沪深A股上市公司会计师事务所变更的市场反应研究

发布时间：2018-06-18 00:46

本文选题：上市公司 + 会计师事务所变更　；参考：《西南财经大学》2012年硕士论文

【摘要】：我国资本市场存在严重的信息不对称现象,外部投资者只能通过企业公开的财务报告来了解企业的财务状况,因此,财务报表的可靠性就显得尤为重要。我国上市公司必须聘请独立的第三方即会计师事务所对公司财务报表进行审计,以保证会计信息的可靠性。会计师事务所对上市公司进行财务报表审计是一个市场化的过程,在这一过程中,会计师事务所、公司管理层以及公司股东形成一个相互制约的关系。股东大会作为公司的最高权力机构拥有选择会计师事务所的权力,但现实中,大多数上市公司的股东大会流于形式,会计师事务所的选择都是由管理层决定。当管理层受到某种利益驱动时,管理层可利用聘请选择权,通过变更会计师事务所来达到其自利的目的。近年来,上市公司变更会计师事务所的现象越来越多,有些公司甚至在一年内频繁更换事务所,这不得不引起我们的关注。变更会计师事务所背后很可能存在潜在的利益驱动,被审计公司管理层可能会通过变更事务所来规避不利的审计意见,或者以解聘来威胁注册会计师满足管理层盈余管理的目的,会计师事务所出于生存考虑,不得不与管理层合谋,这些都严重影响财务报表的审计质量,阻碍审计市场的健康发展。早在1993年中国证监会就明确规定：变更会计师事务所应当作为重大事件编制重大事件公告书向社会披露。对于这一重大事件,市场将做出如何反应,如果存在市场反应,这其中的原因是什么,不同的变更原因是否会引起不同的市场反应。对这些问题的深入研究,有助于相关部门制定相关政策来保证资本市场和审计市场的长期稳定发展,还可以帮助广大投资者通过上市公司变更会计师事务所这一事件获得更多的信息,以降低自身的信息不对称,保护自身的利益。本文主要分为七个部分,第一部分介绍文章的研究意义和目的、对以往的研究进行总结评述。第二部分介绍会计师事务所变更的相关的理论知识,包括委托—代理理论和信息不对称理论,第三部分介绍市场反应的相关理论知识,这些理论知识为本文的研究奠定了基础。第四部分对我国2008年到2010年变更会计师事务所的上市公司的数量和信息披露情况进行了总结,结果显示,排除2009年会计师事务所合并浪潮的影响,三年的变更数基本持平,但相对于国外发达市场,变更数量还是偏多。对于信息、披露情况,总结发现我国对变更会计师事务所的事件披露内容不全面,披露制度不完善,披露的及时性差,原因披露不明确等。第五部分对研究方法进行了介绍并提出本文的研究假设,第六部分运用事件研究法进行实证研究,第七部分总结文章结论并给出建议。本文主要运用事件研究法对变更会计师事务所带来的市场反应进行研究,事件研究法是研究市场反应最常用的方法,主要计算研究事件窗口股票的超额收益率,进而得到市场对研究事项是否做出了反应。本文选取2008年到2010年三年中变更会计师事务所的A股上市公司为样本,以董事会公告日为事件日,得到如下结论： (1)在董事会公告日前后十个交易日,市场对变更会计师事务所事项反应很微弱,未达到显著性水平,且市场反应符号为正。 (2)按上市公司不同情况对研究样本进行分组的研究,结果表明只有按照审计意见类型分组的市场反应有显著性差异,其余按财务状况分组和变更意愿分组的样本分组之间差异不显著。 (3)将分组标准进行结合的研究,在按财务状况和审计意见分组的基础上,进一步按变更意愿分组,分析得到,市场中的投资者对变更前一年的审计意见类型的重视程度要高于财务状况和变更意愿,对于财务状况和变更意愿,投资者更注重财务状况。财务状况良好的上市公司和前一年为标准审计意见的上市公司,其自愿变更会计师事务所会带来正的市场反应。通过以上一系列的研究,我认为我国资本市场还未达到半强势有效市场,受我国宏观政策的影响较大,公告信息的信息含量不足。研究结果显示对投资者最重要的变更原因的披露没有得到重视,这可能与我国的信息披露制度不健全有关,上市公司的公告中大多没有关于变更原因的有价值的信息。财务状况良好和标准审计意见公司自愿变更带来正的市场反应,证明我国投资者认为这两组公司自愿变更事务所有助于企业的发展,会提高企业的价值。针对以上结论,本文提出如下建议：首先,要督促上市公司完善治理结构,在董事会下设立审计委员会,对审计活动起到监督作用。其次,要不断完善我国的信息披露制度,其中包括规范报告形式,规定报告的主要内容,加强实质性信息的公布；取消双重公告日制度,设立会计师事务所变更专项报告制度；加强信息公告的及时性等。最后,要强化对上市公司的监管,增加实质性的处罚措施,保证信息披露制度能够更好的执行。
[Abstract]:There is a serious information asymmetry in the capital market of our country. The external investors can only understand the financial situation of the enterprise through the public financial report of the enterprise. Therefore, the reliability of the financial statements is particularly important. To ensure the reliability of accounting information. Accounting firms' financial statements audit of listed companies is a market-oriented process. In this process, the accounting firm, the company management and the shareholders of the company form a mutually restrictive relationship. The shareholders' Congress, as the highest authority of the company, has a choice of accounting firms. In reality, in reality, the shareholders' meeting of most listed companies is in form, and the choice of the accounting firm is determined by the management. When the management is driven by some kind of interest, the management can make use of the right of choice and change the accounting firm to achieve its self-interest. In recent years, the listed company has changed the accounting firm. There are more and more phenomena, some companies even change their firms frequently in a year, which has to arouse our attention. There may be potential benefits driving behind the change of accounting firms. The audit company management may avoid adverse audit opinions by changing the firm, or threaten CPA by dismissal. To meet the purpose of managing earnings management, accounting firms have to conspire with management for their survival consideration. These all seriously affect the audit quality of financial statements and impede the healthy development of the audit market.
As early as 1993, the CSRC clearly stated that the change of the accounting firm should be disclosed to the society as a major event, and how the market will respond to this major event. If there is a market reaction, what is the reason and whether the different causes of the change will cause different markets. The in-depth study of these problems will help the relevant departments to formulate relevant policies to ensure the long-term and stable development of the capital market and the audit market. It can also help the majority of investors to obtain more information by changing the accounting firm of listed companies to reduce their information asymmetry and protect their own interests.
This article is divided into seven parts. The first part introduces the significance and purpose of the study and summarizes the previous research. The second part introduces the relevant theoretical knowledge of the change of the accounting firm, including the principal-agent theory and the information asymmetry theory, and the third parts of the relevant theoretical knowledge of the market reaction. The fourth part summarizes the number and information disclosure of the listed companies that change the accounting firms from 2008 to 2010 in China. The results show that the change of the three year's changes is basically flat, but the change of the accounting firms in 2009 is basically flat, but it changes relative to the developed foreign markets. In the fifth part, the fifth part introduces the research method and puts forward the research hypothesis in this paper, and the sixth part uses the event research method. The seventh part summarizes the conclusion and gives some suggestions.
This paper mainly uses the event study method to study the market response of the change accounting firm. The event research method is the most common method to study the market reaction. It mainly calculates the excess return rate of the stock of the event window, and then gets the market response to the research. This paper selects the three years from 2008 to 2010. The A shares listed companies of the accounting firms are taken as samples, and the board announcement date is the event day.
(1) on the ten day after the board of board announcements, the market reacts very weakly to the change of the accounting firm, and has not reached a significant level, and the market reaction symbol is positive.
(2) the research samples are grouped according to the different conditions of the listed companies. The results show that there is a significant difference in the market response of the group according to the audit opinion type, and the difference among the other groups according to the financial situation group and the change intention group is not significant.
(3) the study of the grouping standards, based on the financial situation and the audit opinion grouping, is further divided into groups according to the change will and analyzed. The investors in the market pay more attention to the type of audit opinion in the previous year than the financial situation and change will, and the investors will pay more attention to the financial situation and change intention. A heavy financial situation. A listed company with a good financial position and a listed company of the previous year is a standard audit opinion, and its voluntary change in the accounting firm will bring a positive market response.
Through a series of research, I think the capital market of our country has not yet reached the semi strong and effective market, which is greatly influenced by the macro policy of our country, and the information content of the announcement information is insufficient. The results show that the disclosure of the most important reasons for the investors is not paid much attention, which may be related to the unsound information disclosure system in China. Most of the listed companies have no valuable information about the cause of the change. The financial situation is good and the standard audit opinion company's voluntary change brings positive market reaction. It proves that the investors of our country think that the two groups of companies voluntarily change the firm to help the development of the enterprise, and will improve the value of the enterprise.
In view of the above conclusions, the following suggestions are put forward: first, we should urge the listed companies to perfect the governance structure, establish the audit committee under the board of directors, and play a supervisory role in the audit activities. Secondly, we should constantly improve the information disclosure system of our country, including the standard report form, the main contents of the report, and the strengthening of the substantive information. Announcements; the abolition of the double bulletin board system, the establishment of a special report system for the change of accounting firms, and the strengthening of the timeliness of information announcements. Finally, the supervision of the listed companies should be strengthened, and the substantive penalties should be increased so as to ensure the better implementation of the information disclosure system.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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