Financial Restatements and Cash Flow Sensitivity of Investment

• Main Author: 謝昀含
• Other Authors: 陳俞如
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/72791477335693416829

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 103 === This study examines the impact of accounting restatements on cash flow sensitivity of investment. The study period is from 2001 to 2012. The sample in this study is the listed companies which occurred restated financial statements in Taiwan. The occurrence of financial restatement sample companies match the company those did not happen restate the financial statements in the same industry. There is a significantly evidence shows that the company which restated financial statements has positive cash flow sensitivity of investment. Besides, the restated belongs to forced, we also find a significantly evidence that the company which restated financial statements has positive cash flow sensitivity of investment. The company changes the CPA firm after restated financial statements. There is a significantly evidence shows that the company which restated financial statements has negative cash flow sensitivity of investment.