关键审计事项是否向股票市场传递了投资风险信号  

Can Key Audit Matters Signal Investment Risk to the Stock Market?

作　　者：韩丽荣[1] 刘丁睿 HAN Li-rong;LIU Ding-rui

机构地区：[1]吉林大学商学院

出　　处：《吉林大学社会科学学报》2020年第1期73-83,220,共12页Jilin University Journal Social Sciences Edition

摘　　要：运用回归分析等经验研究方法,以关键审计事项准则执行首年,即2016年中国A股及A+H股上市公司非金融公司为样本,研究在审计报告中披露关键审计事项是否增加了审计报告的信息含量,是否向股票市场传递了投资风险信号。研究发现,同一行业中规模和资产收益率相似的公司,在相同审计意见的情况下,公司的操纵性应计利润程度和负债率越高,披露的关键审计事项越多,表明关键审计事项可以有效反映上市公司的财务信息质量风险和经营风险;同时,独立董事制度能够负向调节操纵性应计利润与关键审计事项披露之间的关系,有效抑制上市公司的盈余操纵行为,保障财务信息质量;通过进一步研究发现,关键审计事项的披露会影响上市公司的现金股利政策,对投资者决策同样具有参考价值。This paper studies w hether key audit matters(KAM)can provide available information to investors to make better decisions in Chinese stock market.We use accrual earning management and debt ratio to evaluate financial information risk and business risk,basing on the sample of Chinese public non-financial firms in 2016 to conduct the research by empirical methods.We find out that among the firms with the similar size,return rate and audit opinion,the ones with higher accrual earning management level and debt ratio tend to get more KAM s,w hich means KAM is effective in implying public firm’s financial information risk and business risk.Meanw hile,independent director system can regulate the relationship between accrual earning management and KAM s negatively,restrain earning manipulation,and guarantee the quality of financial information.We also find out that KAM can impact the cash dividend policy of the public companies,w hich is also referable to investors.

关 键 词：股票市场 关键审计事项 审计准则 操纵性应计利润 投资风险 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F239.4