关于我国上市公司会计师事务所更换的实证研究

发布时间：2018-04-29 13:55

本文选题：上市公司 + 更换会计师事务所　；参考：《厦门大学》2001年博士论文

【摘要】： 近年来，我国上市公司更换会计师事务所的现象逐年增多。上市公司的管理当局通过更换会计师事务所以粉饰会计报表从而误导投资者的恶性案件日益增多，这一现象应当引起人们的关注。因此，本文以1996至1999年间更换会计师事务所的国内A股上市公司为研究对象，对更换会计师事务所的上市公司的基本特征、更换动因、信息披露、市场反应以及其他相关领域进行系统的实证研究。笔者坚信，这方面的研究既有助于增进对审计服务市场的认识，也有助于证券市场各参与主体(尤其是证券监管部门)采取措施抑制上市公司管理当局恶意更换会计师事务所，捍卫注册会计师的独立性，确保投资者获取决策所必须的高质量会计信息。本文共分为六章，各章的内容简要介绍如下：第一章绪论本章主要阐述论文研究动机、研究方法、研究的问题与假设。第二章审计理论及文献综述本章首先对现代独立审计的产生及其理论基础进行描述，并分析了我国独立审计的若干特殊性，然后介绍国内外关于更换会计师事务所的实证文献，作为本文研究的起点。第三章样本公司特征分析本章首先对样本公司的基本情况进行描述性统计，然后针对样本公司在更换前的公司规模、盈利水平、财务状况、所获得的审计意见报告类型进行实证分析，并得出关于样本公司特征的三个结论：样本公司的规模显著小于非样本公司；样本公司盈利水平显著差于非样本公司，陷入财务困境的公司所占比例显著高于非样本公司，但在偿债能力和现金流量方面，样本公司与非样本公司并无显著差异；样本公司更容易获得非标准无保留审计意见，其所获得的非标准无保留审计意见显著多于非样本公司，且获得的审计报告意见日益“恶化”。第四章更换原因分析本章首先对样本公司公开披露的更换原因进行初步描述性分析，然后针对样本公司在更换后是否选择当地的会计师事务所、更换后盈利水平是否提高、所获审计意见是否好转进行了实证分析，并对样本公司在更换后是否选择不容易出具非标准无保留审计意见的1十大所”进行了实证分析，这一部分的研究得出以下几个结论：样本公司更换会计师事务所时确实有考虑地区差异因素；上市公司更换会计师事务所的一个真实的原因在于盈余管理的动机；上市公司更换会计师事务所的另一个原因是希望获得“更好”的审计意见；从选择的会计师事务所倾向看，公司更换会计师事务所后，更加愿意聘用较少出具非标准无保留审计意见的会计师事务所。本章最后建立幽，对上述各因素是否与更换会计师事务所具有线性相关性进行回归分析。经过逐步回归分祈，发现四个因素与更换会计师事务所显著相关，其中：更换前一年EPS是否增加为负相关；更换前一年是否获得非标准无保留审计意见为正相关：更换后上市公司选择的会计师事务所所处地区是否好转（与上市公司是否处于同一地区）为正相关。上述三个变量 2 的回归结果均与模型的预期设想一致。更换后是否获得非标准无保留审计意见为正相关，与模型的预期符号不一致，可能是因为样本公司在更换前一年度获得的非标准无保留审计意见太多，即使通过更换会计师获得了“较满意”的审计意见，但样本公司在更换后仍然获得较多的非标准无保留审计意见。第五章市场反应本章分为两部分，第一部分研究样本公司在更换前后年度的月超额报酬率，发现样本公司的累计超额报酬率一直呈现正值，这可能与我国股市的“炒作”现象有关。我国股市往往喜欢炒作小盘股和绩差股，而样本公司的基本特征正是如此。样本公司各月的超额报酬率在大多月份并不显著，月超额报酬率显著的几个月份，其出现的时间和规律与国内股市炒作绩差重组股的时间和规律相类似，进一步从股价波动角度证明了本文第三章的结论。另外，在少数月份，超额报酬率显著小于0，尤其是在更换会计师事务所当年财务报告公告后，月超额报酬率连续两个月显著小0，表明市场仍然对样本公司的业绩报告、审计意见和盈余管理信息（假设年报中将反映盈余管理信息）是有所反应的。第二部分研究在更换会计师事务所公告日前后的日报酬率，发现市场对更换会计师事务所这一事件并未作出反应，，这一方面说明投资者尚未意识到上市公司在什么情况下以及为什么更换会计师事务所：另一方面也说明投资者并未了解会计师事务所之间的审计质量差别，或者并不认可这种差别。 3 第六章研究结论和政策性建议本章主要分析本文研究所形成的结论，并根据前述实证研究结果提出了若干政策性建议，以维护高质量执业水准所必需的审计独立性。此外，本章最后说明了本文的研究限制，并提出了未来进一步研究的建议。
[Abstract]:In recent years , the phenomenon of replacing accounting firms in China ' s listed companies has increased year by year . The management authority of the listed company , by replacing the accountant ' s affairs so as to mislead investors , should pay attention to this phenomenon . Therefore , the research in this area will not only help to improve the understanding of the audit service market , but also help the participating entities of the securities market ( especially the securities regulatory authorities ) to take measures to restrain the listed company ' s management authority to replace the accounting firm , safeguard the independence of the CPA and ensure the high - quality accounting information necessary for the investors to obtain the decision .

This article is divided into six chapters , the contents of each chapter are briefly introduced as follows :

Chapter 1 Introduction

This chapter mainly elaborates the motivation , research methods , problems and assumptions of the thesis .

Chapter II Audit Theory and Literature Review

Firstly , this chapter describes the generation of modern independent auditing and its theoretical basis , and analyzes the particularity of independent audit in China , then introduces the domestic and foreign empirical literature on replacing accounting firms as the starting point of this paper .

Chapter III Characteristics Analysis of Sample Company

This chapter firstly describes the basic situation of sample company , and then analyzes the company size , profit level , financial position and audit opinion of sample company before replacement .

An empirical analysis of the type of report is conducted and three conclusions about the characteristics of the sample company are drawn : samples

The size of the company is significantly smaller than that of non - sample companies ;
Sample corporate profitability significantly worse than non - sample

The company , which is in financial distress , accounts for a significantly higher proportion than non - sample companies , but in debt service

There is no significant difference between sample companies and non - sample companies in terms of capacity and cash flow ;
sample male

Division easier access to non - standard unqualified audit opinion , non - standard unqualified audit obtained

The opinion was significantly more than that of non - sample companies , and the audit reports received were increasingly " deteriorating " .

Chapter IV Cause Analysis of Replacement

In this chapter , a preliminary descriptive analysis of the reasons for replacement disclosed by the sample company is first conducted ,

Then , for the sample company , whether the local accounting firm is selected after the replacement is replaced , and the post is replaced

Whether the interest level is improved or not , and whether the audit opinion has improved or not is positively analyzed , and the sample is analyzed

Whether the Company chooses not to issue non - standard non - standard unqualified audit opinions after replacement

This part of the study concludes with the following conclusions : sample companies

When replacing an accounting firm , there is a real consideration of the regional difference factors .
Certified public company replacement accountant

One of the real reasons for the firm is the motivation of earnings management ;
Certified public company replacement accountant

Another reason for the firm is the desire to obtain a " better " audit opinion ;
From selected accounting

The company tends to see that after the company has replaced the accounting firm , it is more willing to hire less issuance

Non - standard accounting firm with unqualified audit opinion . In the end of this chapter , it is established .

Whether each factor has a linear correlation with the replacement accounting firm for regression analysis . & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp ; & nbsp

The stepwise regression method finds that the four factors are significantly related to the replacement of accounting firms , including :

Whether the EPS of the previous year has been increased to negative correlation ;
Whether the non - standard non - warranty is obtained in the previous year

The audit opinion is positive related : the area where the accounting firm selected by the listed company is replaced after the replacement

Whether the improvement is positive ( whether the listed company is in the same area ) is positive . The above three variables

2 .

The regression results are consistent with the intended vision of the model . Do not obtain non - standard non - retention after replacement

The audit opinion is positive and inconsistent with the expected symbol of the model , possibly due to sample company

Too many non - standard unqualified audit opinions obtained during the previous year , even through replacement

The auditor received a " more satisfied " audit opinion , but the sample company was still available after replacement

Multiple non - standard unqualified audit opinions .

Chapter V Market Response

This chapter is divided into two parts , the first part of the research sample company to replace the month before and after the change

The cumulative excess return rate of the sample company has been found to be positive , which may be related to

China ' s stock market is related to the phenomenon of " stir - frying " . China ' s stock market often likes to hype up small stock and poor performance

The basic features of the sample company are the same . The excess return rate for each month of the sample company is

Most of the month was not significantly , and the monthly excess return rate was significant for several months , the time it appeared and

The rule is similar to the time and law of the stock market speculation , further from stock price

The wave angle proves the conclusion of chapter 3 of this paper . In addition , in the minority month , the excess return rate

significantly less than 0 , especially after replacing accounting firm ' s annual financial report announcement , monthly excess

The rate of return for two consecutive months is significantly less than 0 , indicating that the market is still reporting on the performance of the sample company

Information on accounting and earnings management ( assuming that surplus management information will be reflected in the annual report ) is reversed

It shall be .

The second part is to study the daily return rate before and after the public announcement of the accounting firm , and find

The market does not respond to the incident of replacing an accounting firm , which illustrates the investment

The person has not been aware of the circumstances of the listed company and why the accounting firm is replaced :

on the other hand , the investor does not know the audit quality difference between the accounting firms ,

or such differences are not recognized .

3 .

Chapter 6 Research conclusions and policy recommendations

In this chapter , the conclusions of this paper are mainly analyzed , and the results are based on the empirical results .

Several policy suggestions are put forward to maintain the auditing independence necessary for high - quality practice standards .

In addition , this chapter explains the limitations of the study , and puts forward further research in the future

A fine proposal .

【学位授予单位】：厦门大学
【学位级别】：博士
【学位授予年份】：2001
【分类号】：F239.4

【引证文献】