关键审计事项信息披露对机构投资者调研的影响

Impact of Key Audit Information Disclosure on Institutional Investor Investigation

以2013—2020年沪深A股上市公司为研究对象,运用多期双重差分法(differences-in-differences,DID)和文本分析法,研究关键审计事项准则(准则)实施及其文本可读性对机构投资者调研行为的影响,并就准则实施对企业信息披露环境的影响进行传导机制检验。最后,在不同企业网络媒体关注度、应计盈余管理程度、真实盈余管理方向、所在地市场化程度存在差异的情况下,考察关键审计事项对机构投资者调研的影响。结果表明:准则的实施可减少上市公司会计年度内接待的机构投资者家数以及机构投资者调研的总次数,关键审计事项文本可读性与机构投资者调研行为呈负相关关系;准则实施能够改善企业的信息披露环境,对机构投资者调研行为的影响在网络媒体关注度高、应计盈余管理程度较高、正向操纵真实盈余管理、所在地市场化程度较高的企业中更明显。

Taking A-share listed companies in Shanghai and Shenzhen from 2013 to 2020 as the research object,the multi-period difference-in-differences(DID)method and text analysis method were used to study the impact of implementation of key audit matters standards(referred to as guidelines,the same below)and text readability on institutional investors’investigation behavior.The transmission mechanism of the impact of the implementation of the standards on the environment of corporate information disclosure was tested.Finally,the influence of key audit matters on institutional investor investigation was examined in the case of differences in the network media attention of different enterprises,the degree of accrued earnings management,the direction of real earnings management and the degree of local marketization.The results show that the implementation of the standards can reduce the number of institutional investors received by listed companies and the total number of institutional investor surveys in the fiscal year,and the readability of key audit items is negatively correlated with the investigation behavior of institutional investors.The implementation of the standards can improve the information disclosure environment of enterprises,and the impact of the implementation of the standard on institutional investors’investigation behavior is more significant in enterprises with high network media attention,high degree of accrued earnings management,positive manipulation of real earnings management,and high degree of local marketization.