,2002)、公司盈余质量(进而会计信息质量)下降(Anderson和Yohn,2002;Wu,2002)以及公司资本成本显著增加(Dechow等,1996;Hribar和Jenkins,2004)等。