摘要
传统审计报告的模式化披露无法满足投资者价值信息获取需求,“审计期望差距”问题日益严重。基于2016年12月颁布的新审计报告准则,选取A+H股上市公司为研究对象,考察审计报告改革对上市公司权益资本成本的影响。结果表明,审计报告改革会显著降低权益资本成本。进一步发现,关键审计事项披露数目越多,权益资本成本越低;审计报告改革降低权益资本成本的效应在信息不对称程度高、内部控制水平低、媒体环境差以及代理冲突高的公司中更为明显。这不仅为审计报告改革的经济后果提供了证据,而且对于提高投资者决策效率以及维护资本市场秩序也具有一定的现实意义。
The model disclosure of traditional audit reports cannot meet the needs of investors for obtaining valuable information,and the problem of the“audit expectations gap”is becoming more and more serious.Based on the policy background of the new audit report standards issued by the Ministry of Finance in December 2016,this paper takes A+H listed companies as the sample and examines the relationship between the audit report’s reconstruction and the cost of equity capital.Research shows that the reconstruction of audit reports significantly reduces the cost of equity capital.Further,the more the number of key audit items disclosed,the lower the cost of equity capital;audit report restructuring plays a significant role in the cost of equity capital in the companies with higher information asymmetry,lower level of internal control,poorer media environment,or higher agency conflict.This study can not only provide evidence on the economic consequences of the audit report reconstruction but also improve the efficiency of investors decision-making and maintain the order of the capital market.
作者
徐玉德
刘杨晖
刘剑民
XU Yude;LIU Yanghui;LIU Jianmin(Academy of China Finance Science,Beijing 100142,China;School of Economics and Management,Huadong Jiaotong University,Nanchang 330013,China;School of Economics and Management,Nanchang University,Nanchang 330031,China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第6期26-36,共11页
Journal of Audit & Economics
基金
国家社会科学基金项目(18BJY239)
江西省社会科学基金项目(20YJ22)
江西省高校人文社会科学基金项目(JJ19202)。
关键词
审计报告改革
权益资本成本
盈余管理
会计信息质量
关键审计事项
审计质量
公司治理
audit report reform
cost of equity capital
earnings management
accounting information quality
key audit events
audit quality
corporate governance
