持续经营不确定性审计意见的增量决策有用性研究——来自财务困境公司的经验证据被引量：19

Research on the Added Decision Usefulness of Going-concern Opinion——Evidence from Financial Distressed Public Companies

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摘要与国外证券市场不同,我国证券市场上的投资者拥有相互补充的两个关于公司持续经营不确定性的信息源:ST(特别处理)与GCO(持续经营不确定性审计意见)。本文以股权分置改革前的1998—2003年间处于财务困境的我国上市公司为样本,分别采用价格模型和回报模型对GCO的价值相关性和被出具GCO公司的盈余价值相关性进行了经验考察。研究发现,不论公司是否已经被ST,GCO都会促使投资者进一步降低对公司的价值认定和导致公司更低的盈余价值相关性。这一经验结果意味着,GCO能在我国所特有的ST风险警示制度的基础上提供增量的决策有用性,持续经营审计准则的持续改进将有利于提升审计师对公司持续经营风险评估的准确性。 The investors of Chinese capital market can have two complementary information sources on corporations＇ going-concern uncertainties： special treatment （ST） and going-concern opinion （GCO）, which is different from that of foreign capital market. This paper, based on the sample of financial distressed public companies of the year 1998-2003, empirically tests the value relevance of GCO and GCO-companies＇ EPS by using both the price model and return model. The empirical result shows that whether the company is under the state of ST or not, GCO can reduce the value of this company and the value relevance of its EPS. Therefore, this result implicates that GCO can provide further decision usefulness over the particular risk hint ST, and the continuous improvement on going-concern audit standard will increase auditor＇s accuracy on going-concern risk evaluation.

作者厉国威廖义刚韩洪灵

机构地区浙江财经学院会计学院江西财经大学会计学院浙江大学管理学院

出处《中国工业经济》 CSSCI 北大核心 2010年第2期150-160,共11页 China Industrial Economics

基金国家自然科学基金青年项目"中国资本市场GCO行为:信息解读自我预言实现及其决策机制研究"(批准号70802056)

关键词特别处理持续经营不确定性审计意见决策有用性价值相关性 special treatment going-concern opinion decision usefulness value relevance

分类号 F276.6 [经济管理—企业管理]

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