The market reaction of financial restatement of listed companies around the announcement day is studied using event study method. The differences of market reaction induced by various types of restatement announcements are compared and analyzed. Then, the intra-industry transfer effect of financial restatement announcements is tested. The results show that financial restatements of listed companies have a significantly negative market reaction, and the reactions of various types of restatement announcements are not the same. The negative market reaction of financial restatements induced by income recognition problems is stronger than that caused by other problems. And the negative market reactions are stronger when the restatement announcements involve a wider range, initiated by external regulatory authorities, involves core accounting indicators or lead to earning decrease. Stock prices of other companies in the same industry will also drop when the financial restatement is announced, which shows a significant contagion effect.%本文利用事件研究法考察了发布财务重述公告的上市公司在公告日前后的市场反应，对比分析了不同类型重述公告引发的市场反应的差异．在此基础上检验了财务重述公告的行业传递效应。研究发现，上市公司的财务重述具有显著的负面市场反应，且不同类型重述公告的市场反应各异。由收入确认问题引发的财务重述。其负面市场反应大于由其他问题导致的财务重述的市场反应：当重述公告涉及范围广、重述发起人为外部监管部门、重述涉及核心会计指标以及重述导致盈余调减时．其负面市场反应更为显著。财务重述公告的发布还导致同行业中其他公司的股价也随之下跌．表现出显著的传染效应。
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