审计意见与企业价值的实证研究

Empirical Research on Audit Opinion and Enterprise Value

以2009—2011年A股上市公司为样本,采用非平衡面板数据固定效应最小二乘法,实证研究了外部审计意见与企业价值的关系。研究表明:标准无保留审计意见对企业价值的增长具有显著的提升作用;对于获得非清洁审计意见的公司而言,带强调事项段的无保留意见、保留意见和无法表示意见这三种非清洁审计意见对公司价值增长的影响并无显著差异。在获得非清洁审计意见的企业中,审计意见与企业价值负相关,表明获非清洁审计意见的企业存在购买审计意见的嫌疑。

The paper uses A-share companies from 2009 to 2010 as research sample, and also use un- balanced panel data with fixed effect to empirically study least squares regression, relation between au- dit opinion reported by external audit supervision and enterprise value. Research results indicate that： standard unqualified audit opinion effectively advance the enterprise value in significant ways. The ef- fects of those three un-clean audit opinions, including an unqualified opinion with emphasis on matter paragraph, a qualified opinion, an adverse opinion and a disclaimer of opinion indicate no obvious dif- ferences for enterprises that get such an opinion. Among enterprises that get un-clean audit opinions, if audit problem and enterprise value present a negative correlation, they may have a suspicion of pur- chasing audit opinions.