我国上市公司审计师变更的市场反应研究

发布时间：2018-03-24 20:07

本文选题：市场反应　切入点：信息披露　出处：《重庆大学》2006年硕士论文

【摘要】： 近年来,我国证券市场中上市公司更换审计师的案例日益增多。根据证监会相关规定,上市公司应及时披露相关信息。作为应公开披露的重大事项之一,我国上市公司作了怎样的披露,是否会产生市场反应?如果存在市场反应,其可能的原因是什么?如果不存在市场反应,可能的解释又是什么?出于对上述问题的关注,本文试图对我国证券市场中的若干审计师变更样本进行分析检验,以便发现审计师变更事件是否存在市场反应及其潜在含义。论文首先运用委托代理理论和信号传递理论分析了审计市场和审计师变更的相关问题,然后结合我国实际的经济法律环境,从审计服务需求方、审计服务供给方、独立第三方三个方面分析了我国审计师变更事件产生的动因、审计师变更的披露要求以及我国的披露现状,在此基础上,论文选取了2002、2003、2003年我国证券市场中发生了审计师变更的A股上市公司为样本,将其分为自愿性变更和非自愿性变更、财务困境和非财务困境、变更前一年被出具标准审计意见和非标意见组,利用非正常报酬率法和多元回归法考察变更样本与控制样本以及变更样本组间在涉及审计师变更事件信息披露的三个日期即董事会决议公告日、股东大会决议公告日、年度报告公布日前后时窗的市场反应。通过实证研究发现,审计师变更事件在董事会决议公告日前后时窗存在市场反应,而在股东大会决议公告日和年度报告公布日前后时窗不存在;同时财务困境与非财务困境变更样本在年度报告公告日前后时窗的市场反应存在显著差异,而其他三对样本在三个事件日的市场反应不存在差异。由上可以看出,在我国证券市场中,相关的信息披露制度逐渐完善,但由于上市公司在实际操作时并未完全按规定执行,存在着信息披露严重滞后、虚假披露等问题,因而需要加强对上市公司信息披露的及时性和规范性的监管。
[Abstract]:In recent years, there have been more and more cases of auditors being replaced by listed companies in China's securities market. According to the relevant regulations of the Securities Regulatory Commission, listed companies should disclose relevant information in a timely manner. What kind of disclosure has been made by listed companies in China? will there be market reaction? If there is a market response, what is the possible cause? If there is no market reaction, what is the possible explanation? In order to find out whether there is a market reaction and its potential meaning, this paper attempts to analyze and test some auditors' change samples in China's securities market in order to find out whether there is a market reaction or not in the event of auditor change. In this paper, we first use the principal-agent theory and signaling theory to analyze the audit market and auditor change, and then combine the actual economic and legal environment of our country, from the audit service demand side, audit service supply side. The independent third party analyzes the causes of the auditor change in China, the disclosure requirements of the auditor change and the current disclosure situation of our country. This paper selects the A share listed companies which changed their auditors in 2002 / 2003 and 2003 as samples and divides them into voluntary change and involuntary change, financial distress and involuntary financial distress. The standard audit opinion and non-standard opinion group shall be issued one year before the change, The abnormal rate of return method and multiple regression method are used to investigate the three dates of disclosure of information about the auditor change event, that is, the announcement date of the board resolution, the announcement date of the resolution of the shareholders' general meeting, the three dates of disclosure of the information about the change of auditors between the change sample and control sample and the change sample group. The market response of the time window around the date of the release of the annual report. Through the empirical study, it is found that there is a market reaction in the time window of auditor change before and after the announcement day of the board resolution, but there is no time window before and after the announcement date of the resolution of the shareholders' general meeting and the publication of the annual report. At the same time, there is a significant difference between the sample of financial distress and that of non-financial distress change in the time window around the date of the announcement of the annual report, while the other three pairs of samples have no difference in the market reaction on the three event days. In the securities market of our country, the relevant information disclosure system is gradually perfect, but because the listed company is not carried out according to the regulations in actual operation, there are some problems such as serious lag of information disclosure, false disclosure and so on. Therefore, it is necessary to strengthen the timeliness and normative supervision of information disclosure of listed companies.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2006
【分类号】：F239.4;F224

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