资本市场对审计意见反应的实证研究

发布时间：2018-04-10 23:06

本文选题：审计意见 + 事件分析法　；参考：《沈阳工业大学》2008年硕士论文

【摘要】： 审计意见是注册会计师完成审计工作的最终成果,我国的独立审计准则将审计意见分为标准无保留意见和非标准无保留意见两类。本文针对注册会计师签发审计意见这一事件对资本市场的影响作实证研究,重点探讨了资本市场对非标准无保留意见的反应,分析投资者得知上市公司被签发非标准无保留意见时对该公司股价的反应。本文分析了审计意见及其与资本市场的关系,并且对2000年至2007年中国上市公司被出具的审计意见进行了描述性统计,分析了其表现出的特证。实证研究以年报公布日为事件日,以Mikkelson和Partch的事件分析法为本文的研究方法,研究的观察期为事件日的前后15天,共计31天,选取了2005、2006年和2007年年报中265个非标准无保留意见作为样本。通过分析平均累计异常收益来检验注册会计师出具的非标准无保留意见是否对股票收益有影响。本文从四个角度进行了实证研究。首先,检验不分类型非标准无保留意见的平均累计异常收益显著性水平;其次,分别检验违反会计准则、审计范围受限、持续经营、强调其它重大事项的保留四种类型非标准无保留意见的平均累计异常收益显著性水平;再次,检验首次出现非标准无保留意见的平均累计异常收益显著性水平;最后,检验连续类型非标准无保留意见的平均累计异常收益显著性水平。通过实证研究发现,当非标准无保留意见被签发的时候,具有信息含量存在。虽然不会立刻对股价产生负面的影响,但是在事件日以后的10天左右股价会下降,异常收益水平显著,说明资本市场对非标准无保留意见的反应比较缓慢。
[Abstract]:The audit opinion is the final result of the audit work completed by CPA. The independent audit standard of our country divides the audit opinion into two categories: standard unqualified opinion and non-standard unqualified opinion.This paper makes an empirical study on the impact of the audit opinion issued by CPA on the capital market, and focuses on the response of the capital market to the non-standard unqualified opinion.Analyze the investors' reaction to the company's stock price when they know that the listed company has been issued a non-standard unqualified opinion.This paper analyzes the audit opinion and its relationship with the capital market, and makes descriptive statistics on the audit opinions issued by Chinese listed companies from 2000 to 2007.The empirical study takes the annual report publication day as the event day, Mikkelson and Partch's event analysis method as the research method, and the observation period is 15 days before and after the event day, a total of 31 days.Selected 265 non-standard unqualified opinions in 2005, 2006 and 2007 annual reports as samples.This paper analyzes the average accumulated abnormal return to test whether the non-standard unqualified opinion issued by CPA has influence on the stock return.This article carries on the empirical research from four angles.First of all, to test the significant level of the average cumulative abnormal income regardless of the type of non-standard unqualified opinion; secondly, to test the accounting standards violated separately, the audit scope is limited, and the business is going on.Emphasizing the significant level of the average cumulative abnormal return of the four types of non-standard unqualified opinions reserved for other material matters; thirdly, testing the significant level of the average cumulative abnormal return of the first non-standard unqualified opinion; finally,Test the significant level of average cumulative abnormal return of continuous type of non-standard unqualified opinion.The empirical results show that there is information content when non-standard unqualified opinions are issued.Although it will not immediately have a negative impact on the stock price, the stock price will fall about 10 days after the event date, and the abnormal return level is significant, indicating that the capital market's response to the non-standard unqualified opinion is relatively slow.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2008
【分类号】：F239.4;F832.51

【引证文献】