审计师声誉影响股价崩盘风险吗——基于中国资本市场的经验证据

Does Auditor Reputation Affect Stock Price Crash Risk——The Empirical Evidence Based on Chinese Capital Market

运用2002-2014年中国资本市场的数据,检验了审计师声誉与股价崩盘风险之间的关系。研究发现:审计师声誉与股价崩盘风险呈显著的负相关关系;在市场化程度较低的地区,在会计信息透明度较低、经营业绩较差、成长性较低的公司,审计师声誉与股价崩盘风险皆呈更显著的负相关关系。研究结果表明,发挥审计师声誉的外部监控作用、加快市场化进程、提高会计信息透明度、提高公司经营业绩、增强公司的成长性等有助于降低股价崩盘风险,进而助力新常态下中国资本市场的良性运行与健康发展。

Using 2002-2014 of China＇s capital market data, this paper examines the relationship between auditor reputation and stock price crash risk. The study finds that auditor reputation is significantly negative related to the stock price crash risk; if the district＇s marketization degree is lower, company＇s accounting information transparency is lower, enterprise performance is lower, company growth is lower, then auditor reputation and stock price crash risk is more significantly negative correlation relation. The research results indicate that auditor reputation should play a role of external monitoring, strengthen the process of marketization, improve accounting information transparency, improve firm performance, and enhance enterprise＇s growth, so as to reduce the stock price crash risk, and promote Chinese capital market＇s benign operation and healthy development under the new normal.