会计师事务所监督与投资者反应——基于政策实施背景下的事件研究

Accounting Firms’Supervision and Investors’Reaction——An Event Study Based on Policy Implementation Background

《国务院办公厅关于进一步规范财务审计秩序促进注册会计师行业健康发展的意见》旨在加强会计师事务所监督,持续提升审计质量。以此事件为背景,基于A股上市公司样本,通过观察《意见》引起的市场反应,考察监督力度加强与上市公司股票收益率间的关系。结果表明,《意见》印发期间,上市公司的累计超额收益率为正。进一步研究还发现,法律制度环境较好、聘请非国际四大会计师事务所、聘请不具有行业专长的会计师事务所、发生过财务重述、信息透明度较低、属于民营企业的上市公司拥有更高的累计超额收益率。

The Opinions on Further Standardizing the Financial Auditing Order and Promoting the Healthy Development of the CPA Industry issued by the General Office of the State Council of the People’s Republic of China aims to strengthen the supervision of accounting firms and continuously improve audit quality.Under the above event background,the paper using A-share listed companies as samples to investigate the relationship between intensified supervision and stock returns of listed companies by observing the market reaction to the“Opinions”.It is found that,during the issuance of the above policy,the cumulative excess returns of listed companies are positive.Further research reveals that the listed companies in the following situations have higher cumulative excess return:with better external legal environment,employing non-big-four audit firms,employing audit firms without industry expertise,with restatement announcements,low information transparency,or privately-owned listed companies.