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本文运用2002—2008年我国上市公司数据研究了审计师变更的经济后果。以公司市场价值与其财务盈利的相关系数(简称为“盈利可信度”)作为审计师变更的经济后果的替代变量,通过研究我们发现:审计师变更总体上降低了上市公司的盈利可信度;变更前一年度财务报告被出具非标准审计意见或者处于财务困境的公司,发生审计师变更使其盈利可信度下降的程度更大;出于对审计服务级差需求的审计师变更,无论是升级变更还是降级变更公司的盈利可信度均显著高于同级变更的公司,而升级变更为声誉较好的国际四大会计师事务所带来的盈利可信度的提高程度最大;审计委员会的设立与否以及上市公司的盈余管理程度对于审计师变更的经济后果没有显著影响,这可能是由于我国上市公司审计委员会的独立性不强以及投资者对上市公司的盈余管理行为识别不足造成的。研究结论同时还说明审计意见分歧、上市公司财务困境以及对审计服务的级差需求是我国上市公司变更审计师的主要原因。本文的研究发现有助于包括上市公司、会计师事务所、投资者以及证券市场监管部门在内的信息使用者更好地理解和评价我国证券市场中的审计师变更现象,并为相关领域的研究提供了新的经验证据。
This paper uses the data of Chinese listed companies from 2002 to 2008 to study the economic consequences of auditor changes. Taking the correlation coefficient between the market value of the company and its financial profit (abbreviated as “Profitability Credibility”) as the substitute variable of the economic consequence of the auditor’s change, we find that the auditor’s change generally reduces the profitability of the listed company Reliability; changes in the previous year’s financial report was issued by non-standard audit opinion or in financial distress company, the auditor changes in profitability to a greater extent to reduce the degree of credibility; out of auditors for audit service level needs changes, The creditability of both companies, which are upgraded or downgraded, was significantly higher than that of companies with the same level of change, and the creditability of the four major international accounting firms upgraded to the highest level was the highest. Audit The establishment of the committee and the degree of earnings management of the listed company have no significant effect on the economic consequences of the change of the auditors, which may be due to the lack of independence of the audit committee of the listed company in our country and investors’ lack of recognition of the earnings management behavior of the listed companies of. The conclusion of the study also shows that the audit opinions are divided, the financial distress of listed companies and the demand for the gap between the audit services are the main reasons for the change of the auditors in the listed companies in our country. The research found in this paper will help information users, including listed companies, accounting firms, investors and securities market regulators, to better understand and evaluate the changes of auditors in the securities market in China and to study the related fields Provided new empirical evidence.