机构投资者持股对持续经营审计意见市场反应的影响——基于2007—2014年深沪A股数据

发布时间：2018-01-27 22:35

本文关键词： 持续经营审计意见机构投资者持股市场反应持股比例投资行为累计超额收益率经营风险非标审计意见　出处：《南京审计学院学报》2015年06期 　论文类型：期刊论文

【摘要】：研究不同类型持续经营审计意见市场反应的差异并检验机构投资者持股对其的影响,结果显示:被出具持续经营审计意见公司的累计超额收益率CAR显著为负,且被出具持续经营无法表示意见公司的CAR负值显著强于被出具持续经营无保留意见和保留意见公司的CAR的负值,但后两种审计意见对CAR的影响并无显著差异。另外机构投资者持股会加大不同类型持续经营审计意见市场反应的差异。结果表明,持续经营审计意见具有信息含量,并且机构投资者持股会加大该信息含量。
[Abstract]:This paper studies the differences of market responses of different types of going-concern audit opinions and examines the impact of institutional investors' shareholdings on them. The results show that the cumulative excess return rate (CAR) of the company with the audit opinion of going concern is significantly negative. Moreover, the negative value of CAR of the company which can not be expressed by the issue of going concern is significantly stronger than the negative value of the CAR of the company with the unqualified opinion and the reserved opinion of the company. However, there is no significant difference between the latter two kinds of audit opinions on CAR. In addition, institutional investor shareholding will increase the market reaction of different types of continuing operation audit opinion. The results show that. Going concern audit opinion has information content, and institutional investor holding shares will increase this information content.
【作者单位】：北京交通大学经济管理学院;
【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】：F239.4;F832.51
【正文快照】： 一、引言持续经营审计意见(Going-concern opinions)是指注册会计师对被审计单位持续经营假设的合理性产生重大的疑虑,从而在审计报告中明确提及被审计单位持续经营能力存在重大不确定性的一类非标审计意见。近年来,我国被出具非标审计意见的上市公司中,由于持续经营不确定性

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