An Empirical Study On The Effect Of Financial Restatements On Estate Forward Supply Chain Resource Configuration

Financial Restatement is the Re-expression of Published Financial Information which Effect More or Less on Resource Allocation.Existing Research Show that Financial Restatement may Most Likely Bring Negative Effect to Both Companies Themselves and Other Companies Coming from the Same Industry.On the Contrary,this Study Focus on the Allocation of Resources in Supply Chain by Simulating Behavior of Investors According to Incomplete Rational Assumption.The Conclusion Provides Advice about the Improvement of the Stock Market Information Disclosure System,the Maintenance of Normal Order in Financial Market and the Protection of the Legitimate Rights and Interests of Small and Medium-sized Investors.In this Dissertation,by Using a Modified DHS Model to Simulate two Different Types of News Effecting Investor Behavior,the Stock Price Changes are Studied from the Perspective of Investors' Incomplete Ration.Based on the Building Real Estate Supply Chain According to Industry Classification Standard Formulated by Cninfo Corp,this Study Find Out how “Estate Financial Restatement” the Incident Took Place in its Direct Upstream on the Same Supply Chain of the Cumulative Abnormal Returns.Both Parameter Test and Non-parametric Test show that the Financial Restatement Happened in Real Estate Industry Make Indifferent Impact on Different Industries which Comes from the Same Supply Chain Node.In Addition,the Impact on the Statistical Trends Showed Increased after the First Turn which Considered to be the Result of a Combination of Overly Conservative and Attributional Bias of Investors.