摘要
本文以2004—2009年度发生内资审计师之间变更的公司为对象,分析了不同审计师变更方向下的公司盈余管理情况和市场反应,研究发现:由大到小变更公司的盈余管理程度在变更后显著更高,市场对该类公司做出了显著负面的反应。另一方面,由小到大变更公司的盈余管理程度显著更低,市场对该类公司反应正面但不显著。内资十大会计师事务所已形成了一定的声誉,也表明近年来我国注册会计师行业实施"做大做强"战略已产生了一定的成效。从提高监管效率出发,监管部门可以将监管重点放在由大到小变更的公司。
Based on the ranking by China institute of certified public accountants, the paper analyzes the auditor switching between the domestic-funded accounting firms from 2004 to 2009. Specially, it studies the earning management and market reaction between different directions of switching, i.e. from big 10 to non-big 10 （downsize companies）, from non-big 10 to big 10 （upsize companies）. The paper finds that the earning management of downsize companies is higher than other direction of switching. The market reaction of downsize companies is significantly negative. On the other hand, the earning management of upsize companies is the lowest,the market reaction of upsize companies is positive but not significant. Big 10 have got their reputation gradually. The paper also suggests that the regulator may pay more attention to the downsize companies to improve the regulation efficiency.
出处
《中国工业经济》
CSSCI
北大核心
2011年第11期119-128,共10页
China Industrial Economics
基金
教育部人文社会科学研究一般项目"我国证券审计机构合并的绩效
市场反应与激励整合研究"(批准号10YJC630038)
关键词
审计师变更
变更方向
盈余管理
市场反应
auditor switch
direction of switch
earning management
market reaction
