金字塔结构、审计质量和管理层讨论与分析--基于会计重述视角  

Pyramid Structures,Audit Quality and the Usefulness of MD&A——Evidence from accounting restatements

作　　者：贺建刚[1] 孙铮[2] 周友梅[1] 

机构地区：[1]南京财经大学会计学院,邮政编码210023 [2]上海财经大学会计与财务研究院

出　　处：《审计研究》2013年第6期68-75,112,共9页Auditing Research

基　　金：国家自然基金(71272238;70802036;71172141)的阶段性研究成果;教育部人文社科重点研究基地重大项目(12JJD790033);江苏省社科基金(12GLB003);省高校哲社基金(2012SJB790017);省“333工程”科研项目(BRA2011160);江苏高校优势学科建设工程项目的支持

摘　　要：在信息不确定性环境下,非财务信息的风险揭示功能受到广为关注。近年我国证监会强化了管理层讨论与分析(MD&A)的披露监管,但针对其信息有用性研究的文献颇少。本文以会计重述视角,检验了MD&A信息的市场决策有用性及其影响因素。实证发现,MD&A披露为投资者决策提供了增量信息,同时金字塔控股及其引发的现金流权-投票权分离度越大,审计质量越低时,MD&A信息有用性越高,表明非财务披露机制有助于改善信息环境,在一定程度上具有审计替代的信息治理功能。此外,因业绩波动性造成的信息风险,亏损公司披露的MD&A信息有用性更高。本文结论表明,在我国金字塔结构盛行、低质量外部审计需求的新兴转轨市场上,重视非财务信息披露具有积极意义。The communication role of risks played by non-financial information disclosure mechanism is concerned in information uncertainty environment. In recent years, CSRC reinforces the regulation of Management＇s Discus- sion ＆ Analysis （MD＆A）. Researches on its information usefulness, however, are rare. Taking the perspective of accounting restatements, this paper examines the decision usefulness of MD＆A and deciding factors. The result shows that MD＆A provides the incremental information for investor decision-making. Furthermore, the more the pyr- amid structure and the associated divergence between the cash flow rights and voting rights is more, the more is the usefulness of MD＆A. Second, audit quality is significantly negative related to MD＆A usefulness, which suggests that non-financial information disclosure mechanism can substitute for governance role of independent audit. In ad- dition, due to information risk with volatility of performance, more usefulness of MD＆A disclosed by loss firms. The conclusion supports that it is meaningful to value non-financial information disclosure in Chinese emerging tran- sition market characterized as prevailing pyramid structure and low audit quality demand.

关 键 词：金字塔结构 审计质量 管理层讨论与分析 会计重述 

分 类 号：F230[经济管理—会计学]