关键审计事项语调与分析师关注

Relationship Between the Tone of Key Audit Matters and Analyst Attention

发展高质量资本市场需要高质量信息,关键审计事项增加了审计报告的异质性和信息含量,分析师行为则对资本市场的信息传播至关重要。利用2017—2021年中国A股上市公司数据,探讨了关键审计事项语调对分析师关注的影响和作用机制,以及审计师和分析师声誉对二者关系的调节作用。研究发现,关键审计事项语调越积极,分析师关注越高;年报语调和管理层讨论与分析语调是关键审计事项语调影响分析师关注的主要渠道;审计师和分析师声誉在关键审计事项语调与分析师关注关系中发挥了正向调节作用。异质性分析表明,关键审计事项语调对分析师关注的影响显著存在于无违规行为和内部控制有效的公司中。进一步研究发现,关键审计事项语调通过影响分析师关注降低了分析师预测偏差。因此,公司应重视关键审计事项语调的影响,投资者应关注来自高声誉审计师和分析师的评价,监管部门应继续完善相关准则,共同促进资本市场的高质量发展。

The development of a high-quality capital market necessitates the availability of high-quality information.Key audit matters increase the heterogeneity and information content of audit reports,while analyst behaviors play a crucial role in disseminating information within the capital market.This study,using data from Chinese A-share listed companies from 2017 to 2021,explores the relationship between the tone of key audit matters and analyst attention,and the moderating effect of auditor and analyst reputations on this relationship.The results indicate a significant positive correlation between the two:a more positive tone of key audit matters means more analyst attention.Mechanism tests show that the tone of key audit matters influences analyst attention through the tone of annual reports and the tone of management discussion and analysis texts.The study also finds that auditor and analyst reputations play a positive moderating role in the relationship.However,this correlation becomes significant in companies without misconduct and with effective internal control.In addition,the tone of key audit matters positively influences analyst attention and thus reduces analyst forecast errors.Therefore,companies should pay close attention to the impact of the tone of key audit matters,investors should carefully consider the assessment of highly reputable auditors and analysts,and regulators should continuously improve relevant standards to facilitate the high-quality development of the capital market.