审计意见对盈余信息含量影响
本站原创 论文中文摘要：为确保财务信息白勺质量,需要对财务报告进行独立审计。审计意见是注册会计师完成审计工作白勺最终结果。审计意见白勺公告,特别是非标准无保留审计意见白勺公告,对股票市场评判上市公司财务报告白勺真实性、合法性起到了至关重要白勺作用。上市公司财务报告被出具白勺非标准无保留审计意见,实际上是向市场传递了一个坏消息。对于理性白勺投资者而言,他们在得到这一消息后,不会盲目相信财务报告中所提供白勺会计数据,而是结合上市公司被出具白勺审计意见信息,确认公司实际白勺盈余状况,并依此作出相应白勺反应。本文主要探讨白勺是上市公司财务报告白勺审计意见对盈余信息含量白勺影响。本文利用2002至2005年A股上市公司第一季度数据,分别运用异常报酬率法和多元回归分析法,考察审计意见对盈余信息含量白勺影响。在多元回归分析中,本文还控制了公司治理结构白勺影响,因此本文白勺分析更加贴近我国上市公司白勺现状。依据实证分析,本文得到以下结论:(1)公司在报出非标准审计意见后,季度盈余反应系数明显下降,即非标准审计意见会降低盈余公告白勺信息含量;(2)带强调事项段白勺无保留审计意见虽能使季度盈余反应系数下降,但并不明显,而其他类型非标准审计意见则能明显降低季度盈余反应系数,这就是说,不同类型非标准审计意见对盈余信息含量白勺影响不同
Abstract（英文摘要）：www.328tibEt.cn In order to ensure the information quality of financial statements published by listed companies, it is necessary to conduct independent audit. The issuance of audit opinions, especially modified opinions, plays an important role in judging the authenticity and legality of the financial statements published by listed companies. It’s the Securities Regulatory Authorities and the stock investor’s psychological expectations that the audit opinions are standard. So the modified audit opinions of the financial statements issued by listed companies actually give bad news to the capital market. Further more, the modified audit opinions actually mean that there are profits on paper in the listed company’s financial statements. When making their invest decisions, the stock investors will also take the bad news into account. After getting this information, the rational investors will not blindly believe the accounting data of the financial statements. In order to confirm the actual earnings of the company and make the proper decisions, the investors will connect the accounting data to the audit opinions. Then the investors will take actions according to the adjusted data, and the stock prices of the listed companies change. This means that audit opinions can affect the information content of the earnings. The purpose of this article is to confirm the impact of audit opinions on the capital market’s response to quarterly earnings announcements.The overseas studies of earnings information content can be divided into two major categories. The first one is the studies that earnings contain information or not, and the second one is the studies of the impact factors on the earnings information content. From the review of the overseas literature, we can see that the study method improved incessantly and the deepness of the study deepened ceaselessly. But the studies of earnings information content in China only remain in earnings containing information or not. Many impact factors on the earnings information he not been dealt with.Basing on the comparison and evaluation of the literature, this paper selected a sample of China’s listed companies which own A shares. Using the abnormal return and regressive analysis method, we studied how the audit opinions influence the information content of accounting earnings. This article makes up the short of studies of the impact factors on the earnings information content in China. According to the characters of the listed companies in China, we also added the impact of the corporation governance structure in the empirical analysis. So the analyses of this paper are much close to the status of the listed companies in China.In the theory analysis and study hypothesis section, we depicted some theories in the first. The theories contain the produce of audit and Commission-Agency Theory, the need of audit and Dissymmetrical Information Theory, the market reaction to the audit opinions and Signal Traner Theory. Then we brought forward two hypotheses as follow:Hypothesis1: In the year when the modified opinions are issued, the quarterly financial statement’s earnings information content is deeper than the matching year’s earnings information content. This means that compare to the former year (year T-1), the modified opinions issued year’s (year T) earnings information content is less.Hypothesis2: Compare to the standard audit opinions with emphatic paragraph, other modified audit opinions affect quarterly earnings information content much more.In order to study the impact of audit opinions on the earnings information content, the sample companies of this paper were issued modified audit opinions in year T and standard audit opinions in year T-1. After a series of sample selection process, we got the final sample of 135 companies. In the study design, we elaborated the selection of study method, the choice of window, the calculation method of unexpected earnings, the calculation method of cumulative abnormal returns, the design of other variables and the setting of the model.From the graph analysis, T test analysis and multi-regression analysis method, we he drawn such conclusions in the empirical analysis: (1) Compare to the standard audit opinions, the issuance of modified audit opinions can decrease the company’s earnings response coefficient signally. This means that the audit opinions are signals in the stock market, and they can traner some information to the investors and other profit correlative persons. And the investors also can make the proper decision on account of the audit opinions.(2)Standard audit opinions with emphatic paragraph are different from other modified audit opinions. They can’t decrease the earnings response coefficient signally. This means that the investors can distinguish different kinds of audit opinions, and they can also make corresponding reaction according to them. We can see from the empirical analysis that the stock investors pay attention to both the earnings and the audit opinions. This means that the stock investors should connect the financial information to the audit opinions to confirm the company’s real earnings, so the quality of information published by listed company needs to be improved. Because the independent audit has some internal restrictions, the Securities Regulatory Authorities should perfect the correlative rule, increase the management of the financial information disclosure system, improve the quality of information published by listed company, enhance the authenticity of the financial information, and solve the problems of information disclosure in the end.
论文关键词： 审计意见；会计盈余；信息含量；市场反应；
Abstract（英文摘要）：www.328tibEt.cn In order to ensure the information quality of financial statements published by listed companies, it is necessary to conduct independent audit. The issuance of audit opinions, especially modified opinions, plays an important role in judging the authenticity and legality of the financial statements published by listed companies. It’s the Securities Regulatory Authorities and the stock investor’s psychological expectations that the audit opinions are standard. So the modified audit opinions of the financial statements issued by listed companies actually give bad news to the capital market. Further more, the modified audit opinions actually mean that there are profits on paper in the listed company’s financial statements. When making their invest decisions, the stock investors will also take the bad news into account. After getting this information, the rational investors will not blindly believe the accounting data of the financial statements. In order to confirm the actual earnings of the company and make the proper decisions, the investors will connect the accounting data to the audit opinions. Then the investors will take actions according to the adjusted data, and the stock prices of the listed companies change. This means that audit opinions can affect the information content of the earnings. The purpose of this article is to confirm the impact of audit opinions on the capital market’s response to quarterly earnings announcements.The overseas studies of earnings information content can be divided into two major categories. The first one is the studies that earnings contain information or not, and the second one is the studies of the impact factors on the earnings information content. From the review of the overseas literature, we can see that the study method improved incessantly and the deepness of the study deepened ceaselessly. But the studies of earnings information content in China only remain in earnings containing information or not. Many impact factors on the earnings information he not been dealt with.Basing on the comparison and evaluation of the literature, this paper selected a sample of China’s listed companies which own A shares. Using the abnormal return and regressive analysis method, we studied how the audit opinions influence the information content of accounting earnings. This article makes up the short of studies of the impact factors on the earnings information content in China. According to the characters of the listed companies in China, we also added the impact of the corporation governance structure in the empirical analysis. So the analyses of this paper are much close to the status of the listed companies in China.In the theory analysis and study hypothesis section, we depicted some theories in the first. The theories contain the produce of audit and Commission-Agency Theory, the need of audit and Dissymmetrical Information Theory, the market reaction to the audit opinions and Signal Traner Theory. Then we brought forward two hypotheses as follow:Hypothesis1: In the year when the modified opinions are issued, the quarterly financial statement’s earnings information content is deeper than the matching year’s earnings information content. This means that compare to the former year (year T-1), the modified opinions issued year’s (year T) earnings information content is less.Hypothesis2: Compare to the standard audit opinions with emphatic paragraph, other modified audit opinions affect quarterly earnings information content much more.In order to study the impact of audit opinions on the earnings information content, the sample companies of this paper were issued modified audit opinions in year T and standard audit opinions in year T-1. After a series of sample selection process, we got the final sample of 135 companies. In the study design, we elaborated the selection of study method, the choice of window, the calculation method of unexpected earnings, the calculation method of cumulative abnormal returns, the design of other variables and the setting of the model.From the graph analysis, T test analysis and multi-regression analysis method, we he drawn such conclusions in the empirical analysis: (1) Compare to the standard audit opinions, the issuance of modified audit opinions can decrease the company’s earnings response coefficient signally. This means that the audit opinions are signals in the stock market, and they can traner some information to the investors and other profit correlative persons. And the investors also can make the proper decision on account of the audit opinions.(2)Standard audit opinions with emphatic paragraph are different from other modified audit opinions. They can’t decrease the earnings response coefficient signally. This means that the investors can distinguish different kinds of audit opinions, and they can also make corresponding reaction according to them. We can see from the empirical analysis that the stock investors pay attention to both the earnings and the audit opinions. This means that the stock investors should connect the financial information to the audit opinions to confirm the company’s real earnings, so the quality of information published by listed company needs to be improved. Because the independent audit has some internal restrictions, the Securities Regulatory Authorities should perfect the correlative rule, increase the management of the financial information disclosure system, improve the quality of information published by listed company, enhance the authenticity of the financial information, and solve the problems of information disclosure in the end.
论文关键词： 审计意见；会计盈余；信息含量；市场反应；