中期财务报告自愿审计的动机和市场反应分析——基于中国上市公司的经验数据

Empirical Research on the Factors and Market Reaction of Voluntary Auditing of the Interim Reports——Based on the listed companies in China

作为外部治理机制的审计是公司信息披露质量的重要保证,目前法规对上市公司中期财务报告的审计并无强制性法规要求,许多上市公司选择中期财务报表自愿审计,其行为是一种主动传递信息的过程。本文通过对我国上市公司2007至2010年证券市场自愿中报审计的经验数据分析,对公司自愿中报审计的动机和市场反应进行了实证研究。研究发现:公司中期财务报表自愿审计与公司的成长性和公司规模显著相关,且公司的财务状况和股权性质对公司的自愿审计有一定影响;同时,市场对上市公司中期财务报告自愿审计行为有一定的正面反应,但这种反应效力不足,且持续力较低。

Audit is an important guarantee for information disclosure quality as an external governance mechanism. There are no mandatory legal requirements for audit of interim financial reports of listed companies, and many listed companies select voluntary audit of their interim financial statements which is an active process of transmission of information for them. Based on a classical phenomenon underlying Chinese developing capital markets, the factors and market reactions of voluntary auditing of the interim reports are investigated. Though the analyses of data from 2007 to 2010, we found that the corporate growth rate and size are significantly related with the demands of corporate voluntary auditing, and corporate financial condition and shareholders nature can also influence the action of voluntary auditing. For the market reaction, capital market has positive reaction on voluntary auditing of interim report. However, it can not last to long.