Theory analysis, about effects caused by financial restatements of listed company.

第二部分是我国上市公司财务重述市场反应的理论分析。

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Financial restatements will compromise the organizational legitimacy, enhance the company's audit risk.

财务重述会使公司的组织合法性损失，也会提高公司的审计风险。

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Annual financial reports of Chinese listed companies also have many accounting errors, about 10% of the company each year have financial restatements.

我国上市公司年度财务报告也屡现财务重述，每年大约有10%的公司发生了财务重述。

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Actions such as selling credit default swaps based on rotten loans, money laundering, interest rate manipulation, and excessive risk-taking can be as objectively determined as financial restatements.

FORBES: It Is Time For Real Bank Clawbacks

No accounting firm wants to be investigated or sued because of a financial misstatement, and restatements and investigations frequently result in a change in auditors.

FORBES: Accounting Fraud Cases Are Dead. Long Live Accounting Fraud Cases.

Yes, the actions that led to the financial crisis did not lead to restatements, far worse, they led to massive, and, in some cases, permanent , destruction of value.

FORBES: It Is Time For Real Bank Clawbacks