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会计分歧、财务困境、审计意见购买、降低审计费用等都可能导致审计师变更,证券分析师如何解读审计师变更传递的信号呢?研究发现,发生审计师变更的公司,分析师跟踪人数显著下降,区分审计师变更的类型,这种负相关关系依然成立。分析师为何对发生审计师变更的公司减少关注呢?进一步研究发现,上期被出具非标审计意见且发生审计师变更的公司,极有可能存在审计意见购买的动机,分析师关注度显著降低;区分审计师变更类型,该结论依然成立。这说明分析师从审计师变更现象中察觉到风险,通过放弃跟踪的方式向资本市场示警。本文的结论为资本市场解读审计师变更现象提供了新的视角,为分析师发挥监督治理效应提供了新的证据。
Accounting differences, financial distress, the purchase of audit opinions, audit fees and other may lead to changes in auditors, securities analysts how to interpret the signal changes auditors pass it? The study found that auditors change the company, the number of analysts tracking significantly decreased , To distinguish between the types of auditor changes, this negative correlation is still established. Why do analysts pay less attention to the company where the auditor changes? Further study found that companies that issued non-standard auditing opinions and auditor changes in the previous period were most likely to have the motivation to purchase audit opinions, and the analysts’ attention decreased significantly. Differentiate the type of auditor change, the conclusion still holds. This shows that analysts are aware of the risk from changes in auditors, warning the capital market by giving up track. The conclusion of this article provides a new perspective for the capital market to interpret the phenomenon of auditor changes and provides new evidence for the analyst to exert the supervisory governance effect.