摘要
本文以2001~2013年被证监会处罚的审计师所审的公司为样本公司,考察审计师个人声誉在市场中的有效性。结果发现:审计师个人声誉受损会影响其职业生涯,包括更容易和当前客户解约,审计师如果离职则更可能流向比现任所排名低的小所,客户整体审计收费和客户数量都会有显著的下降。进一步分析发现,媒体的正面报道所带来的定价偏差在审计失败后会导致投资者的愤怒转移,进而加剧审计师声誉受损的后果。这些结果综合表明审计师个人声誉受损具有经济效应。
Using a panel data of listed companies whose auditors were sanctioned by SEC in 2001-2013, we study the influence of auditor＇s reputation in China. The findings illustrate that auditors＇ personal career will be damaged after their reputation impairment. Particularly, they are more likely to be dismissed by current clients and switch to a smaller firm. In addition, there is a significant decrease in auditor fee and the number of clients for affected auditors. Moreover, positive media coverage can aggravate the reputational effect which implies that the pricing bias bringing by positive media coverage will lead investors transferring anger after auditing failure. Overall, these results indicate that the impairment of auditors＇ reputation has an economic effect.
出处
《财务研究》
2018年第1期64-75,共12页
Finance Research
基金
国家自然科学基金项目(71422008
71372074
71572163)
"国家万人计划"青年拔尖人才项目
关键词
声誉受损
职业生涯
媒体报道
reputational impairment
personal career
media coverage
