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| 论文编号： | 30 | |
| 作者编号： | 2120051889 | |
| 上传时间： | 2007/6/20 22:57:44 | |
| 中文题目： | 审计意见的信息含量研究 | |
| 英文题目： | The information content of aud | |
| 指导老师： | 鲍国明 | |
| 中文关键字： | 审计意见;信息含量;超额收益| | |
| 英文关键字： | Audit Opinion;Information Cont | |
| 中文摘要： | 上市公司对外公布的财务报告是投资者的重要信息来源，财务报告披露的信息的质量与投资者的经济利益息息相关。审计报告对上市公司的财务报告起着重要的鉴证作用，从理论上讲，不同的审计意见会导致投资者对上市公司产生不同的预期，从而对投资者的决策行为产生影响。投资者的决策行为的变化可以从各个上市公司的股价上反映出来，如果注册会计师出具的审计报告表明公司的财务报告在某些重大方面未能公允表达其财务状况、经营成果和现金流量，就会降低投资者对该公司的预期，股价就会下降。注册会计师出具的审计意见越严厉，市场的负反应越强烈。本文采用规范研究和实证研究相结合的方法研究审计意见是否会对股价产生影响，在规范研究部分，本文以委托代理理论和信号传递理论为基础研究了审计意见如何作用于股价，在实证部分本文以2004和2005年度我国非金融类上市公司的审计意见信息为研究对象，采用事件研究法，通过考察年报公布日前后的股价反应，来考察审计意见信息对投资者的决策是否起到了应有的作用。本文研究发现投资者能够区分标准审计意见和非标意见，也能够区分否定意见、无法表示意见和保留意见，但投资者普遍不能区分带强调事项段的无保留意见和保留意见，也不能区分带强调事项段的保留意见和否定意见或无法表示意见。另外，本文还发现在中国的证券市场上，公司的盈利能力和成长能力会对股价产生一定的影响，而公司规模和公司治理结构不会影响股价。 | |
| 英文摘要： | The financial statements announced by listed companies are important information sources for investors. The quality of financial statements and investors’ economic benefits are vitally related. Auditing report is a certificate on listed companies’ financial statements. So theoretically, different auditing opinions would cause different expectations. Auditing opinions have great impact on investors’ decisions. The behavioral variety in investors’ decisions can be reflected by the stock prices of listed companies. If the auditing report announced by CPA shows that the financial reports of the company didn’t truly present its financial condition, operational results and cash flow, it will lower investors’ expectation on the company. Thereafter, the stock price of the company will go down. This thesis uses both theoretical research method and empirical research method to study the information content of audit opinions. As to empirical research method, it uses event-study method to research on the stock price reflection around financial statements announcing day using the un-financial companies from 2004 to 2005. Through this, we can know whether auditing information have impact on investors’ decisions. At last we find that investors can identify standard auditing opinions and nonstandard auditing opinions. But unfortunately, investors can not identify unqualified opinions with explanatory paragraph and qualified opinions. They can not identify qualified opinions with explanatory paragraph and adverse opinions or disclaimer of opinions either. We have also found that in Chinese security market, the companies’ profitability and ability to grow can affect their stock prices. But the companies’ scale and governance structure don’t have influence on stock prices. | |
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