Construction of database for financial restatements and analysis on economic impact of restatements

建立了日本上市公司2004-2008年财务重述的数据库。我分析了数据库，发现财务报表的各个部分都进行了重述，重述的次数在这段时间里迅速增加。总体来说，重述对股价有负面影响，尤其是重述盈利减少对股价有很强的负面影响。此外，笔者还发现，有效制约盈余重述的治理因素是聘用曾担任公司会计经理的内部审计师。

The database of financial restatements during the period from 2004 to 2008 by Japanese listed firms was made. I analyzed the database, and found that restatements were made in various parts of the financial statements and the number of restatements increased rapidly during the period. And in general a restatement had negative impact to stock price, and especially restatement that decreased earnings had strong negative impact. In addition I also found governance factor that restricted earnings restatements efficiently was hiring internal auditor who had been the accounting manager of the firm..