联系我们

论文查询结果	返回搜索

论文编号：	1827
作者编号：	031690
上传时间：	2010/5/14 9:06:14
中文题目：	可避审计意见的市场反应研究
英文题目：	Avoidable hypothesis Audit opinion Market response
指导老师：	张继勋
中文关键字：	可避假设 审计意见 市场反应
英文关键字：	Avoidable hypothesis Audit opinion Market response
中文摘要：	本文是对审计意见市场反应的实证研究。审计意见作为一种市场信息在资本市场中发挥着重要的作用。近年来，投资者和相关各方对于审计报告的关注程度越来越高，然而投资者关注的仅仅是审计意见的类型。事实上，审计意见中还包含着更深层次的信息，这其中的关键就是引起审计意见类型不同的经济事项。本文的创新点就在于依据经济事项的内容不同将被出具非标准审计意见的上市公司分为可避和不可避两类。可避和不可避区分的标准在于被审计单位能否通过调整财务报告来避免审计师出具非标准意见。当然，在审计意见的产生过程中，注册会计师和被审单位管理当局都会从自身利益考虑，选择对自己有利的行为。对于投资者来说，如果他们能够意识到管理当局在行为选择过程中传递出来的信息，那么将大大有助于他们的投资决策，同时也提高了审计意见的有用程度。 本文选择2001年至2004年所有被出具非标准审计意见的上市公司作为研究样本。我们通过可避不可避的区分方法将它们分为两类，然后用市场模型法计算出每一类每一家公司在审计意见公布前后十天的超额收益。我们设计了多个窗口，在不同窗口内比较两类公司的超额收益是否存在显著差异。同时，我们建立了以超额收益为因变量的回归模型，检验了可避和不可避审计意见类型与超额收益之间的关系。研究结果表明，可避和不可避上市公司的累计超额收益在每一年的某些窗口内存在显著差异，但是差异表现的方式并不一致。而从超额收益的影响因素来看，审计意见类型的影响并不显著。超额收益主要来自于非预期盈余。由此可见，管理当局选择可避审计意见大多出于投机的目的，投资者虽然意识到可避意见的信息含量，但并没有表现出较强烈的反应。我国证券市场还需加强监管，同时不能忽视投资者教育。
英文摘要：	This thesis is the empirical research on market response of audit opinion. The audit opinion is one kind of market information now playing the vital role in the capital market. In recent years, the investors have paid more and more attention to the audit report. However, the investors merely care about the type of audit opinion. In fact, the audit opinion also contains the deeper level of information. The keys are the economical items that cause the audit opinion type different. The innovation here is that we will lie in the basis of economical item contents dividing the company received qualified audit opinion on the market into avoidable and un-avoidable two kinds. The discrimination between avoidable and un-avoidable lies in whether the audited unit can avoid qualified opinion through adjusting financial report. Certainly, in the audit opinion generating process, auditor and the company authority will consider from own benefit, choosing advantageous behavior. As for the investor, if they can realize the information which transmits in the behavior choice process of company authority, then it will be greatly helpful to their investment decision-making. At the same time, it also can enhance the useful degree of audit opinion. This thesis chooses samples from 2001 to 2004 all the company on the Chinese security market which received qualified audit opinions. We used the avoidable discrimination method to divide them into two kinds, and then calculate each company of each kind with the market modeling method ten day-long residual income around the date of audit opinion announcement. We have designed many windows, and compared two kind of companies’ residual income in the different windows to see whether they have remarkable differences. At the same time, we established regression model taking Cumulative Average Residuals as the dependent variable, examining the possible relationship between avoidable and un-avoidable audit opinion type with the Cumulative Average Residuals. The findings indicated that: Cumulative Average Residuals of avoidable and un-avoidable companies have remarkable difference in each year in certain windows, but the difference performance in inconsistent way. But looking from Cumulative Average Residuals influence factors, the audit opinion type’s influence is not remarkable. Cumulative Average Residuals mainly come from the non-anticipated earnings. Thus it can be seen, the company authority choose avoidable audit opinion mostly because of the congenial goal. The investors although realize avoidable qualified audit opinion’s information content, but not response to it strongly. So, our country’s stock market must strengthen supervising and managing. At the same time, we can’t neglect the investor’s education.
查看全文：	预览  下载(下载需要进行登录)