媒体监督、审计师变更与市场反应

发布时间：2018-01-06 02:01

本文关键词：媒体监督、审计师变更与市场反应　出处：《内蒙古财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：随着信息化时代的到来人们对各种信息的获取和使用更加便捷,媒体已经逐渐变成了越来越重要的传递信息的通道,而且作为公司实现外部治理的重要机制之一,在投资者眼中已经成为法律外的最重要的替补机制。2001年发生的银广夏财务造假事件;2008年发生的三鹿奶粉三聚氰胺事件;2011年发生的关于五粮液涉嫌基于关联交易的利益输送行为和紫鑫药业财务造假行为都是由于媒体率先对其公司治理问题进行关注而进入公众视野的,而后引起各方利益相关者的注意最终使得行政力量介入促使事件有效处理和解决。上述案例可以说明从外部治理机制这一效用来看,媒体监督对资本市场的环境治理起到了很好的监督作用,且作用显著。我国法律明确规定我国上市公司的财务报表必须经由作为独立第三方的会计师事务所进行审计,以确保会计信息的可靠性。然而,近年来我们发现上市公司越来越多的出现更换会计师事务所的现象,更有甚者在一年之内多次更换会计师事务所,这一现象引起了我们的关注。我们可以判断管理层因受到相关利益的驱动利用其对会计师事务所的聘用选择权更换会计师事务所,从而规避对其和其公司的不利审计意见,而会计师事务所出于利益和生存的考虑放弃职业操守同管理层合谋,通过交涉胁迫注册会计师妥协来满足管理层的盈余管理目的。这种现象影响了财务报告审计的质量同时成为审计市场健康发展的阻碍。围绕以上主题,本文首先对国内外关于媒体监督、审计师变更和市场反应的一系列相关文献进行了归类和整理,同时运用经济学中的信号传递理论、委托代理理论和有效市场理论对媒体监督、审计师变更和市场反应三者之间的关系进行了理论方面的分析,并提出相关假设。分析了媒体的监督作用对于审计师变更事项的影响并发现媒体的负面报道促进了上市公司的审计师变更事项;同时检验了媒体对于不同性质上市公司的影响程度,发现媒体对于国有上市公司的关注度高于非国有性质的上市公司,但其负面报道数量却明显低于非国有上市公司。本文运用SPSS22.0系统分析软件对研究样本和控制样本的市场反应数值进行均值检验,发现研究样本和控制样本的市场反应存在差异;同时检验了不同公司性质审计师变更事项的市场反应。最后对媒体监督、审计师变更交互的市场反应进行检验,发现收到媒体负面报道较多的上市公司其发生审计师变更事项之后其市场反应为正。基于上述研究结论,本文从媒体、审计师变更主体、外部监管环境三个不同的主体角度分别提出了相关的政策建议,简述了本文的贡献和不足并展望了未来的研究方向。
[Abstract]:With the advent of the information age people of all kinds of information access and use more convenient, the media has gradually become more and more important in the information transmission channel, and the company as one of the important mechanisms for the external governance, financial fraud has become Yinguangxia incident outside the law.2001 substitute mechanism the most important year in the eyes of investors; in 2008 the Sanlu melamine incident occurred in 2011; about Wuliangye alleged behavior related transactions based on the interests of transport and purple Xin Pharmaceutical financial fraud behavior is due to the media attention on the first issue of corporate governance and into public view, and cause the attention of all stakeholders ultimately makes the administrative intervention force leads to effective treatment and to solve the above case. That used to look from the effect of external governance mechanism, media supervision of capital Environmental governance in the market play a good supervisory role, and the role is obvious. The law of our country stipulates clearly China's listed company's financial statements must be audited by the accounting firm as an independent third party, in order to ensure the reliability of accounting information. However, in recent years, I have found that listed companies have more and more change of accounting the firm's phenomenon, even within a year several times to replace the accounting firm, this phenomenon has aroused our attention. We can judge the management because of the related interests drive option to change the accounting firm by the CPA firms to hire, to avoid the company and its unfavorable audit opinions, and accounting firms for the benefit and survival to consider giving up occupation ethics with management collusion, through the negotiation of CPA compromise to meet the stress management The purpose of earnings management. This phenomenon affects the quality of financial reporting audit at the same time as the healthy development of auditing market obstacles. Around this subject, this paper at home and abroad on the media supervision, classification and processing of a series of related literature and the market reaction to auditor change, at the same time using the signaling theory of economics, principal-agent theory and the theory of effective market supervision of the media, the relationship between auditor change and market reaction of the three analyzed theory, and puts forward the relevant hypothesis. Analysis of the supervisory role of the media influence on the alteration of auditors and found negative media coverage to promote the issues of listed companies change auditors; and to test the degree of influence for the media the different nature of the listed company, found that the media attention for the state-owned listed companies is higher than that of non state-owned listed companies The Secretary, but the number of negative reports was significantly lower than that in non state-owned listed companies. This paper uses SPSS22.0 system numerical analysis of market reaction to the study sample and control sample mean test software, and discover the difference and market reaction samples and control samples; and to test the market reaction to auditor change in consideration of the nature of different companies. At the end of the media supervision the market reaction, auditor interaction test, found that received negative media coverage more listed companies after the auditor change matters the market reaction is positive. The research conclusion based on this article from the media, the main external auditor changes, the regulatory environment of three different subject angles puts forward relevant policy suggestions, the the contribution of this paper and the insufficiency and the future research directions.

【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：G206;F832.51;F239.4

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