审计任期、审计质量与投资者反应——来自中国证券市场的经验证据

Auditor Tenure,Audit Quality and Investor's Action——Empirical Evidence from the Chinese Securities Market

本研究以中国证券市场2002—2004年上市公司为样本,从投资者的角度出发,考察了审计任期、审计意见与审计质量之间的关系,以及投资者对审计任期与审计质量的反应。在控制了事务所声誉、公司规模、公司成长率等控制变量的影响后,研究发现:事务所出具标准审计意见的概率随着审计任期的增加而增加;投资者对长审计任期且被出具标准审计意见的上市公司比较排斥,其市场反映较差。

This paper, based on the data of those listed firms from 2002 to 2004 in the Chinese Securities Market, investigates the relationships among audit tenure,audit opinion and audit quality on the standing of investors, and investor＇s action to audit tenure and audit quality. We find that, after controlling the influence of other variables, such as the power of CPA companies, corporate sizes, and the growth of corporations, the probability that CPA companies issue clean audit opinion will increase along with the increasing of auditor tenure; the investors dislike those companies, which have clean audit opinion and long audit tenure, the market also dislike them.