“非标准审计意见”事件对股价超额收益率影响实证研究

发布时间：2018-03-21 09:38

本文选题：非标准审计意见　切入点：市场反应　出处：《重庆工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：2006年起,《会计准则》和《审计准则》的发布,标志着我国资本市场监管体系的完善,新的准则制度加大了对上市公司公开信息披露的监管之后,信息披露更加规范,数据资料更加真实,引入了公允价值概念和以风险为导向的审计理念,使上市公司财务报表和经营状况能够进行更加真实地反映,为研究审计意见的市场反应提供的基础。随着我国资本市场的发展,企业的公开信息越来越受到投资者的重视,而审计意见又是对上市公司公开财务信息的鉴定结果,因此审计意见会对投资行为产生重大的影响。2012到至今,在新的资本市场情形下,我国非标准审计意见能否得到了投资决策者的足够重视,非标标准审计意见的披露是否会引起股价超额收益率的负面影响是一个有待研究的问题,。通过非标准审计意见对股价超额收益率的研究,其理论意义和实际意义在于能够对当前我国股票市场的有效性进行分析、考察审计意见的信息含量程度;同时为投资者提供投资建议、促进理性投资。本文首先对国内外学者对于上市公司出具的非标准审计意见与股票市场的影响进行了回顾和分析,提出了本文研究的思路。其次,本文介绍了非标准审计意见的界定,通过委托代理理论、非对称信息理论、有效市场假说理论得出了非标准审计意见对股票市场影响的传导机制。通过对审计与股票市场的互动发展及非标准审计意见出具的历史趋势分析,研究非标准审计意见对股票市场的传导效应以及两者之间互动关系。再次本文采用事件研究超额收益法和回归分析法对非标准审计意见对股票市场的影响进行了实证研究分析,选取2012年-2015年被出具非标准审计意见的上市公司作为研究对象,一共选取了202个样本,其中101个研究样本和101控制样本(标准无保留意见),研究分析了非标准审计意见公告日前10个交易日和后30个交易日的平均超额收益率和累计平均超额收益率的变化趋势及影响程度。研究结论为:一是非标准审计意见总体对股票市场产生了负面影响;二是带强调事项段无保留意见、保留意见对股票市场产生显著负面影响;三是不同类型非标准审计意见会对股票市场产生不同的负面影响;四是不同股票市场会对非标准审计意见产生不同程度的负面影响;五是在事件研究时间窗口期间,公司资产规模和会计盈余信息是影响股票超额收益率的因素。最后本文通过从上市公司监督、第三方审计机构监管、提升投资者投资素质三个方面提出了在新的资本市场发展形势下对非标准审计意见认识的对策。
[Abstract]:Since 2006, the release of Accounting Standards and auditing Standards has marked the perfection of China's capital market supervision system. After the new standard system has increased the supervision of public information disclosure of listed companies, the information disclosure has become more standardized. With the introduction of fair value concept and risk-based audit concept, the financial statements and operating conditions of listed companies can be reflected more truthfully. With the development of China's capital market, the public information of enterprises is paid more and more attention by investors, and the audit opinion is the appraisal result of public financial information of listed companies. Therefore, the audit opinion will have a significant impact on investment behavior. From 2012 to now, in the new capital market situation, can our non-standard audit opinion get enough attention from investment decision makers? Whether the disclosure of non-standard audit opinion will cause the negative impact of excess return on stock price is a question to be studied. Its theoretical and practical significance lies in its ability to analyze the effectiveness of the current stock market in China, to investigate the information content of the audit opinion, and to provide investors with investment advice. First of all, this paper reviews and analyzes the non-standard audit opinions issued by listed companies and the impact of the stock market, and puts forward the ideas of this paper. This paper introduces the definition of non-standard audit opinion, through principal-agent theory, asymmetric information theory, The efficient market hypothesis theory has obtained the transmission mechanism of the influence of non-standard audit opinion on stock market. Through the interactive development of audit and stock market and the historical trend analysis of non-standard audit opinion, This paper studies the conduction effect of non-standard audit opinion on the stock market and the interaction between them. Thirdly, this paper makes an empirical study on the impact of non-standard audit opinion on the stock market by using the event study excess return method and regression analysis method. The listed companies issued non-standard audit opinions from 2012 to 2015 were selected as the research objects, and 202 samples were selected. Of these, 101 study samples and 101 control samples (standard unqualified opinion) analyzed the average excess returns and cumulative average excess returns for the first 10 trading days and 30 trading days after the non-standard audit opinion announcement date. The research conclusions are as follows: first, the non-standard audit opinions have a negative impact on the stock market in general; The other is the unqualified opinion with emphasis item paragraph, the negative effect of the qualified opinion on the stock market, the third, the different types of non-standard audit opinion will have different negative influence on the stock market. Fourth, different stock markets will have different negative effects on non-standard audit opinions; fifthly, during the time window of incident research, The scale of company assets and accounting earnings information are the factors that influence the excess return rate of stock. In order to improve the investment quality of investors, this paper puts forward the countermeasures of understanding the non-standard audit opinions under the new capital market development situation.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F239.4

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