关键审计事项披露与企业投资效率——基于文本分析的经验证据  

Disclosure of Key Audit Matters and Investment Efficiency of Enterprises——From the empirical evidence of text analysis

作　　者：王帆[1,2] 邹梦琪 Wang Fan;Zou Mengqi

机构地区：[1]浙江工商大学会计学院,310018 [2]审计署审计科研所

出　　处：《审计研究》2022年第3期69-79,共11页Auditing Research

基　　金：浙江省哲学社会科学规划“之江青年理论与调研专项”课题(项目批准号:22ZJQN22YB);中国博士后科学基金第69批面上项目(项目批准号:2021M692240)的资助。

摘　　要：运用文本分析检验充分披露关键审计事项与企业投资效率的关系。结果发现,关键审计事项披露越详细、文本越精确,越能提升企业投资效率,而可读性、语调对投资效率影响有限。分析师盈余预测越准确、企业代理成本越低,越能促进详细程度、精确性与投资效率间的正向关系。同时,高媒体关注、高机构投资者持股、低管理层过度自信企业的关键审计事项披露越详细、文本越精确,也越能提高投资效率。进一步发现,事项段和应对段披露越详细、事项段越可读、事项段越精确,越能显著提升投资效率;披露公司层面事项、对外投资事项以及非投资事项均会降低非效率投资。研究表明关键审计事项充分披露对企业资源配置具有正向作用,为监管机构改善审计报告披露模式提供了经验证据。This paper uses text analysis to test the relationship between full disclosure of key audit maters and enterprise investment efficiency.It is found that the more detailed the key audit matters disclosed and the more accurate the text,the better the investment efficiency of enterprises will be,and that the readability and intonation hardly have a significant effect.The higher the accuracy of analyst earnings forecast and the lower the agency cost,the more it can promote the relationship between full disclosure of key audit matters and enterprise investment efficiency.Enterprises with higher media attention,higher shareholding ratio of institutional investors and lower managerial overconfidence will enhance the positive relationship between full disclosure of key audit matters and investment efficiency.Further research shows that the more detailed disclosure of the audit matters section and the response section,the more readable and accurate the disclosure of the audit matters section,the more the investment efficiency of enterprises can be significantly improved.Disclosure of company-level,outward investment and non-investment matters will reduce enterprise non-efficiency investment.This paper examines the positive effect of full disclosure of key audit matters on the enterprise resources allocation and provides empirical evidence for the regulatory authorities to improve the disclosure of audit reports.

关 键 词：文本分析 关键审计事项 充分披露 投资效率 

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