稳增长等政策执行情况跟踪审计的市场传导效应研究

发布时间：2018-06-13 22:53

本文选题：国家审计 + 政策跟踪审计　；参考：《审计研究》2016年04期

【摘要】：本文采用事件研究方法检验稳增长等政策跟踪审计的市场传导效应,并进一步探讨上述市场传导效应在不同企业间的差异。实证结果表明:投资者对政策类事件和公告类事件给予了区别对待。具体表现为,在政策类事件日附近市场反应显著为正,而在公告类事件日附近市场反应显著为负。进一步的研究发现:就政策类事件的市场反应而言,投资者对非国有性质、受政策支持较少、发生业绩下滑、亏损以及新募集资金使用进度较快的企业给予的正向反应更加强烈;针对公告类事件而言,投资者对业绩下滑、发生亏损、受政策支持较多、新募集资金使用进度较慢企业的负向反应更加明显。上述结果表明,稳增长等政策跟踪审计不仅通过推动宏观经济政策的贯彻落实向市场传递了较为积极的信号,还能通过对问题的及时披露起到揭示问题和预警风险的作用。
[Abstract]:In this paper, the event study method is used to test the market conduction effect of stable growth policy tracking audit, and to further explore the differences of the above market conduction effects among different enterprises. The empirical results show that investors discriminate between policy events and announcement events. The results show that the market response is significantly positive near the policy event day and negative around the announcement event day. Further studies have found that, in terms of market responses to policy events, investors are less supported by policies and suffer from a decline in performance. The positive reaction to losses and the faster use of newly raised funds has been even stronger; investors have suffered declines in results, losses and more policy support for the kind of events that have been announced. The negative response of the slow-moving enterprises to raise funds is more obvious. The results show that the policy tracking audit, such as steady growth, not only sends a positive signal to the market by promoting the implementation of macroeconomic policies, but also reveals the problems and early warning risks through the timely disclosure of the problems.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家社会科学基金重大项目(项目批准号:13&ZD146) 国家自然科学基金面上项目(批准号:71372138)的资助
【分类号】：F239.4

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