持续经营审计意见与上市公司价值评估——基于公司财务报表估值的角度

发布时间：2018-08-11 19:47

【摘要】：从财务报表估值的角度,利用我国2000—2015年沪深A股上市公司数据,采用PSM倾向得分匹配法,研究持续经营审计意见作为权益市场的风险传递机制,其对上市公司价值评估产生的影响。研究发现,持续经营审计意见能够导致公众对财务困境公司的市场价值认可方式的转变,即随着首次持续经营非标意见的出具,公众对上市公司估值采取的双报表关注转变为重视资产负债表、轻视利润表的偏向关注,且这种关注是伴随着持续经营审计意见骤然出现的,而非随着财务困境的加深逐渐出现。进一步研究发现,持续经营审计意见的出具导致我国资本市场看低存货和无形资产,重视固定资产和长期负债的影响,因此持续经营非标意见为公司的清算或者调整风险提供了增量信息。
[Abstract]:From the angle of financial statement valuation, using the data of Shanghai and Shenzhen A-share listed companies from 2000 to 2015, using the PSM tendency score matching method, this paper studies the continuous operation audit opinion as the risk transmission mechanism of the equity market. Its impact on the valuation of listed companies. The study found that going-on audit opinions can lead to a change in the way the public recognizes the market value of companies with financial distress, that is, with the issuance of non-standard opinions for the first time, The public's attention to the valuation of listed companies has changed from paying attention to the balance sheet to ignoring the biased concern of the profit statement, which is accompanied by the sudden appearance of the audit opinion on continuing operations. Not as financial distress deepens gradually. Further studies have found that the issuance of an audit opinion on continuing operations has led our capital market to lower inventory and intangible assets, and to attach importance to the impact of fixed assets and long-term liabilities. Therefore, the non-standard view of continuing operation provides incremental information for the liquidation or adjustment risk of the company.
【作者单位】：北京交通大学经济管理学院;中国注册会计师协会;
【基金】：国家社会科学基金项目(15BGL051) 审计署重点科研课题项目(15SJ01001) 天津市财政局重点会计科研项目(kjkyxm152801)
【分类号】：F275

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