审计师性别、审计质量与股价崩盘风险
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摘要
股价崩盘风险是近几年的热门研究话题,本文以2010—2016年A股非金融上市公司为样本,研究了审计师性别对股价崩盘风险的影响,并检验了审计质量在其中的中介作用。研究发现:相较于男性审计师,雇用女性审计师能有效降低被审计单位的股价崩盘风险;相较于男性审计师,女性审计师审计质量更高;审计质量越高,被审计公司股价崩盘风险越低;审计质量在审计师性别对股价崩盘风险的影响中起到部分中介作用;该中介影响在被审计企业透明度较低组、被审计企业所在地区制度环境良好组以及被审计企业为"国有"组中更加显著。本文的研究对于事务所客观评价女性审计师的作用,减少性别歧视所造成的优秀人才流失,以及如何防范股价崩盘,提升资本市场运行效率均具有重要意义。
Stock price crash risk is the hot topic in recent years,taking all non-financial listed companies from 2010 to 2016 as examples,this paper studies the impact of auditor gender on stock price crash risk and the intermediary function of audit quality. It founds that: female auditors can effectively reduce the stock price crash risk of companies than male auditors; the audit quality of female auditors is higher than male auditors; the higher audit quality,the lower stock price crash risk; audit quality plays an intermediary role in the impact of auditor gender on stock price crash risk; the effect of this intermediary is more significant if the corporate have low transparency,the institutional environment of related areas are good,corporates are stateowned enterprises. This study is of great significance to objectively evaluate the role of female auditors,reduce the loss of talented people caused by gender discrimination,prevent stock price crash risk and improve the efficiency of capital market operation.
Stock price crash risk is the hot topic in recent years,taking all non-financial listed companies from 2010 to 2016 as examples,this paper studies the impact of auditor gender on stock price crash risk and the intermediary function of audit quality. It founds that: female auditors can effectively reduce the stock price crash risk of companies than male auditors; the audit quality of female auditors is higher than male auditors; the higher audit quality,the lower stock price crash risk; audit quality plays an intermediary role in the impact of auditor gender on stock price crash risk; the effect of this intermediary is more significant if the corporate have low transparency,the institutional environment of related areas are good,corporates are stateowned enterprises. This study is of great significance to objectively evaluate the role of female auditors,reduce the loss of talented people caused by gender discrimination,prevent stock price crash risk and improve the efficiency of capital market operation.
引文
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[23]王德宏,宋建波,李洋.签字审计师之间的校友关系对审计质量的影响研究[J].会计与经济研究,2017(5):76-88.
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[26]Huse M,Solberg A G.Gender-related Boardroom Dynamics:How Scandinavian Women Make and Can Make Contributions on Corporate Boards[J].Women in Management Review,2006,21(2):113-130.
[27]卿石松.职位晋升中的性别歧视[J].管理世界,2011(11):28-38.
[28]苗连琦.审计师性别和审计质量相关性实证研究[J].中国注册会计师,2012(11):59-65.
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[30]杨永淼,邹晓静.不同制度环境下审计师的性别组合对审计质量影响的实证研究[J].山东财经大学学报,2017(6):1-12.
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[32]Jenson M,Meckling W.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360.
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[34]江轩宇.税收征管、税收激进与股价崩盘风险[J].南开管理评论,2013(5):152-160.
[35]雷倩华,柳建华,龚武明.机构投资者持股与流动性成本---来自中国上市公司的经验证据[J].金融研究,2012(7):182-195.
[36]Bleck A,Liu X.Market Transparency and The Accounting Regime[J].Journal of Accounting Research,2007,45(2):225-296.
[37]李小荣,刘行.CEO vs CFO:性别与股价崩盘风险[J].世界经济,2012(12):102-129.
[38]Fang L,Peress J.Media Coverage and the Cross-section of Stock Returns[J].Journal of Finance,2009,59(5):2023-2052.
[39]罗进辉,杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究,2014(9):53-59.
[40]王跃堂,朱林,陈世敏.董事会独立性、股权制衡与财务信息质量[J].会计研究,2008(1):55-62.
[41]Stinerock R N,Stern B B,Somolon M R.Sex and Money:Gender Differences in the Use of Surrogate Consumers for Financial Decision-making[J].Journal of Professional Services Marketing,1991,7(2):167-182.
[42]Watson J,Mc Naughton M.Gender Differences in Risk Aversion and Expected Retirement Benefits[J].Financial Analysts Journal,2007,63(4):52-62.
[43]Laborde W J.The Gendered Division of Labor in Parental Caregiving:Biology or Socialization[J].Journal of Women and Aging,1994,6(1/2):65-89.
[44]Slovic P.Risk Taking in Children:Age and Sex Differences[J].Child Development,1966,37(1):169-176.
[45]Cronqvist H,Yu F.Shaped by Their Daughters:Executives,Female Socialization,and Corporate Social Responsibility[J].Journal of Financial Economics,2017,126(3):543-562.
[46]Johnson J,Powell P.Decision Making,Risk and Gender:Are Managers Different?[J].British Journal of Management,1994,5(2):123-138.
[47]Charness G,Gneezy U.Strong Evidence for Gender Differences in Risk Taking[J].Journal of Economic Behavior and Organization,2012,83(1):50-58.
[48]高鹤,李旻文,高峰.基金经理风险偏好、投资风格与基金业绩---基于性别个人特征的视角[J].投资研究,2014(5):82-96.
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[51]Kim O,Verrecchia R E.Trading Volume and Price Reactions to Public Announcements[J].Journal of Accounting Research,1991,29(2):302-321.
[52]Fan J P,Wong T J.Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia[J].Journal of Accounting and Economics,2002,33(3):401-425.
[53]Defond M,Jiambalvo J.Factors Related to Auditor-client Disagreements over Income-increasing Accounting Methods[J].Contemporary Accounting Research,1993,9(2):415-431.
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[55]漆江娜,陈慧霖,张阳.事务所规模·品牌·价格与审计质量---国际“四大”中国审计市场收费与质量研究[J].审计研究,2004(3):59-65.
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(1)感谢匿名审稿人提出的宝贵修改建议。
(1)此处感谢匿名审稿人提出的宝贵修改建议,但文责自负。
[2]Hutton A P,Marcus A J,Tehranian H,Opaque Financial Reports,R2 and Crash Risk[J].Journal of Financial Economics,2009,94(1):67-86.
[3]Kim J B,Li Y H,Zhang L D.CFOs Versus CEOs:Equity Incentives and Crashes[J].Journal of Financial Economics,2011,101(3):713-730.
[4]王化成,曹丰,叶康涛.监督还是掏空:大股东持股比例与股价崩盘风险[J].管理世界,2015(2):45-57.
[5]李双海,李海英.机构持股、中小投资者保护与会计盈余质量[J].山西财经大学学报,2009(12):107-114.
[6]曹丰,鲁冰,李争光,徐凯.机构投资者降低了股价崩盘风险吗[J].会计研究,2015(11):55-61.
[7]潘越,戴亦一,林超群.信息不透明、分析师关注和个股暴跌风险[J].金融研究,2011(9):138-151.
[8]肖土盛,宋顺林,李路.信息披露质量与股价崩盘风险:分析师预测的中介作用[J].财经研究,2017(2):110-121.
[9]权小锋,吴世农,尹洪英.企业社会责任与股价崩盘风险:“价值利器”或“自利工具”[J].经济研究,2015(11):49-64.
[10]Deangelo L E.Auditor Size and Auditor Quality[J].Journal of Accounting and Economics,1981,3(3):183-199.
[11]Wang X T,Daniel J K,Andreas W.Life History Variables and Risk-taking Propensity[J].Evolution and Human Behavior,2009,30(2):77-84.
[12]Hersch J.Smoking,Seat Belts,and other Risky Consumer Decisions:Differences by Gender and Race[J].Managerial and Decision Economics,1996,17(5):471-481.
[13]Bernasek A,Shwiff S.Gender Risk and Retirement[J].Journal of Economic Issues,2001,35(2):345-356.
[14]Dopuch N,King R R.Negligence Versus Strict Liability Regimes in Auditing:An Experimental Investigation[J].Accounting Review,1992,67(1):97-120.
[15]Petty R,Cuganesan S.Auditor Rotation:Framing the Debate[J].Australian Accountant,1996,66(4):40-41.
[16]吴昊旻,吴春贤,杨兴全.惩戒风险、事务所规模与审计质量---来自中国审计市场的经验证据[J].审计研究,2015(1):75-83.
[17]刘启亮.事务所任期与审计质量---来自中国证券市场的经验证据[J].审计研究,2006(4):40-49.
[18]蔡春,鲜文铎.会计师事务所行业专长与审计质量相关性的检验---来自中国上市公司审计市场的经验证据[J].会计研究,2007(6):41-47.
[19]张健,魏春燕.法律风险、职业经验与审计质量[J].审计研究,2016(1):85-93.
[20]曹强,胡南薇,王良成.客户重要性、风险性质与审计质量---基于财务重述视角的经验证据[J].审计研究,2012(6):60-69.
[21]叶琼燕,余忠泊.审计师个人特征与审计质量[J].山西财经大学学报,2011(2):117-124.
[22]王晓珂,王艳艳,于李胜,等.审计师个人经验与审计质量[J].会计研究,2016(9):75-81.
[23]王德宏,宋建波,李洋.签字审计师之间的校友关系对审计质量的影响研究[J].会计与经济研究,2017(5):76-88.
[24]Breesch D,Branson J.The effects of auditor gender on audit quality[J].the Icfai University Journal of Accounting Research and Audit Practices,2009,8(3-4):78-107.
[25]万相昱,唐亮,颜雅琴.公司价值、风险与CEO性别---基于A股上市公司的数据[J].金融评论,2016(5):67-80.
[26]Huse M,Solberg A G.Gender-related Boardroom Dynamics:How Scandinavian Women Make and Can Make Contributions on Corporate Boards[J].Women in Management Review,2006,21(2):113-130.
[27]卿石松.职位晋升中的性别歧视[J].管理世界,2011(11):28-38.
[28]苗连琦.审计师性别和审计质量相关性实证研究[J].中国注册会计师,2012(11):59-65.
[29]吴伟荣.审计师性别组成对审计质量的影响[J].财会通讯,2014(15):10-12.
[30]杨永淼,邹晓静.不同制度环境下审计师的性别组合对审计质量影响的实证研究[J].山东财经大学学报,2017(6):1-12.
[31]施丹,程坚.审计师性别组成对审计质量、审计费用的影响---来自中国的经验证据[J].审计与经济研究,2011(5):38-46.
[32]Jenson M,Meckling W.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360.
[33]Kim J B,Li Y H,Zhang L D.Corporate Tax Avoidance and Stock Price Crash Risk:Firm Level Analysis[J].Journal of Financial Economics,2011,100(3):639-662.
[34]江轩宇.税收征管、税收激进与股价崩盘风险[J].南开管理评论,2013(5):152-160.
[35]雷倩华,柳建华,龚武明.机构投资者持股与流动性成本---来自中国上市公司的经验证据[J].金融研究,2012(7):182-195.
[36]Bleck A,Liu X.Market Transparency and The Accounting Regime[J].Journal of Accounting Research,2007,45(2):225-296.
[37]李小荣,刘行.CEO vs CFO:性别与股价崩盘风险[J].世界经济,2012(12):102-129.
[38]Fang L,Peress J.Media Coverage and the Cross-section of Stock Returns[J].Journal of Finance,2009,59(5):2023-2052.
[39]罗进辉,杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究,2014(9):53-59.
[40]王跃堂,朱林,陈世敏.董事会独立性、股权制衡与财务信息质量[J].会计研究,2008(1):55-62.
[41]Stinerock R N,Stern B B,Somolon M R.Sex and Money:Gender Differences in the Use of Surrogate Consumers for Financial Decision-making[J].Journal of Professional Services Marketing,1991,7(2):167-182.
[42]Watson J,Mc Naughton M.Gender Differences in Risk Aversion and Expected Retirement Benefits[J].Financial Analysts Journal,2007,63(4):52-62.
[43]Laborde W J.The Gendered Division of Labor in Parental Caregiving:Biology or Socialization[J].Journal of Women and Aging,1994,6(1/2):65-89.
[44]Slovic P.Risk Taking in Children:Age and Sex Differences[J].Child Development,1966,37(1):169-176.
[45]Cronqvist H,Yu F.Shaped by Their Daughters:Executives,Female Socialization,and Corporate Social Responsibility[J].Journal of Financial Economics,2017,126(3):543-562.
[46]Johnson J,Powell P.Decision Making,Risk and Gender:Are Managers Different?[J].British Journal of Management,1994,5(2):123-138.
[47]Charness G,Gneezy U.Strong Evidence for Gender Differences in Risk Taking[J].Journal of Economic Behavior and Organization,2012,83(1):50-58.
[48]高鹤,李旻文,高峰.基金经理风险偏好、投资风格与基金业绩---基于性别个人特征的视角[J].投资研究,2014(5):82-96.
[49]刘鹏程,李磊,王晓洁.企业家精神的性别差异---基于创业动机视角的研究[J].管理世界,2013(8):126-135.
[50]Diamond D W,Verrecchia R E.Disclosure,Liquidity and The Cost of Capital[J].Journal of Finance,1991,46(4):1325-1359.
[51]Kim O,Verrecchia R E.Trading Volume and Price Reactions to Public Announcements[J].Journal of Accounting Research,1991,29(2):302-321.
[52]Fan J P,Wong T J.Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia[J].Journal of Accounting and Economics,2002,33(3):401-425.
[53]Defond M,Jiambalvo J.Factors Related to Auditor-client Disagreements over Income-increasing Accounting Methods[J].Contemporary Accounting Research,1993,9(2):415-431.
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(1)感谢匿名审稿人提出的宝贵修改建议。
(1)此处感谢匿名审稿人提出的宝贵修改建议,但文责自负。
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