摘要
独立审计是降低信息不对称程度和缓解委托代理成本的有效机制,其作用的发挥取决于审计质量,而职业声誉是市场衡量审计质量的便捷标准,注册会计师职业声誉的损害是否会削弱社会公众对审计质量的评价,进而影响市场对公司价值的判断?文章以2002年3月中国注册会计师协会发布的未通过年检的五家会计师事务所作为切入点,研究声誉受损对其主审上市公司累计异常回报率的影响,结果发现异常回报率显著为负,而且这种负面反应的程度与上市公司的委托代理成本相关,但与独立性不存在显著关系。
Audit is an effective mechanism to decrease the information asymmetry and release agency cost,which depends on the quality of audit. And professional reputation is one of simple criteria to judge the audit quality,so we wonder whether shredded reputation of CPA damages audit credibility and accounting information quality,and affects markets＇ judgment on firm value. Using five accounting firms punished by CSRC in 2002,this paper studies the effect of shredded reputation on cumulative abnormal return of listed companies mainly audited by the five accounting firms,and the results indicate that the abnomal return is negative,the market reaction is significantly negative and the market negative reaction relates to the agency cost of listed companies,but has no significant relationship with audit independence.
出处
《上海立信会计学院学报》
北大核心
2010年第2期52-64,共13页
Journal of Shanghai Lixin University of Commerce
基金
国家自然科学基金项目"我国注册会计师行业职业声誉经济后果性研究"(70602024)
教育部人文社科基金项目"我国资本市场投资者的机构化趋势与市场信息效率研究"(08JC790019)
关键词
审计质量
职业声誉
市场反应
audit quality
professional reputation
market reaction
