审计意见的决策有用性
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摘要
审计工作,作为对经济活动进行鉴证和监督的一种机制,在一个高度专业化分工、经济主体之间彼此依赖、需要彼此沟通、信任,但又苦于信息不对称的经济社会中,具有重要的意义。而审计意见,作为注册会计师根据审计准则的规定在实施审计工作的基础上对被审计单位财务报表发表审计意见的书面证明,可以说是注册会计师审计工作结果的最为集中、凝练的表达,也因此而可能对有关主体的决策产生影响。关于审计意见资源配置功效的研究,其一是基于证券市场的研究,主要考察审计意见对股价的影响、审计意见的“信息含量”、“价值相关性”,对此,国内外学者们已有较为深入的研究;其二是基于银行信贷决策的研究,考察审计意见对银行信贷资源配置的影响、在银行信贷决策中的“信息含量”、“价值相关性”,对此,国内还鲜见有关研究。因此,本文决定选取债权债务契约的角度,研究审计意见在我国银行信贷决策中的作用机制、决策有用性,进而提出有关政策建议,以期对进一步提高审计意见的价值有所裨益。
本文首先回顾了与审计和银行信贷决策有关的基础理论,从审计意见信息“供给者”的角度阐述了审计在社会经济活动中的价值、审计意见的历史发展、类型、内涵;从审计意见信息“需求者”的角度阐述了银行信贷决策的机理及审计意见在信贷决策(尤其是信贷配给)中所处的位置。接着,本文回顾了审计意见的基本概念及制度背景,以及我国银行信贷管理体制的变迁和信贷决策机制的发展。然后,本文沿着证券投资和银行信贷两条线索对有关审计意见信息含量的研究进行了文献回顾,并分析、比较了基于有效市场假说的经验研究法和基于模拟信贷决策的实验研究法在两类研究中的运用。
在实证研究部分,本文分别运用基于我国证券市场的经验研究法和基于我国商业银行信贷官的一个案例实验,从不同角度考察了审计意见在我国商业银行信贷决策中的有用性。其中,经验研究是利用上市公司的数据来间接体现审计意见在银行信贷决策中的有用性,实验研究则是直接考察信贷官对不同审计意见的反应,两者互相印证,互为补充、支撑,使研究基础更为扎实。
本文基于证券市场的经验研究发现,在其他条件相同的情况下,被出具非标意见的公司比被出具标准意见的公司更不易获得银行借款。本文也发现,银行对带说明段的无保留意见和保留意见、否定意见、无法表示意见等其他三类非标意见并不作显著区分;对标准意见是出自“四大”还是“非四大”并不敏感;对标准意见背后是否有事务所变更情况并不敏感。本文还发现,获得非标意见的企业在政府干预弱的地区比在政府干预强的地区更不易获得银行借款。
本文针对我国商业银行信贷官的案例实验发现,审计意见类型的不同会对银行信贷决策产生差异的影响,在其他条件相同的情况下,较之于被出具无保留意见的公司,被出具保留意见的公司所获得的银行风险评估值更高,获得银行贷款的可能性更低,银行给予的利率更高。
最后,在实证研究的基础上,本文提出了提高审计意见在银行信贷决策中的有用性的若干政策建议。
Auditing, as a mechanism for verifying and monitoring economic activities, is of vital significance in an economic system characterized with high specialization, high mutual-reliance among economic entities, high demand for communication and trust, as well as the affliction of information asymmetry. Audit opinion, as CPA's written opinion upon carrying out, in compliance with the auditing standards, auditing procedures for the financial statements of the clients, is the most condensed presentation of the final output of CPA's work, and therefore, might exert significant influence upon the decision-making of economic entities concerned. Regarding the researches on the resource allocation function of audit opinion, one major area, where numerous in-depth researches have been done by both overseas and domestic scholars, is focused on its role in stock market, examining its influence on stock price, or its information content or value relevance; while another area, which has rarely been picked up by domestic scholars, is focused on its role in bank loan decision-making, examining its influence on bank credit resource allocation, or its information content or value relevance in bank loan decision-making. In this regard, the paper chooses the perspective of the debtor-creditor relationship, makes a close study of the functioning and information content of audit opinion in the credit market of China, and makes policy proposals for further enhancing the value of audit opinion in the country.
The paper starts with a review of the basic theories upon bank loan decision-making and audit, reviewing, from the "supplier's" perspective, the value of auditing in economic activities, as well as the evolution, types and implication of audit opinion; and then reviewing, from the "demander's" perspective, the mechanism of bank loan decision-making and the function of audit opinion in the decision-making process, especially the credit rationing process. The second part reviews the basic concepts and regulatory background of audit opinion, as well as the evolution of credit management system and the credit decision-making mechanism in China. The third part is a literature review of the studies on the information content of audit opinion in the stock market and the credit market, followed with an analysis and comparison of the application of the EMH-based empirical study approach and the experimental study approach in those studies. Thereafter, the paper examines the information content of audit opinion in the credit decision of China's commercial banks through an EMH-based empirical study and an experiment with credit officers, respectively. The empirical study could be regarded as an indirect test of the usefulness of audit opinion by using relevant data of China's listed companies, while the experiment could be regarded as a direct test of its usefulness by observing the reaction of bank credit officers to different types of audit opinions. The two approaches support and supplement each other, and therefore, strengthen the basis of the positive study.
The results of the empirical study indicate that, compared with companies with unqualified audit opinion, companies with qualified audit opinion are less able to obtain bank loan. The study doesn't find significant difference in the ability of obtaining bank loan between companies with "unqualified with additional explanatory language opinion" and companies with qualified, adverse or disclaimer of opinion. The study also finds that banks are insensitive to whether unqualified audit opinion is issued by Big 4 or non-Big 4, or involves accounting firm changes or not. In addition, it is more difficult for companies with qualified opinion to obtain bank loan in the regions with light government intervention into the market than in the regions with heavy government intervention.
The results of the experimental study show that, compared with the company with qualified audit opinion, the company with unqualified audit opinion get significantly lower credit risk assessment, higher possibility of obtaining bank loans and lower interest premium.
Based on the examination, the paper makes policy proposals for further enhancing the value of audit opinion in China.
本文首先回顾了与审计和银行信贷决策有关的基础理论,从审计意见信息“供给者”的角度阐述了审计在社会经济活动中的价值、审计意见的历史发展、类型、内涵;从审计意见信息“需求者”的角度阐述了银行信贷决策的机理及审计意见在信贷决策(尤其是信贷配给)中所处的位置。接着,本文回顾了审计意见的基本概念及制度背景,以及我国银行信贷管理体制的变迁和信贷决策机制的发展。然后,本文沿着证券投资和银行信贷两条线索对有关审计意见信息含量的研究进行了文献回顾,并分析、比较了基于有效市场假说的经验研究法和基于模拟信贷决策的实验研究法在两类研究中的运用。
在实证研究部分,本文分别运用基于我国证券市场的经验研究法和基于我国商业银行信贷官的一个案例实验,从不同角度考察了审计意见在我国商业银行信贷决策中的有用性。其中,经验研究是利用上市公司的数据来间接体现审计意见在银行信贷决策中的有用性,实验研究则是直接考察信贷官对不同审计意见的反应,两者互相印证,互为补充、支撑,使研究基础更为扎实。
本文基于证券市场的经验研究发现,在其他条件相同的情况下,被出具非标意见的公司比被出具标准意见的公司更不易获得银行借款。本文也发现,银行对带说明段的无保留意见和保留意见、否定意见、无法表示意见等其他三类非标意见并不作显著区分;对标准意见是出自“四大”还是“非四大”并不敏感;对标准意见背后是否有事务所变更情况并不敏感。本文还发现,获得非标意见的企业在政府干预弱的地区比在政府干预强的地区更不易获得银行借款。
本文针对我国商业银行信贷官的案例实验发现,审计意见类型的不同会对银行信贷决策产生差异的影响,在其他条件相同的情况下,较之于被出具无保留意见的公司,被出具保留意见的公司所获得的银行风险评估值更高,获得银行贷款的可能性更低,银行给予的利率更高。
最后,在实证研究的基础上,本文提出了提高审计意见在银行信贷决策中的有用性的若干政策建议。
Auditing, as a mechanism for verifying and monitoring economic activities, is of vital significance in an economic system characterized with high specialization, high mutual-reliance among economic entities, high demand for communication and trust, as well as the affliction of information asymmetry. Audit opinion, as CPA's written opinion upon carrying out, in compliance with the auditing standards, auditing procedures for the financial statements of the clients, is the most condensed presentation of the final output of CPA's work, and therefore, might exert significant influence upon the decision-making of economic entities concerned. Regarding the researches on the resource allocation function of audit opinion, one major area, where numerous in-depth researches have been done by both overseas and domestic scholars, is focused on its role in stock market, examining its influence on stock price, or its information content or value relevance; while another area, which has rarely been picked up by domestic scholars, is focused on its role in bank loan decision-making, examining its influence on bank credit resource allocation, or its information content or value relevance in bank loan decision-making. In this regard, the paper chooses the perspective of the debtor-creditor relationship, makes a close study of the functioning and information content of audit opinion in the credit market of China, and makes policy proposals for further enhancing the value of audit opinion in the country.
The paper starts with a review of the basic theories upon bank loan decision-making and audit, reviewing, from the "supplier's" perspective, the value of auditing in economic activities, as well as the evolution, types and implication of audit opinion; and then reviewing, from the "demander's" perspective, the mechanism of bank loan decision-making and the function of audit opinion in the decision-making process, especially the credit rationing process. The second part reviews the basic concepts and regulatory background of audit opinion, as well as the evolution of credit management system and the credit decision-making mechanism in China. The third part is a literature review of the studies on the information content of audit opinion in the stock market and the credit market, followed with an analysis and comparison of the application of the EMH-based empirical study approach and the experimental study approach in those studies. Thereafter, the paper examines the information content of audit opinion in the credit decision of China's commercial banks through an EMH-based empirical study and an experiment with credit officers, respectively. The empirical study could be regarded as an indirect test of the usefulness of audit opinion by using relevant data of China's listed companies, while the experiment could be regarded as a direct test of its usefulness by observing the reaction of bank credit officers to different types of audit opinions. The two approaches support and supplement each other, and therefore, strengthen the basis of the positive study.
The results of the empirical study indicate that, compared with companies with unqualified audit opinion, companies with qualified audit opinion are less able to obtain bank loan. The study doesn't find significant difference in the ability of obtaining bank loan between companies with "unqualified with additional explanatory language opinion" and companies with qualified, adverse or disclaimer of opinion. The study also finds that banks are insensitive to whether unqualified audit opinion is issued by Big 4 or non-Big 4, or involves accounting firm changes or not. In addition, it is more difficult for companies with qualified opinion to obtain bank loan in the regions with light government intervention into the market than in the regions with heavy government intervention.
The results of the experimental study show that, compared with the company with qualified audit opinion, the company with unqualified audit opinion get significantly lower credit risk assessment, higher possibility of obtaining bank loans and lower interest premium.
Based on the examination, the paper makes policy proposals for further enhancing the value of audit opinion in China.
引文
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6 在美国1988年审计准则公告第58号修订之前,保留意见有四种情形:(1)偏离一般公认会计原则;(2) 偏离会计准则的一贯性;(3)审计范围受到限制;(4)对财务报表有重大影响而又不能被解决的不确定性。
前三个使用“除外”(Except for),后一个使用“鉴于”(Subiect to),简称“ST型”保留意见。
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4 在他们的多元回归模型中,除了审计意见类型哑变量(持续经营保留意见设1,无保留意见设为0)之外,控制变量包括:财务比率破产预测模型预测样本公司破产的概率、破产前股票市场对媒体披露的公司陷入财务困境的信息(如季度亏损、未支付已宣告股利、拒付债务等)的反应、审计报告披露前的股价变动率。
铩? Chen,J.P.,Su,Xijia & Zhao,Ronald,Market Reaction to Initial Qualified Audit Opinions in an EmergingMarket:Evidence from the Shanghai Stock Exchange,working paper,City University of Hongkong,1999.该工作论文经修改后于2000年公开发表:Chen,Charles & Su,Xijia,An Emerging Market's Reaction to InitialModified Audit Opinions:Evidence from the Shanghai Stock Exchange[J],Contemporary Accounting Research,2000(Fall),17(3):429-455.
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2 这七类原因包括:(1)由于经济业务的发生不合法而被出具的非标准无保留意见;(2)由于会计处理的不合法而被出具的非标准无保留意见;(3)由于审计范围受限而被出具的非标准无保留意见;(4)有用存在某些事项影响了会计报表的公允性而被出具的非标准无保留意见;(5)由于同一原因被连续出具非标准无保留意见;(6)混合型的非标准无保留意见;(7)强调型的非标准无保留意见。
3 单鑫,中国股票市场对审计意见信息披露反应的研究[D],清华大学管理学院学位论文,1999。
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2 姜永杰,审计意见与股价报酬相关性研究:来自沪深股市的实证[D],首都经贸大学学位论文,2003。
3 蔡祥,中国证券市场中的审计问题:实证研究综述[J],审计研究,2003(3):36-40。
铩? Estes,R.and M.Reimer,An Empirical Study of the Differential Effect of Standards and Qualified Auditor'sOpinions on Investor's Price Decision[J],Accounting and Business Research,1979(Spring).
2 Firth,M.,Qualified Audit Reports and Bank Lending Decisions[J],Journal of Bank Research.1979 Winter(9):237-241.
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2 Libby,R,The Impact of Uncertainty Reporting on the Loan Decision[J],Journal of Accounting Research,1979(Supplement).35-71.
3 在美国1988年审计准则公告第58号修订之前,保留意见有四种情形:(1)偏离一般公认会计原则;(2)偏离会计准则的一贯性;(3)审计范围受到限制;(4)对财务报表有重大影响而又不能被解决的不确定性。前三个使用“除外”(Except for),后一个使用“鉴于”(Subject to),简称“ST型”保留意见。
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2 Abdel-Khalik,A.R.,Graul,P.R.& Newton,J.D.,Reporting Uncertainty and Assessment of Risk:Replicationand Extension in a Canadian Setting[J],Journal of Accounting Research,1986,24:372-382.
3 Gul,F.A.The Effects of Uncertainty Reports on Lending Officers' Perception of Risk and AdditionalInformation Required[J],Abacus,1987,23:172-181.
4 Johnson,D.A.,Pany,K.& White,R.,Audit Reports and the Loan Decision:Actions and Perceptions[J],Auditing:A Journal of Practice &Theory,1983(Spring)(2):38-51.
5 Johnson,Douglas A.& Pany,Kurt,Forecasts,Auditor Review,and Bank Loan Decisions[J],Journal ofAccounting Research,1984(Autumn),22(2):731-743.
6 Bamber,E.Michael & Stratton,Richard A.,The Information Content of the Uncertainty-Modified Audit Report:Evidence from Bank Loan Officers[J],Accounting Horizon,1997 June,11(2):1-11.
7 1978年,科恩委员会主张取消“ST型”审计报告,认为这个信息是冗余的,因为有关信息已经体现在财务报表附注中了。1988年,审计准则委员会(ASB)发布了第58号审计准则公告(SASNo.58),取消了“ST型”审计报告,但是作为妥协,保留要求将某些重大不确定性事项在单独的第四段中披露。而在1995年的第79号审计准则公告(SAS No.79)里,除了持续经营不确定性问题可以有解释段之外,SAS取消了其他不确定性事项的解释段。
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2 Strawser,J.R.,An Investigation of the Effect of Accountant Involvement with Forecasts on the Decisions andPerceptions of Commercial Lenders[J],Journal of Accounting,Auditing and Finance,1994(9):553-560.
3 Bessell,Maxwell,Anandarajan,Asokan & Umar,Ahson,Information content,audit reports and going-concern:an Australian study[J],Accounting & Finance,2003,43(3):261-282.
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2 本表参考了陈梅花,审计意见信息含量研究--审计意见与股价关系分析[M],立信会计出版社,2003:29,作了若干修正,并补充了有关文献。
铩? Antonio Durendez Gomez-Guillamon,The Usefulness of the Audit Report in Investment and FinancingDecisions[J],Managerial Accounting Journal,Bradford,2003,18(6/7):549-559.
2 Blackwell,David W.,Noland,Thomas R.,& Winters,Drew B.,The Value of Auditor Assurance:Evidence fromLoan Pricing[J],Journal of Accounting Research.1998,Spring,36(1):57-70.
铩? Kim,J.B.,Song,B.Y.,& Tsui,J.S.L,Auditor Quality,Tenure and Bank Loan Pricing,SSRN Working Paper,Hong Kong Polytechnic University,2006.
铩? 陈梅花,审计意见信息含量研究--审计意见与股价关系分析[M],立信会计出版社,2003。
铩? 陈梅花,审计意见与贷款决策关系的实证研究[J],财会月刊,2001(24):36。
2 Lin,Z.J.,Tang,Q.L.& Xiao,J.,An Experimental Study of Users' Responses to Qualified Audit Reports inChina[J],Journal of International Accounting,Auditing and Taxation,2003.12:1-22.
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2 李树华,审计报告与证券市场(1997年)[G],证券市场会计问题实证研究,上海财经大学出版社,1998:297-356。
3 王振林,汪光成,1998年度上市公司非标准无保留意见审计报告之实证分析[J],审计研究,2000(4)。
4 夏立军、杨海斌,从审计意见看审计质量--上市公司2000年财务报告意见实证分析[J],中国注册会计师,2002(10)。
5 张俊瑞、刘录敬、李捷,注册会计师对上市公司出具的审计意见分析[J],当代经济科学,2001(6)。
6 夏丽娜,2002年深市上市公司审计意见统计分析[J],证券市场导报,2003(7)。
7 段培阳,亏损上市公司审计意见研究[J],财会月刊,2002(9)。
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2 王振林,中国注册会计师非标准无保留意见审计报告及范例[M],中国时代经济出版社,2003。
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2 详见郑园园、马进,有效市场假说与行为金融学的争论[J],审计与经济研究,2003(5),以及李心丹,行为、理性与金融:行为金融学革命[G],施东晖主编,《现代金融学前沿》,上海交通大学出版社,2006:159-185。
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2 Libby,R,The Impact of Uncertainty Reporting on the Loan Decision[J],Journal of Accounting Research,1979(Supplement).35-71.
3 Estes,R.and M.Reimer,An Empirical Study of the Differential Effect of Standards and Qualified Auditor'sOpinions on Investor's Price Decision[J],Accounting and Business Research,1979(Spring).
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3 Palmrose,Z.,1988,An Analysis of Auditor Litigation and Audit Service Quality[J],Accounting Review,1988,64(1):55-73.
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5 Fan,Joseph.,Titman,Sheridan & Twit,Garry,An International Comparison of Capital Structure and DebtMaturity Choices,2003,working paper,Center for Institutions and Governance of the Chinese University of HongKong,2005.
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2 考虑到该指数值在年度间变化不大,参考国内其他文献的做法,本文对2002-2004年的样本皆采用了2002年的市场化指数。
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3 Libby,R,The Impact of Uncertainty Reporting on the Loan Decision,Journal of Accounting Research,1979(Supplement).
4 Bamber,E.Michael & Stratton Richard A.,The Information Content of the Uncertainty-Modified Audit Report:Evidence from Bank Loan Officers,Accounting Horizon,Vol.11,No.2,June 1997,pp.1-11.
5 Lin,Z.J.,Tang,Q.L.& Xiao,J.,An Experimental Study of Users' Responses to Qualified Audit Reports inChina,Journal of International Accounting,Auditing and Taxation,12(2003),pp.1-22.
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铩? Chant,John,The New Theory of Financial Intermediation,Kevin Dowd and Mervyn K.Lewis:Current Issues inFinancial and Monetary Economics[M],The Macmillan Press Ltd.,1989.
2 Gurley,J.G.& Shaw,E.S.,Financial Intermediaries and the Saving Investment Process[J],Journal of Finance,1956(May),11(2):257-276.
3 Klein,M.A.The Economics of Security Divisibility and Financial Intermediation[J],Journal of Finance,1973,28:923-931.
4 Benston,George J.& Smith,Clifford W.,A Transaction Cost Approach to the Theory of FinancialIntermediation[J],Journal of Finance,1976,31:215-231.
5 Boyd,J.and Smith.B.The Evolution of Debt and Equity Markets in Economic Development[J],EconomicTheory,1998(12):519-560.
铩? Jenson,Michael,and Meckling,William,Theory of the firm:Managerial behavior,agency costs,and ownershipstructure[J],Journal of Financial Economics,1976(3):305-360.
铩? 范从来、姜宁,货币银行学[M],南京大学出版社,2003:1。
2 文远华,中国经济转型时期信贷配给问题研究[M],上海三联书店、上海人民出版社,2005:134。
铩? Akerlof,G A.,The Market of Lemons:Quality Uncertainty and the Market Mechanism[J],The QuarterlyJournal of Economics,1970(August):488-500.
2 Jaffee,Dwight & Russell,Thomas,The Imperfect Information,Uncertainty.and Credit Rationing[J],TheQuarterly Journal of Economics,1976,90(4):651-666.
3 Stigliz,Joseph E.& Weiss,Andrew,Credit Rationing in Markets with Imperfect Information[J],AmericanEconomic Review,1981,71(3):393-410.
铩? 阿尔温·托夫勒,《第三次浪潮》[M],三联书店,1984:255。
铩? Jenson,Michael,and Meckling,William,Theory of the Firm:Managerial Behavior,Agency Costs andOwnership Structure[J],Journal of Financial Economics,1976(3):305-360.
铩? 弗朗西斯·福山,信任:社会美德与繁荣创造[M],海南出版社,2001:281。
2 转引自 Flint,David,Philosophy and Principles of Auditing[M],1988,6.
3 文硕编著,世界审计史[M],企业管理出版社,1996:248。
铩? 文硕编著,世界审计史[M],企业管理出版社,1996:551。
2 文硕编著,世界审计史[M],企业管理出版社,1996:551。
3 AICPA,The Commission on Auditors' Responsibilities:Report,Conclusion and Recommendations[R],1978:72.
4 May,George O.,Qualifications in Certificates[J],The Journal of Accountancy,1915,Oct:248-259.
5 Carmichael,D.R.,The Auditor's Reporting Obligation:The Meaning and Implication of the Fourth Standard ofReporting[R],AICPA,1978.
6 文硕编著,世界审计史[M],企业管理出版社,1996:554。
铩? Beris,Herman W.,The CPA's Attest Function in Modern Society[J],Journal of Accounting,1962,31(Feb).
2 Financial Reporting Policies Qualification,转引自朱荣恩,中国证券市场独立审计研究[M],上海财经大学出版社,1997:48。
铩? 李若山、徐明磊,以股抵债,动了谁的奶酪?[J],新民周刊,2004,35。
2 卢彦铮、于宁、季敏华、毕爱芳、范军利,拯救三九[J],财经,2007(7)。
铩? 王满四,负债融资的公司治理效应及其机制研究[M],中国社会科学出版社,2006:198。
铩? Carmichael,D.R.& Willingham,John J.,Perspectives in Auditing[R],AICPA,Fourth Edition,1985:61.
2 Carmichael,D.R.& Willingham,John J.,Perspectives in Auditing[R],AICPA,Fourth Edition,1985:63.
铩? 孙铮、王跃堂,说明段与变更审计意见之实证研究[J],审计研究资料,1999(6)。
2 中国证券监督委员会首席会计师办公室、上海证券交易所,注册会计师说“不”--中国上市公司审计意见分析(1992-2000)[M],中国财政经济出版社,2002。
铩? 吴敬琏,中国当代经济改革战略与实施[M],上海远东出版社,1999:256-257。
2 本节内容参考了下列资料:(1)胡奕明主持的课题《公司治理:大贷款人监督及其经济后果》,深圳证交所综合研究所(深证综研字0103号),2004年12月;(2)文远华,《中国经济转型时期信贷配给问题研究》[M],上海三联书店、上海人民出版社,2005年3月。
铩? 石晓军,商业银行信用风险管理研究--模型与实证[M],人民邮电出版社,2007:32。
铩? 伊·普里戈金、伊·斯唐热著,曾庆洪、沈晓峰译,《从混沌到有序:人与自然的新对话》[M],上海世纪出版集团,2005年12月。
铩? Ball,Ray & Brown,Philip,An Empirical Evaluation of Accounting Income Numbers[J].Journal of AccountingResearch,1968(Autumn):159-178.
铩? Baskiu E.F.,The Communicative Effectiveness of Consistency Exceptions[J],The Accounting Review,1972(1):38-54.
2 Firth,Michael,Qualified Audit Report:Their Impact on Investment Decisions[J],The Accounting Review,1978(7):6412-650.
3 Ball,Ray,Walker,R.G.,and Whittred,G.P.,Audit Qualification and Share Price[J],Abacus,1979(6):23-34.
4 Banks,Kinney,Loss Contingency Reports and Stock Price:an Empirical Study[J],Journal of AccountingResearch,1982,20(1):240-254.
5 Elliot,J.,'Subject to' Audit Opinions and Abnormal Security Returns:Outcomes and Ambiguities[J],Journal ofAccounting Research,1982,20:617-638.
6 在美国1988年审计准则公告第58号修订之前,保留意见有四种情形:(1)偏离一般公认会计原则;(2) 偏离会计准则的一贯性;(3)审计范围受到限制;(4)对财务报表有重大影响而又不能被解决的不确定性。
前三个使用“除外”(Except for),后一个使用“鉴于”(Subiect to),简称“ST型”保留意见。
铩? Dodd,P.,Dopuch,N.,Holthausen,R.,and Leftwich,R.,Qualified Audit Opinion and Stock Prices:InformationContent,Announcement Date and Concurred Disclosure[J],Journal of Accounting and Economics,1984(6):3-38.
2 Dopuch,N.,Holthausen,R.& Leftwich,R.,Abnormal Stock Returns Associated with Media Disclosures of"Subject to" Qualified Audit Opinions[J],Journal of Accounting and Economics,1986(May).
铩? Frost,Carol A.,Loss Contingency Reports and Stock Prices:A Replication and Extension of Banks and Kinney[J],Journal of Accounting Research,1991,29:157-169.
2 Fields,L.P.& Wilkins,M.S.,The Information Content of Withdrawn Audit Qualifications:New Evidence onthe Value of"Subject-to" Opinions[J],Auditing:A Journal of Practice & Theory,1991(11):62-69.
3 Loudder,M.L.,I.K.Khurana,R.B.Sawyers,C.Cordery,C.Johnson,J.Lowe & R.Wunderle,The InformationContent of Audit Qualification[J],Auditing:a Journal of Practice & Theory,1992,11(1):69-82.
4 Choi,S.K.,Jeter,D.C.,The Effects of Qualified Audit Opinions on Earnings Response Coefficients[J],Journalof Accounting and Economics,1992(15):229-247.
5 Frost,Carol A.,Uncertainty-modified Audit Reports and Future Earnings[J],Auditing:a Journal of Practice &Theory,1994(Spring),13:22-35.
铩? Ameen,Elsie C.,Chan,Kam & Guffey,Daryl M.,Information Content of Qualified Audit Opinion forOver-the-Counter Firms[J],Journal of Business Finance & Accounting,1994(October),21(7):997-1011.
2 Jones,Frederick L.,The Information Content of the Auditor's Going Concern Evaluation[J],Journal ofAccounting and Public Policy,1996(Spring),15(1):1-27.
3 Chen,Kevin & Church,Bryan K.,Going Concern Opinions and the Market Reaction to Bankruptcy Filings[J],The Accounting Review,1996(January),71:117-128.
4 在他们的多元回归模型中,除了审计意见类型哑变量(持续经营保留意见设1,无保留意见设为0)之外,控制变量包括:财务比率破产预测模型预测样本公司破产的概率、破产前股票市场对媒体披露的公司陷入财务困境的信息(如季度亏损、未支付已宣告股利、拒付债务等)的反应、审计报告披露前的股价变动率。
铩? Chen,J.P.,Su,Xijia & Zhao,Ronald,Market Reaction to Initial Qualified Audit Opinions in an EmergingMarket:Evidence from the Shanghai Stock Exchange,working paper,City University of Hongkong,1999.该工作论文经修改后于2000年公开发表:Chen,Charles & Su,Xijia,An Emerging Market's Reaction to InitialModified Audit Opinions:Evidence from the Shanghai Stock Exchange[J],Contemporary Accounting Research,2000(Fall),17(3):429-455.
铩? 李增泉,实证分析:审计意见的信息含量[J],会计研究,1999(8):16-22。
2 这七类原因包括:(1)由于经济业务的发生不合法而被出具的非标准无保留意见;(2)由于会计处理的不合法而被出具的非标准无保留意见;(3)由于审计范围受限而被出具的非标准无保留意见;(4)有用存在某些事项影响了会计报表的公允性而被出具的非标准无保留意见;(5)由于同一原因被连续出具非标准无保留意见;(6)混合型的非标准无保留意见;(7)强调型的非标准无保留意见。
3 单鑫,中国股票市场对审计意见信息披露反应的研究[D],清华大学管理学院学位论文,1999。
4 陈梅花,股票市场审计意见信息含量研究:来自1995-1999上市公司年报的实证证据[J],中国会计与财 务研究,2001(1):62-82。
铩? 陈晓、王鑫,股票市场对保留审计意见公告报告的反应[J],经济科学,2001(3):78-89。
2 姜永杰,审计意见与股价报酬相关性研究:来自沪深股市的实证[D],首都经贸大学学位论文,2003。
3 蔡祥,中国证券市场中的审计问题:实证研究综述[J],审计研究,2003(3):36-40。
铩? Estes,R.and M.Reimer,An Empirical Study of the Differential Effect of Standards and Qualified Auditor'sOpinions on Investor's Price Decision[J],Accounting and Business Research,1979(Spring).
2 Firth,M.,Qualified Audit Reports and Bank Lending Decisions[J],Journal of Bank Research.1979 Winter(9):237-241.
铩? Firth.,M.,A Note on the Impact of Audit Qualifications on Lending and Credit Decision[J],Journal of Bankingand Finance,1980(4):258-267.
2 Libby,R,The Impact of Uncertainty Reporting on the Loan Decision[J],Journal of Accounting Research,1979(Supplement).35-71.
3 在美国1988年审计准则公告第58号修订之前,保留意见有四种情形:(1)偏离一般公认会计原则;(2)偏离会计准则的一贯性;(3)审计范围受到限制;(4)对财务报表有重大影响而又不能被解决的不确定性。前三个使用“除外”(Except for),后一个使用“鉴于”(Subject to),简称“ST型”保留意见。
铩? Houghton,K.A.,Audit Reports:Their Impact on the Loan Decision Process and Outcome:An Experiment[J],Accounting and Business Research,1983,66:15-20.
2 Abdel-Khalik,A.R.,Graul,P.R.& Newton,J.D.,Reporting Uncertainty and Assessment of Risk:Replicationand Extension in a Canadian Setting[J],Journal of Accounting Research,1986,24:372-382.
3 Gul,F.A.The Effects of Uncertainty Reports on Lending Officers' Perception of Risk and AdditionalInformation Required[J],Abacus,1987,23:172-181.
4 Johnson,D.A.,Pany,K.& White,R.,Audit Reports and the Loan Decision:Actions and Perceptions[J],Auditing:A Journal of Practice &Theory,1983(Spring)(2):38-51.
5 Johnson,Douglas A.& Pany,Kurt,Forecasts,Auditor Review,and Bank Loan Decisions[J],Journal ofAccounting Research,1984(Autumn),22(2):731-743.
6 Bamber,E.Michael & Stratton,Richard A.,The Information Content of the Uncertainty-Modified Audit Report:Evidence from Bank Loan Officers[J],Accounting Horizon,1997 June,11(2):1-11.
7 1978年,科恩委员会主张取消“ST型”审计报告,认为这个信息是冗余的,因为有关信息已经体现在财务报表附注中了。1988年,审计准则委员会(ASB)发布了第58号审计准则公告(SASNo.58),取消了“ST型”审计报告,但是作为妥协,保留要求将某些重大不确定性事项在单独的第四段中披露。而在1995年的第79号审计准则公告(SAS No.79)里,除了持续经营不确定性问题可以有解释段之外,SAS取消了其他不确定性事项的解释段。
铩? Strawser,J.R.,The Role of Accountant Reports in Users' Decision-Making Process:A Review of EmpiricalResearch[J],Journal of Accounting Literature,1991,10:181-208.
2 Strawser,J.R.,An Investigation of the Effect of Accountant Involvement with Forecasts on the Decisions andPerceptions of Commercial Lenders[J],Journal of Accounting,Auditing and Finance,1994(9):553-560.
3 Bessell,Maxwell,Anandarajan,Asokan & Umar,Ahson,Information content,audit reports and going-concern:an Australian study[J],Accounting & Finance,2003,43(3):261-282.
铩? Elias,R.Z.& Johnson,J.G.,Is there incremental information content in the going concern explanatoryparagraph?[J],Advances in Accounting,2001,18:105-117.
2 本表参考了陈梅花,审计意见信息含量研究--审计意见与股价关系分析[M],立信会计出版社,2003:29,作了若干修正,并补充了有关文献。
铩? Antonio Durendez Gomez-Guillamon,The Usefulness of the Audit Report in Investment and FinancingDecisions[J],Managerial Accounting Journal,Bradford,2003,18(6/7):549-559.
2 Blackwell,David W.,Noland,Thomas R.,& Winters,Drew B.,The Value of Auditor Assurance:Evidence fromLoan Pricing[J],Journal of Accounting Research.1998,Spring,36(1):57-70.
铩? Kim,J.B.,Song,B.Y.,& Tsui,J.S.L,Auditor Quality,Tenure and Bank Loan Pricing,SSRN Working Paper,Hong Kong Polytechnic University,2006.
铩? 陈梅花,审计意见信息含量研究--审计意见与股价关系分析[M],立信会计出版社,2003。
铩? 陈梅花,审计意见与贷款决策关系的实证研究[J],财会月刊,2001(24):36。
2 Lin,Z.J.,Tang,Q.L.& Xiao,J.,An Experimental Study of Users' Responses to Qualified Audit Reports inChina[J],Journal of International Accounting,Auditing and Taxation,2003.12:1-22.
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2 考虑到该指数值在年度间变化不大,参考国内其他文献的做法,本文对2002-2004年的样本皆采用了2002年的市场化指数。
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