关键审计事项语调与股价崩盘风险

The Tone of Key Audit Matters and the Stock Price Crash Risk

本文以2016-2020年A股上市公司为样本,考察关键审计事项文本语调对股价崩盘风险的影响,研究结果显示:关键审计事项消极语调与公司未来股价崩盘风险显著正相关;随着关键审计事项净积极语调的增加,公司未来股价崩盘风险显著降低。进一步分析的结果表明:关键审计事项语调受可操纵性应计利润和真实盈余管理水平影响,语调积极程度与上市公司会计信息质量显著正相关。此外,不同规模和声誉的会计师事务所在关键审计事项语调管理策略上存在差异,相对于“非四大”会计师事务所,“四大”会计师事务所消极语调的预警功能和净积极语调的信号功能更强。本文的研究表明,审计师利用文本语调的灵活性传递了审计判断过程中的特有风险信息,具有较高信息价值,从而丰富了新审计报告准则实施效果的相关研究。

In this paper, the impact of the disclosure of key audit matters on the risk of stock price crash is examined from the perspective of text tone with A-share listed companies from 2016 to 2020 as samples. The study shows that the negative tone of key audit matters is significantly positively correlated with the risk of future stock price crash. With the increase of the net positive tones of key audit matters, the risk of future stock price crash is significantly reduced. Further analysis shows that the tone of key audit matters is affected by the level of accrued earnings management and real earnings management, the degree of text tone is positively correlated with the quality of accounting information of listed companies. There are differences in tone management strategies for key audit matters among accounting firms of different sizes and reputation. Compared with the Non "Big Four" accounting firms, the tone of key audit matters in the "Big Four" accounting firms has stronger warning function of negative tone and signal function of net positive tone. The study in this paper shows that auditors transmit the unique risk information of audit judgment process by using the flexibility of text tone, which has high information value, and thus enriching the relevant research on the effect of the new audit reporting standards.