异常审计费用与证券分析师盈余预测有效性——基于我国A股上市公司的证据

Abnormal Audit Fees and Effectiveness of Securities Analysts' Earnings Forecasting——Based on data of a-share listed companies in our country

文章以2008~2015年我国沪深两市非金融A股上市公司观测数据为研究样本,在测度异常审计费用和证券分析师盈余预测有效性的基础上,对异常审计费用与证券分析师盈余预测有效性之间的关系进行了实证检验。经验证据表明,异常审计费用与盈余持续性之间存在负相关关系,与证券分析师盈余精度呈负相关关系,与证券分析师盈余预测分歧度呈正相关关系。这说明异常审计费用所代表的低质量财务报告信息环境降低了企业盈余的持续性,对证券分析师盈余预测的有效性产生了消极影响,因此证券分析师需要对上市公司的审计费用予以关注,以增强盈余预测的有效性。

Based on the data of non-financial A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2015, also measuring the abnormal audit fees and the earnings forecasting effectiveness by securities analysts, this paper performs an empirical test to examine the relationships between abnormal audit fees and the earnings forecasting effectiveness by securities analysts. The results show that there is a negative correlation between abnormal audit fees and earnings persistence, and that abnormal audit fees has a negative correlation with the accu- racy of earnings forecast made by securities analysts, but a positive correlation with the earnings forecasting disper- sion. It indicates that abnormal audit fees, which represent a information environment with low-quality financial re- porting, reduces the persistence of corporate earnings and affects the earnings forecasting effectiveness of securities analysts, so securities analysts need to pay attention to the audit fees of listed companies, in order to enhance the effectiveness of earnings forecast.