投资机会、高质量审计与盈余的价值相关性

Investment Opportunity Set,High Quality Audit and Value Relevance of Earning

以2007-2011年我国A股上市公司为研究样本,从盈余价值相关性的视角检验了高质量审计和投资机会对会计信息质量的综合影响。研究发现,随着投资机会的增加上市公司盈余的价值相关性将显著下降,但若其聘请的是高质量审计师,则盈余价值相关性的下降幅度会有显著的降低,且这一治理效应只在非国有上市公司中显著存在。上述检验结果表明高质量审计一定程度上可以缓解高投资机会集公司的代理问题,从而提高会计信息质量。

The article chooses A-share listed companies from 2007 to 2011 in China as research samples.It tests the comprehensive influence of high quality audit and investment opportunities on the accounting information quality from the perspective of earnings value-relevance.The research finds that with the increase of investment opportunities the earnings’ valuerelevance will significantly reduce in the Listed Companies.However if hiring high quality auditors,the fall of earnings’ value relevance will significantly reduce and this governance effect only significantly exists in non-state-owned listed companies.The results above show that high quality audit can alleviate the agency problems in high investment opportunity set companies and enhance the quality of information to some extent.