Research On The Mechanism Of The Impact Of Financial Restate Disclosure Tone On Investors' Investment Judgment

Financial restatement is the act of a listed company to supplement or correct the missing or erroneous information of previously issued financial statements.The original intention is to protect the interests of investors by amending or providing more accurate financial information.However,in recent years,financial restatements have repeatedly occurred in domestic and foreign capital markets.Financial restatements are major economic events that will have a negative impact on the company's stock price,capital costs,executive retention rates,and even increase litigation risks.Another negative consequence of restatement is that it damages the trust of investors,which constitutes a more direct violation of the trust of stakeholders.Trust is a positive expectation of investors for the future returns of listed companies.Once damaged,it is difficult to repair,this makes restricting damage to investor trust a very important goal of a restatement when the company announces a restatement.In the field of accounting,the words in financial information disclosure can provide investors with more and useful information,and some language features used in financial information disclosure will affect investors 'psychological perception,and then affect investors' perception of Processing of relevant accounting information and magnifying its impact on investment judgment.Therefore,whether investors can perceive the signal transmitted by the positive tone in the financial restatement information disclosed by the company,and whether the difference in the reputation of corporate executives will affect the positive transmission effect of the financial restatement information disclosure tone Topic.The author studies the influence of financial restatement disclosure tone,investor trust on individual investor investment judgment,and the role of executive reputation in this impact mechanism.Specifically:(1)how the tone of financial restatement affects investor trust;(2)how the above relationship changes with the difference in executive reputation;(3)The mediating role of investor trust in the tone of financial restatement disclosure and investor investment judgment.This article takes individual investors as the research subject,and combines the financial restatement cases of Rongjie Health Technology Co.,Ltd.,mainly through the classic experimental research methods to explore the above research issues,based on the financial restatement disclosures made by real listed companies,According to the requirements of independent variables,the common wording ?positive? in the restatement report was obtained in a positive intonation version,and two restatement announcements of plain tones and positive intonation were written as experimental materials.After reading the experimental materials,the identity of the individual investor is judged based on all the information contained in it.And finally draw conclusions based on data analysis.First,the disclosure of financial restatement information by companies in a positive tone will trigger investors 'positive perception of the enterprise,limit the damage to investor trust when announcing the restatement,and dilute the negative impact on investors' investment judgments;Investor trust fully mediates the impact of the tone of financial restatement disclosure on investor judgment;third,the interaction between the reputation of executives and the tone of disclosure of financial restatement significantly affects investors' perception of trust,and a good executive reputation can be strengthened The role of positive tone disclosure in restoring investor trust.Therefore,the relevant regulatory authorities should gradually regulate the financial restatement disclosure behavior of listed companies and improve the quality requirements of financial restatement disclosures;When disclosing restatement information,an enterprise should not only disclose corresponding supplementary or corrective information,but also use positive language tone to explain and explain the restatement's attribution,impact and apology rectification,which can weaken the financial restatement of investment.The adverse impact of the person will minimize the impact of financial restatement,thereby reducing unnecessary losses for the enterprise;For companies with a relatively poor executive reputation,the fundamental approach is to work hard to enhance the reputation of management;for investors,considering the impact of disclosure tone,investors should adopt a more prudent approach when reading restatement announcements Attitude to judge the company's future profitability in order to make appropriate investment decisions.