关键审计事项披露的模仿同构与股价同步性

Mimetic Isomorphic of Key Audit Matters Disclosure and Stock Price Synchronicity

基于组织社会学研究中的制度理论,以2016—2020年我国A股上市公司为样本,使用TF-IDF方法计算文本相似性指标,考察关键审计事项披露同构效应及其对资本市场信息效率的影响。结果表明:关键审计事项披露存在模仿同构效应,模仿导致的样板化披露会释放更多行业层面信息,减少公司特质信息进入股价,提升了个股的股价同步性。进一步的分析表明,关键审计事项披露同构效应对股价同步性的影响机制源于行业信息“过载”而非信息“降噪”,这种机制是通过影响分析师和机构投资者判断而发挥作用的。

On the basis of the Institutional Theory in Organizational Sociology, we study the isomorphic effect of key audit disclosure and its impact on the information efficiency of the capital market by taking China’s A-share listed companies(from 2016 to 2020) as samples and adopting TF-IDF to calculate text similarity indexes. The result demonstrates that the disclosure of key audit matters possesses the effect of simulated isomorphism. Template disclosure arising from simulations reveals more information at the industry level and reduces the introduction of firm-specific information to share prices so as to upgrade stock price synchronicity of individual shares. Furthermore, the influencing mechanism of the isomorphic effect of key audit matters to stock price synchronicity derives from the overload of industry information instead of its noise reduction, which affects the judgments of analysts and institutional investors.