持续经营审计意见、公司治理和企业价值——基于财务困境公司的经验证据  

Going-Concern Opinions,Corporate Governance and Firm Value:Evidence Based on Financial Distressed Companies

作　　者：张立民[1] 李琰[1] ZHANG Limin LI Yan(School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China)

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《审计与经济研究》2017年第2期13-23,共11页Journal of Audit & Economics

基　　金：国家社会科学基金项目(15BGL051);国家自然科学基金项目(71372011);审计署重点科研课题项目(15SJ01001)

摘　　要：以2003—2013年沪深A股财务困境类上市公司为研究样本,检验持续经营审计意见及公司治理对企业价值的影响。研究发现,持续经营审计意见与财务困境类上市公司未来企业价值显著负相关;公司治理水平与财务困境类上市公司被出具持续经营审计意见的概率显著负相关;然而高质量的公司治理水平会缓解持续经营审计意见对企业价值的负面影响。进一步研究发现,当上市公司为非国有时,高质量的公司治理水平缓解持续经营审计意见与企业价值关系的负面影响程度比国有企业更明显。Using companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2003 to 2013 ,we empiri- cally examine the impacts of going-concern opinions and firm value from the perspective of corporate governance. We find that going-concern opinions can effectively reduce the future firm value of financial distressed listed companies, and corporate gov- ernance can effectively reduce the prohabihty of issuing a going-concern opinion of financial distressed listed companies. How- ever, we find that good corporate governance Can weaken the negative association of going-concern opinions and finn value. In addition, compared with state-owned enterprises, good corporate governance weakens the negative association of going-concern opinions and firm value more significantly in non-state-owned enterprises. Our results provide new evidence in understanding the economic consequences of going-concern opinions, and offer useful reference for listed companies and investors in manage- ment and investment decision-making.

关 键 词：持续经营审计意见 公司治理 企业价值 财务困境 产权性质 审计质量 审计独立性 

分 类 号：F239.43[经济管理—会计学]