关键审计事项披露缓解了资产误定价吗?

Does Critical Audit Matters Disclosure Mitigate Asset Mispricing?

通过构造双重差分模型,考察关键审计事项披露对资产误定价的影响及其内在机理。研究发现,关键审计事项披露有效缓解了资产误定价,表现为公司股价更能反映其内在价值。影响机制检验结果表明,关键审计事项披露主要通过降低投资者异质信念与促进投资者私有信息搜集来缓解资产误定价。截面分析发现,关键审计事项披露对资产误定价的缓解作用在公司信息环境较差、审计师具有行业专长以及机构持股较少的样本中更显著。进一步研究显示,关键审计事项披露的语调、可读性、相似度及充分性等文本特征均会对资产误定价产生一定影响。研究不仅拓展了关键审计事项披露和资产误定价各自领域的分析视角,还为准确评估审计报告改革效果以及有效缓解资产误定价顽疾提供了有益启发。

This paper examines the impact of critical audit matters disclosure on the asset mispricing and its internal mechanism through constructing a difference-in-difference model.It has been found that critical audit matters disclosure significantly mitigates asset mispricing,that is,the stock price can reflects the firm’s actual value better.Reducing heterogeneous belief and promoting private information collection are two main channels that can explain the above relation.Cross-sectional tests show that the impact of critical audit matters disclosure on asset mispricing is more pronounced in samples with poorer information environment,better industry expertise auditors and lower institutional ownership.Additional tests reveal that the intonation,readability,similarity and adequacy of critical audit matters disclosure could also influence asset mispricing to some extent.This study not only expands the research perspectives of critical audit matters disclosure and asset mispricing,but also sheds new light onbothaccurateevaluationof the real effect of audit report reform and effective mitigation of asset pricing.