上市公司非标准审计意见市场反应的差异性研究

Difference of Market Reaction to Modified Audit Opinion in Listed Companies

文章以我国证券市场2005年和2006年获得非标准审计意见的上市公司为样本,运用事件研究法和多元回归分析模型,分年度考察了不同类型非标准审计意见的市场反应的差异。研究发现:我国证券市场能够识别持续经营审计意见和非持续经营审计意见之间的差异,但不能识别带强调事项段无保留意见和保留意见、无法表示意见之间的差异;2005年和2006年不同类型非标准审计意见的市场反应存在显著差异。

This paper first makes an empirical study on the event of audit opinions issued by certified public accountants and its impacts on stock market, and then explores the market reaction to the disclosure of modified opinions in annual financial reports in 2005 and 2006 in China＇s stock market. The conclusions are as follows ： China＇s stock market can identify the difference of information content between going concern modified audit opinion and non-going concern modified audit opinion, but cannot identify the difference of information content between emphasized proceeding segment modified audit opinion and non-emphasized proceeding segment modified audit opinion. The market reaction to modified audit opinion between 2005 and 2006 is different.