审计师更换影响管理层报告信息增量了吗?——来自纵向文本相似度的证据  

Does Change of Auditor Affect Information Increment of MD&A?--Evidence from vertical text similarity

作　　者：葛锐 刘晓颖 孙筱蔚 Ge Rui;Liu xiaoying;Sun xiaowei

机构地区：[1]山东财经大学会计学院,250014 [2]英国兰卡斯特大学

出　　处：《审计研究》2020年第4期113-122,共10页Auditing Research

基　　金：国家社科基金一般项目(项目批准号:16BGL072);教育部人文社科基金项目(项目批准号:17YJA630019)的资助。

摘　　要：“管理层讨论与分析”为投资者和资本市场提供了从管理层视角了解公司经营情况的信息.本文关注了审计师更换对该部分内容增量信息变动的影响,主要运用向量空间模型并结合词频的逆文档频率算法,计算2012~2017年上交所公司公告中“管理层讨论与分析”的纵向文本相似度,研究发现审计师更换导致纵向文本相似度显著下降.进一步研究发现,当企业会计信息质量较差或分析师跟踪较少时,该现象更加明显;替代关键变量和倾向得分匹配后检验,结论仍然成立.这表明审计师更换使得管理层报告提供了更多增量信息,有助于改善信息环境,缓解代理问题,为审计师轮换制度提供了更为细致的证据支持.Management’s Discussion & Analysis provides investors and capital markets with information about a company’s operations from a management perspective.We pay attention to the change of auditor’s influence on the part of the incremental information,using the vector space model(VSM) and the combination of word frequency-inverse document frequency(TF-IDF) algorithm to calculate the vertical text-similarity of the management discussion and analysis of the company statement disclosed in Shanghai stock exchange in 2012-2017.We find that vertical text-similarity decreases significantly due to auditor change.Further research shows that this phenomenon is evident when there is poor accounting information quality or being tracked only by a few analysts.When tested after key variables are substituted,the conclusion is still valid,which suggests that auditor change makes management reporting provide more incremental information and alleviates information asymmetry.It provides more detailed evidence to support the system of auditor change.

关 键 词：管理层报告 信息增量 文本相似度 审计师更换 

分 类 号：F832.51[经济管理—金融学] F239.6F272.91