关键审计事项披露与投资-股价敏感性——基于资本市场信息反馈视角

Disclosure of Key Audit Matters and Investment-to-Price Sensitivity:Based on the Perspective of Market Feedback

资本市场的价格形成机制有效汇集了投资者的私有信息。公司管理层可以从股价中获得其原先未掌握的信息并用以指导投资决策,导致企业投资支出对股价做出反应。资本市场中的信息流向企业内部并指导企业决策,体现了资本市场的信息反馈功能。从“资本市场→上市公司”这一信息反馈视角,围绕信源、信道及信宿,研究关键审计事项披露如何影响投资-股价敏感性。基于2017—2022年A股上市公司面板数据,使用双向固定效应模型,研究发现关键审计事项披露越充分,投资-股价敏感性越高,表明关键审计事项披露有助于促进管理层从股价中汲取信息。机制分析表明,关键审计事项披露可以提高投资者的信息收集效率,帮助分析师进行信息解读,缓解管理层的代理问题,进而提高投资-股价敏感性。研究结果从资本市场信息反馈视角丰富了关键审计事项披露的经济后果,也为进一步完善资本市场功能、促进金融服务实体经济提供了一定参考。

The capital market aggregates investors private information through price mechanisms.Company managers can learn information previously unknown to them from stock prices to guide investment decisions,causing corporate investment expenditures to respond to stock prices.Information in the capital market flows into the enterprise and guides corporate decision-making,reflecting the market feedback effect.This paper studies how the disclosure of key audit matters(KAM)affects the investment-to-piece sensitivity from the perspective of information flow of“capital market→listed company”,focusing on information sources,channels and information sinks.Based on the panel data of A-share listed companies from 2017 to 2022 and using a two-way fixed effects model,this paper finds that the more fully disclosed KAM are,the higher the investment-to-price sensitivity is,indicating that the disclosure of KAM can help managers learn from stock prices.Mechanisms analyses suggest that KAM disclosure can improve investors information collection,promote analysts information decoding,strengthen management's learning motivation,and thereby increasing investment-to-price sensitivity.This study enriches the economic consequences of the KAM disclosure from the perspective of capital market information feedback,and also provides some implications for further improving the functions of the capital market and promoting financial services to the real economy.