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审计师选择与业绩承诺精准达标--基于中国借壳上市公司的经验证据

Auditor Choice and Precise Achievement of Performance Commitments:Evidence from Chinese Reverse Mergers
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摘要 在借壳交易中,对借壳方(非上市公司)财务报告执行审计的审计师可以是壳公司(上市公司)的现任审计师,也可以是新任审计师。以2011-2020年完成借壳上市并签订业绩补偿承诺的我国A股借壳交易案件为样本,检验借壳上市审计师选择对借壳公司业绩承诺实现情况的影响。研究发现,与保留壳公司现任审计师的借壳公司相比,借壳上市交易中选择新审计师的借壳公司更可能在业绩承诺期间精准实现业绩承诺,盈余管理是借壳交易中审计师选择影响借壳公司精准实现业绩承诺的作用渠道。此外,当业绩承诺补偿方式为股份补偿以及借壳交易双方为关联方时,借壳交易中选择新审计师的公司对业绩承诺精准达标的正向作用更加显著。进一步研究发现,借壳上市交易中选择新审计师的公司更可能在业绩承诺到期后经历业绩滑坡,且大股东更可能在锁定期结束后减持股票。结果表明,与保留壳公司现任审计师的借壳公司相比,借壳交易中选择新审计师的借壳公司的机会主义行为更严重。 In a Chinese reverse merger(RM),the auditor of an RM firm(unlisted firm)can be the incumbent auditor of shell firm(listed firm)or a new auditor.Using data from RMs that make performance commitments during the period of 2011-2020,we examine the impact of auditor choice on performance commitments achievement.We find that RM firms hiring new auditors in RMs are more likely to accurately achieve performance commitments than RM firms retaining the incumbent auditors of shell firms.Further analysis shows that income-increas-ing accruals is the mechanism for precise achievement of performance commitments by RM firms with choosing new auditors in RMs.In addition,the positive effect of choosing new auditor in RMs and precise achievement of performance commitments is more pronounced when the performance commitment compensation is in the form of share-based compensation and when the parties of the RMs are related parties.Moreover,RM firms exhibit drops in accounting and stock return performance after the expiration of performance commitments,and large shareholders of such companies are more likely to reduce their holdings at the end of the lock-up period when new auditors are appointed in RMs.Overall,our results indicate that RM firms hiring a new auditor in RMs are more opportunistic than RM firms retaining the incumbent auditors of shell firms.
作者 夏艳春 王靖芸 林格 刘雨 XIA Yanchun;WANG Jingyun;LIN Ge;LIU Yu(School of Business,Jiangnan University,Wuxi 214122,China;School of Economics and Business Administration,Chongqing University,Chongqing 400030,China;School of Business,Zhengzhou University,Zhengzhou 450001,China)
出处 《审计与经济研究》 北大核心 2024年第1期42-53,共12页 Journal of Audit & Economics
基金 国家自然科学基金面上项目(71872022) 中央高校基本科研业务费项目(2017CDJSK02PT25)。
关键词 审计师选择 借壳上市 业绩承诺 盈余管理 业绩表现 auditor choice reverse mergers performance commitments earnings management corporate performance
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