中概股企业变更审计机构:提升审计质量还是畅通信息渠道

Balancing Audit Quality Improvement and Information Transparency:Insights from U.S.-Listed Chinese Firms Changing Auditors

在美国出台《外国公司问责法》的背景下,本文基于2018~2021年在美上市中概股企业变更审计机构的场景,实证考察在审计监管要求下企业变更审计机构对提高审计质量和畅通信息渠道的影响,以此揭示一项监管政策出台背后的监管重点与监管逻辑。本文研究发现,一方面,在《外国公司问责法》颁布实施后,变更审计机构以允许PCAOB审查审计工作底稿的中概股企业会计信息质量反而下降,其中对于发生审计机构同级变更和机构投资者持股比例较低的中概股企业会计信息质量下降更为明显。但另一方面,进行上述变更使得信息披露内容增加的中概股企业披露延迟明显缩短,信息披露及时性的提高畅通了信息渠道。而由此确保信息透明的中概股,在首次“预摘牌”事件宣告后短期市场反应优于其他中概股,这表明资本市场和投资者认同其畅通信息渠道的做法。本文的研究以中概股为例为我国资本市场在全面推行以信息披露为核心的注册制背景下,证券监管当局监管重点与监管逻辑的转变提供了未来可能的思考方向。

The alteration of auditors can aim to enhance audit quality or to ensure information transparency.This study examines the impact of such changes in the context of the Holding Foreign Companies Accountable Act(HFCAA)in the United States,focusing on U.S.-listed Chinese firms that changed auditors between 2018 and 2021.This empirical investigation seeks to understand the real effects of auditor changes under enhanced audit supervision,shedding light on the regulatory focus and logic underpinning this policy implementation.The findings are twofold.Firstly,post-HFCAA enactment,U.S.-listed Chinese firms that switched auditors to comply with PCAOB audit paper review requirements experienced a decline in accounting information quality.This decline was more pronounced in firms with a poorly reputed former auditor and a low institutional investor shareholding ratio.Secondly,the audit delays for these U.S.-listed Chinese firms significantly reduced.Those firms opting for PCAOB review of their audit working papers,thus ensuring transparency,witnessed short-term outperformance following the first'Provisional List of Issuers'event announcement.This suggests capital markets and investors value transparency assurance.In the context of China's capital market moving towards a comprehensive information disclosure-based registration system,this study proposes potential future directions for the transformation in focus and logic of Chinese securities regulatory oversight.