审计委员会设立的财富效应研究——基于中国上市公司的经验证据  

The Wealth Effect of Announcement of Audit Committee Formation——Empirical Evidence from Chinese Listed Companies

作　　者：向锐[1] 干胜道[1] 王良成[1] 

机构地区：[1]四川大学工商管理学院,四川成都610064

出　　处：《四川大学学报（哲学社会科学版）》2010年第3期109-119,共11页Journal of Sichuan University：Philosophy and Social Science Edition

基　　金：中国博士后科学基金项目(20080430782);中国高校基本科研业务费资助(2009SCU11097);教育部新世纪优秀人才支持计划(NCET-08-0384)

摘　　要：基于中国的制度背景,运用我国上市公司的经验数据实证检验了审计委员会设立的财富效应影响。研究结果发现,上市公司在审计委员会设立事件公告日前的短期窗口的确存在着短期财富效应。研究表明,在审计委员会设立事件公告日前的短期窗口,非国有上市公司比国有上市公司对累计超额报酬(CAR)有更为显著的正向影响,非亏损上市公司比亏损上市公司对累计超额报酬(CAR)有更为显著的正向影响。On the institutional background of China,the paper aims at testing the wealth effect of announcement of audit committee formation by applying empirical evidence from Chinese listed companies.According to the research on the sampled firms,there indeed exists a short-term wealth effect before the announcement of audit committee formation.It also supports the view that non-state-owned listed companies have more significant positive cumulative abnormal returns（CAR） than state-owned listed companies,and non-loss-making listed companies have more significant positive cumulative abnormal returns（CAR） than loss-making listed companies in short-term window before the announcement.

关 键 词：审计委员会形成 财富效应 事件研究 回归分析 

分 类 号：F830.91[经济管理—金融学]