杀鸡能儆猴吗?——同行公司非标审计意见的震慑效应研究

Punish Someone as a Warning to Others——The Study of the Deterrent Effect of the Non-Standard Audit Opinions of Peer Companies

本文以2010—2019年深交所上市公司为样本,研究了同行公司的非标审计意见对焦点公司审计意见类型的影响。研究发现,上年同行公司被出具非标审计意见的比例越高,当年焦点公司被出具非标审计意见的可能性越低,表明同行公司的非标审计意见具有震慑效应,促使焦点公司主动改善财务报告质量,以避免因类似问题而被出具非标审计意见。与发生事务所变更的焦点公司相比,不发生事务所变更的焦点公司受到的震慑效应更显著;与非国有企业相比,国有企业受到的震慑效果更明显。进一步研究表明,上年同行公司被出具非标审计意见的比例越高,越能提升当年焦点公司的信息披露质量,有助于降低当年焦点公司被出具非标审计意见的可能性。

Using Chinese A-share listed companies from 2010 to 2019 as samples,this paper studies the influence of non-standard audit opinions of peer companies on the audit opinion types of focal company.We find that the higher proportion of the peer companies receiving non-standard audit opinions in the previous year,the lower possibility of the focus companies to receive non-standard audit opinions in the current year,which indicates that the non-standard audit opinions of the peer companies have a deterrent effect.The deterrence effect is more significant for focal firms that don't change auditing firms than for those that do and compared with non-state-owned enterprises,the deterrent effect of state-owned enterprises is more obvious.Further research shows that the higher the proportion of non-standard audit opinions issued by peer companies in the previous year,the better the quality of information disclosure of focus companies in that year,and help reduce the possibility of non-standard audit opinions issued by focus companies in that year.