披露关键审计事项对公司股价崩盘风险的影响研究

The Impact of Disclosure of Key Audit Matters on the Risk of Stock Price Crash

本文以2016年12月我国审计准则委员会颁布的新审计报告准则为政策背景,选取首批试点实施新准则的A+H股上市公司为研究对象,考察新审计报告中新增的核心要素关键审计事项对公司股价崩盘风险的影响。研究表明,审计报告中披露关键审计事项能显著降低上市公司的股价崩盘风险;且关键审计事项披露的数量越多,对股价崩盘风险的抑制效果越好。进一步研究发现,"四大"会计师事务所发挥了国际连锁的经验优势,其披露的关键审计事项信息质量更高。本文完善了审计报告改革经济后果的分析框架,并从沟通事项选择及内容深度等方面提出政策建议,为进一步深化审计报告改革提供经验证据。

This paper takes the new auditing reporting standards issued by the Audit Standards Committee in December 2016 as the policy background, and chooses the A+H shares listed companies to study the impact of the key audit items added in the new auditing reports on the risk of stock price crash. Research shows that disclosure of key audit matters in audit reports can significantly reduce the risk of stock price crash, and the more the number of disclosure of key audit items, the lower the risk of stock price crash. Further research finds that the ability of the firms with Big4 auditors play an international chain of experience advantages, and their disclosure of key audit items information quality is higher. This paper improves the analysis framework of the economic consequences of audit report reform, and puts forward policy recommendations from the aspects of communication items selection and content depth, providing empirical evidence for further deepening the reform of audit report.