| Summary: | 碩士 === 中原大學 === 會計研究所 === 104 === Accounting restatements is a bad news that will lead to investors’ different level of losses. So it’s necessary to examine how the market reacts to different company policy and characteristics with accounting restatements. Except for financial and insurance industry companies, I use companies listing in Taiwan Stock Exchange and Taipei Exchange during 2000 to 2015 as empirical samples. Then I use the event study method to investigate whether the Seasoned Equity Offering(SEO) , repurchases , board members’ share pledge and cash flow-voting right deviation will have extra impact on the cumulative abnormal returns of restatement announcements. Empirical results show that when company conducting SEO prior to restatement announcements, the cumulative abnormal return will be more negative. However, share repurchase, board members’ share pledge and cash flow-voting right deviation don’t have any extra effect on the cumulative abnormal return.
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