上市公司持续经营审计意见信息含量的差异性研究

Study on the Difference of Information Content of Going—concern Opinions in Chinese Listed Companies

上市公司审计意见具有重要的信息含量,本文从投资者如何利用持续经营审计意见信息含量这一角度出发,选取2003—2005年被出具持续经营审计意见的上市公司为样本,采取事件研究法、回归分析法等实证检验我国上市公司持续经营审计意见与非持续经营非标准审计意见、不同类型的持续经营审计意见之间市场反应的差异性;分析评价证券市场对持续经营审计意见的识别程度及其变动趋势,警示信息使用者提高区分不同类型持续经营审计意见的能力,也试图为制度安排、市场监管提供证据。

From the point of view that how the investors take use of the information content of going-- concern opinions, this paper not only studies the different market reaction between going--concern opinions and non--going concern opinions, but also examines the different market reaction between unqualified going concern opinions with modified wording and disclaimer going concern opinions. The results show that there exists significant difference among the type of audit opinions. Based on the empirical evidence, the thesis provides some general reference not only to financial information users but also to auditing standard directors.