上市公司审计质量与股价崩盘风险研究--基于业绩预告偏差视角

Audit Quality and Stock Price Crash Risk of Listed Companies--From the Perspective of Performance Forecast Deviation

以2012-2019年沪深A股上市公司为研究对象,从业绩预告角度探讨审计质量对上市公司股价崩盘风险的影响。研究发现:(1)高审计质量可以通过抑制管理层乐观业绩预告的发布,从而降低股价崩盘风险;(2)相比于强制性业绩预告,高审计质量在自愿性业绩预告中的“纠偏”效果更好,发挥的作用更强。进一步研究发现,高审计质量的上述两个“纠偏”效应均在非国有企业样本中作用显著,而在国有企业样本中则不显著。这一研究结果为认识外部审计监督的增量效应提供了新的视角,同时对维护金融市场具有重要意义。

Taking A-share listed companies in Shanghai and Shenzhen from 2012 to 2019 as research objects,this paper explores the impact of audit quality on the risk of stock price crash risk of listed companies from the perspective of performance forecast deviation.The results show that:(1)audit quality can reduce the risk of stock price crash by restraining the motivation of management's optimistic performance forecasts;(2)compared with mandatory performance forecasts,high audit quality plays a stronger role in correcting deviation in voluntary perfonnance forecasts.Further research shows that the above two "correcting deviation"effects are signiticant in the samples of non-state-owned enterprises,but not significant in the samples of state-owned enterprises.This research provides a new perspective for understanding the incremental effect of audit supervision,and is of great significance for maintaining the financial market.