上市公司非标准审计意见信息公告的市场反应研究——基于1998-2011年沪深A股的实证证据

The Market Reaction of Modified Audit Opinion Information Announcements of Listed Companies: Based on the Empirical Evidence of 1998-2011 Shanghai and Shenzhen A Shares

本文研究我国股票市场对1998-2011年上市公司年报披露的非标准审计意见的反应。研究结果表明,证券市场对年报非标准审计意见的披露存在显著的负反应,且这种负效应在非标准审计意见公告前已渗透到市场的股价中,公告后市场反应反而不显著。在对不同年度披露的非标准审计意见研究发现,非标准审计意见的市场反应在不同年度之间尚不具有完全一致性。上述证据表明,我国证券市场有必要加强对上市公司非标准审计意见信息披露的监管,并采取有效措施进一步规范注册会计师的执业行为。

Using A-share data from 1998 to 2011, the paper examines China＇s stock market reaction of modified audit opinions of listed companies＇ annual report disclosures. Our results show that the market reaction of modified audit opinions is significant negative. The corresponding negative cumulative abnormal returns mainly produce in pre-announcement, while it is not significant in post-announcement. In addition, the market reaction of modified audit opinions is different across years. These findings suggest that the regulatory authorities in China should reinforce the supervision of modified audit opinions information disclosure and chartered public accountants＇ practice.