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在国际金融危机的现实背景下,“股价崩盘风险”成为理论和实务界关注的焦点。本文以2003-2010年A股上市公司为样本,研究审计行业专长对股价崩盘风险的影响。结果表明,当公司聘请的会计师事务所具备更强的行业专长时,其股价未来的崩盘风险较低。进一步的研究发现:(1)审计行业专长与崩盘风险的负向关系不受企业产权性质的影响;(2)审计行业专长对股价崩盘风险的影响具有一定的时效性;(3)审计行业专长对股票价格的暴涨不具有预测能力,表明审计行业专长并非影响厚尾分布本身,而是通过提高审计质量、改善公司治理水平,促使负面信息更及时地披露给投资者,从而降低股价的崩盘风险。本文的研究结论不仅丰富了股价崩盘风险的相关文献,对进一步认识行业专长在审计治理效应中的作用,以及如何降低股价崩盘风险、维护金融市场稳定提供了有益的参考。
In the context of the international financial crisis, “stock price crash risk ” has become the focus of attention of both theory and practice. In this paper, A-share listed companies from 2003 to 2010 as a sample to study the audit industry expertise on the impact of stock price crash. The results show that when the company hired an accounting firm with stronger industry expertise, its share price lower risk of collapse in the future. The further research shows that: (1) the negative relationship between audit profession expertise and crash risk is not affected by the nature of the firm’s property rights; (2) the audit profession expertise has some effect on the stock price crash risk; (3) The lack of predictability in the soaring stock price suggests that the audit profession expertise does not affect the Houwei distribution itself. Rather, it reduces the risk of a share price collapse by improving audit quality, improving corporate governance and promptly disclosing negative information to investors . The conclusion of this paper not only enriches the relevant literature about the risk of stock price crash, but also provides useful reference for further understanding the role of industry expertise in the audit governance effect and how to reduce the risk of stock price collapse and maintain the stability of financial markets.