摘要
审计报告中沟通关键审计事项的目的在于打开审计活动的“黑箱”,向报告使用者提供更多的信息。以2016—2021年A股上市公司为样本,采用文本分析方法构建关键审计事项行业文本相似度来衡量审计报告信息含量,考察审计报告信息含量对股价崩盘风险的影响。研究发现,关键审计事项行业文本相似度与公司未来股价崩盘风险显著正相关,即审计报告信息含量越少,公司未来股价崩盘风险越高,该结论在一系列稳健性测试后仍然成立。进一步研究发现,较高的公司治理水平和良好的信息供需水平能够显著抑制审计报告信息含量不足对股价崩盘风险的影响。研究结果深化了注册会计师审计与资本市场的研究,并从审计供给、审计需求和审计监管三方面提出建议,为促进资本市场稳定和高质量发展提供参考。
The purpose of communicating key audit matters in audit report is to open the"black box"of audit activities and provide more information to report users.This paper examines the impact of audit report information content on stock price crash risk by using text analysis methods to construct an industry text similarity measure of key audit matters for a sample of A-share listed companies from 2016-2021.It is found that the industry text similarity measure of key audit matters is significantly and positively related to the company's future stock price crash risk.The lower the audit report information content,the higher the company's future stock price crash risk,and this finding still holds after a series of robustness tests.Further research finds that high corporate governance level and good information supply and demand can significantly restrain the effect of insufficient information content of audit report on stock price crash risk.This paper deepens the research on CPA audit and capital market,and puts forward suggestions from three aspects of audit supply,audit demand and audit supervision to promote the stable and high-quality development of capital market.
作者
史永
许铭原
刘永奇
李思昊
SHI Yong;XU Mingyuan;LIU Yongqi;LI Sihao(School of Accounting/CPA Industry Development Research Center,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Accounting,Zhejiang Gongshang University,Hangzhou 310018,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2023年第11期201-212,共12页
China Soft Science
基金
国家社会科学基金项目“审计报告改革与公司股价崩盘风险的影响及效果提升研究”(20BGL084)。
关键词
审计报告
信息含量
股价崩盘风险
audit reports
information content
stock price crash risk
