债务重组、退市压力与审计意见  

Opportunism Debt Restructuring,Delisting Pressure and Audit Opinion

作　　者：张鸣[1] 陈全[2] 聂晶 

机构地区：[1]上海财经大学会计与财务研究院 [2]上海财经大学会计学院 [3]劳合社保险（中国）有限公司

出　　处：《中国会计评论》2011年第1期43-54,共12页China Accounting Review

基　　金：教育部人文社会科学重点研究基地重大研究项目“我国股票特别处理公司的监管制度、盈余管理和公司价值”(2009JJD790031);上海财经大学研究生创新基金资助项目(CXJJ-2009-339、CXJJ-2010-324)的资助

摘　　要：本文以新准则实施后2007年和2008年中国A股上市公司为样本,研究发现新准则下进行机会主义债务重组的公司主要是已经连续两年亏损面临停牌风险的公司,而一年亏损的公司则对这一极端盈余管理手段的使用比较谨慎,并不倾向于进行债务重组来避免被特别处理。同时,发挥外部公司治理功能的审计师能够在一定程度察觉这些公司的机会主义行为,但是由于我国退市制度中没有对审计意见的严格规定,使得审计意见对公司进行机会主义债务重组行为的制约作用较弱。This paper examines the opportunism debt restructuring after the implementation of new accounting standards.We choose a sample of A shares listed in China for the year of 2007 and 2008,which has an overall size of 2 630 firm-year.Among these companies, more than 14%had conducted debt restructuring in the two years.Further divided our sample into one-year loss,two-year loss and others,we find 152 facing the restriction of special treatment（＊ST）,and 157 facing the sanction of delisting.15.79%of the one-year loss company conducted debt restructuring during the next year,while the ratio for two-year loss company is up to 44.58%.After modeling and regression analysis,we come to a conclusion that the two-year loss company facing delisting has strong incentives to use debt restructuring to avoid delisting.While the one-year loss company does not have this pressure,it is too prudent to use debt restructuring to turn back from losses.As one of the most important external governance,the independent auditor could detect the opportunistic behavior of these companies. However,since there are no strict rules in regards to audit opinion in delisting provision, the unclean audit opinion could not give adequate restriction to the opportunism debt restructuring company.Based on these result,we strongly recommend further improvement of the provision for delisting,especially strengthen the restriction of audit opinion which in order to lessen the opportunism debt restructuring.

关 键 词：债务重组 机会主义 退市风险 审计意见 

分 类 号：F275[经济管理—企业管理]