关键审计事项披露的信息价值——基于股票流动性视角  

The Informational Value of the Disclosure of Key Audit Matters:Based on the Perspective of Stock Liquidity

作　　者：柳木华[1] 任嘉乐 郭振 LIU Muhua;REN Jiale;GUO Zhen(College of Economics,Shenzhen University,Shenzhen 518060,China;Shenzhen Branch,PWC Zhong Tian LLP,Shenzhen 518001,China;China Resources Land(Shenzhen)Development Co.,Ltd,Shenzhen 518052,China)

机构地区：[1]深圳大学经济学院,广东深圳518060 [2]普华永道中天会计师事务所深圳分所,广东深圳518001 [3]华润置地(深圳)开发有限公司财务部,广东深圳518052

出　　处：《审计与经济研究》2021年第3期21-32,共12页Journal of Audit & Economics

基　　金：国家社会科学基金项目(17BJY003)。

摘　　要：手工收集5806家A股上市公司2017—2018年新式审计报告文本数据,采用事项个数、段落字数和文件长度三种披露水平计量方法,研究发现随着审计报告中关键审计事项披露水平的提高,公司股票流动性增强,在考虑内生性和执行多种稳健性检验后结论仍然成立。进一步分析表明,在内部控制薄弱、大股东持股比例低的样本中两者存在显著正相关关系。研究贡献在于从股票流动性视角证明了关键审计事项披露的信息价值,以源自审计师的信息披露为调查对象,拓展了股票流动性的影响因素研究,表明审计报告改革实现了预期目的,有助于提高证券市场效率。Using the hand-collected text data of the new-style audit reports of 5806 A-share listed companies from 2017 to 2018,we find that the companies'stock liquidity improves with the increase of the disclosure level of key audit matters(KAMs)in the audit report which is measured by three methods including the matters'amount,the words of the KAM paragraph and the file size.The conclusions are still valid after considering endogeneity and doing a lot of robust tests.Further analyses suggest that there is a significant positive correlation between them only in the companies with lower internal control quality,smaller proportion of share holding of the large shareholder.The contributions of this research are that it proves the informational value of the disclosure of KAMs from the perspective of stock liquidity,and investigates KAMs'disclosure from the independent auditor,so extends the extant research field on the influencing factors of stock liquidity.Our conclusions show that the reform of the audit report achieves the expected purpose,and helps increase the efficiency of the security market.

关 键 词：审计报告改革 关键审计事项 股票流动性 信息价值 审计质量 审计费用 审计风险 

分 类 号：F239.43[经济管理—会计学]