新审计报告与资本市场的信息反应——来自股价同步性和股价预测能力双维度的经验证据  

New Audit Reporting and Informativeness:Empirical Evidence from Price Synchronicity and Forecasting Price Efficiency

作　　者：徐硕正 张兵[1] XU Shuozheng;ZHANG Bing(School of Business, Nanjing University, Nanjing 210000, China)

机构地区：[1]南京大学商学院,江苏南京210000

出　　处：《审计与经济研究》2020年第3期45-57,共13页Journal of Audit & Economics

基　　金：国家自然科学基金面上项目(71371096)。

摘　　要：新审计报告准则的施行旨在增加审计报告的信息含量及其决策相关性。以2015—2018年沪深非金融上市公司为样本,研究发现新审计报告施行后,上市公司的股价同步性显著下降,公司特质信息含量比例显著上升,股价特质信息效率显著提升,同时新审计报告的施行产生了增量信息。在此基础上,进一步分析新审计报告准则对资本市场特质信息效率的传导机制,发现投资者关注度对新审计报告(关键审计事项的披露数量)影响资本市场特质信息效率的过程中表现出显著的部分中介效应。分样本检验的结果表明,虽然AH股共同上市公司和非AH股共同上市公司之间的结果存在细微差异但整体趋势相似。通过对新审计报告的影响的分析,可以更好地理解该政策对资本市场的影响。The implementation of the new audit reporting standards aims to improve the informativeness of audit report and the relevance of decision-making.With the data from 2015 to 2018 of non-financial listed companies in Shanghai and Shenzhen exchange stock market,it is found that with the new audit reporting standards,price synchronicity decreases significantly,while the percentage rate of firm-specific informativeness and stock price information efficiency increase significantly.Incremental information for company managers is increased by the new audit reporting standards.Further research is about the transmission mechanism between the new audit report standard and the information efficiency of capital market.The investor attention shows a significant partial mediation effect in the process of the new audit report,as well as the disclosed amount of KAM,affecting the information efficiency of capital market.Empirical results with delivered samples show that though there is little difference between companies listing crossly in A-H stock markets and companies listing only in A stock market,the trend of the two groups is similar.Through the analysis of the impact of the new audit report,the influence of the policy on the capital market could be understood deeply.

关 键 词：新审计报告 资本市场特质信息效率 股价信息含量 关键审计事项 股价同步性 投资者关注 中介效应 

分 类 号：F239.43[经济管理—会计学]