资本市场国际化与关键审计事项语调——基于A股纳入MSCI指数的准自然实验  

The Internationalization of Capital Market and the Tone of Key Audit Matters:A Quasi-natural Experiment Based on the Inclusion of A-Shares into the MSCI Index

作　　者：代彬[1,2] 闵诗尧 DAI Bin;MIN Shiyao(School of International Business and Management,Sichuan International Studies University,Chongqing 400031,China;Research Center for International Finance and Audit Governance,Sichuan International Studies University,Chongqing 400031,China)

机构地区：[1]四川外国语大学国际工商管理学院,重庆400031 [2]四川外国语大学国际财务与审计治理研究中心,重庆400031

出　　处：《云南财经大学学报》2024年第1期41-58,共18页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金一般项目“党组织嵌入视阈下的国有企业非伦理行为及其治理机制研究”(19BGL059);重庆市教育委员会人文社科研究重点项目“双循环背景下资本市场开放促进上市公司高质量发展的机制、路径及效果研究”(21SKGH130);重庆市教育委员会科学技术研究重点项目“资本市场开放与资本配置效率:基于陆港通的理论与实证研究”(KJZD-K202000902)。

摘　　要：资本市场国际化是中国加快构建新发展格局,实现经济高质量、可持续发展的关键举措。以中国A股纳入MSCI指数为背景,应用双重差分模型实证检验资本市场国际化与关键审计事项语调的作用机理。研究结果表明,资本市场国际化与审计师披露的关键审计事项语调的积极性存在显著的负向关系,而管理者能力会强化这种负向关系。研究还发现,在企业处于管理层短视程度和经济政策不确定性程度较低以及非国有公司的情况下,资本市场国际化与审计师披露的关键审计事项语调的负向作用更为显著;机制分析表明,资本市场国际化主要是通过提高信息透明度和机构调研频率两个渠道影响关键审计事项语调。经济后果检验发现,资本市场国际化通过降低关键审计事项语调积极性进而遏制企业的盈余管理程度与过度负债水平。The internationalization of capital market is a key measure for China to accelerate the construction of new development patterns and achieve high-quality and sustainable economic development.Based on the inclusion of China’s A-shares into MSCI index,this paper empirically examines the mechanism of capital market internationalization on the tone of key audit matters by using DID model.The results show that capital market internationalization has a significant negative relationship with the enthusiastic tone of key audit matters disclosed by auditor,and the management ability will strengthen this negative relationship.The study also finds that in companies with low short-sight degree of management and low degree of economic policy uncertainty and non-state-owned companies,the internationalization of capital markets has a more significant negative effect on the tone of auditors’disclosure of key audit matters.The mechanism analysis shows that the internationalization of capital market affects the tone of key audit matters mainly through two channels including improving the transparency of information and the frequency of institutional survey.The economic consequence test finds that the internationalization of capital market alleviated the degree of earnings management and the level of excessive debt by reducing the enthusiastic tone of key audit matters.

关 键 词：资本市场国际化 关键审计事项 文本语调 PSM-DID模型 

分 类 号：F832.51[经济管理—金融学]