审计诚信与我国资本市场运行效率的相关性分析

Correlation Analysis on Audit Credit and Capital Market Efficiency

将审计诚信纳入资本市场监管体系,研究审计诚信对中国资本市场运行效率的影响问题,不仅是我国资本市场监管的客观要求,同时也是资本市场运行效率理论与方法研究上的一种新尝试。本文运用回归分析法,对传统盈余/报酬模型增加6个解释变量进行了修正,选取沪、深两市343家上市公司2000至2002年有关数据进行回归检验,得出审计诚信与资本市场效率具有价值相关性。除个别年份外,盈余反映系数大小严格按照审计诚信度得分高低排列,且研究假设中的CPA失信责任,会计事务所规模和独立董事制度与我国资本市场运行效率具有显著相关性。

It is not only the request of capital market supervision but also an attempt of studying the theory and method of capital market efficiency we put the audit credit into the capital market supervise system and study its effect on the capital market efficiency in China. With regression method, this article modified the traditional surplus/reward model with adding six interpretative variables to it . It is proved that audit credit have relationship of value with capital market efficiency by selecting the data of 343 listed companies in Shanghai and Shenzhen from 2000 to 2003. And the scale of accountant office and independence director system has great pertinence with the capital market system efficiency in our country.