论文部分内容阅读
上市公司管理层与外部投资者之间信息不对称和代理问题,阻碍了资本市场资源的有效配置,而信息披露在缓解这些问题上起到了一个桥梁的作用。通过信息披露,管理层及时向市场传达内部信息,减少了信息不对称和代理成本,从而达到监管要求或者公司管理层自身的目的。本文选取深圳证劵交易所A股市场的60家上市公司为研究样本,考察了注册会计师对上市公司与财务报告相关内部控制出具不同审计意见报告时对股价的影响情况。实证研究发现:我国深市对2007—2009年披露的内控评审意见是具有信息含量的,资本市场对CPA出具标准内控评审意见的上市公司股价有显著的正面反应,非标准审计意见则与其相反。之后根据理论和实证研究结果,向相关部门提出一些政策性建议。
Asymmetric information and agency problems between the management of listed companies and external investors have hindered the effective allocation of capital market resources, and information disclosure has played a bridge role in alleviating these problems. Through the disclosure of information, the management timely communicated the internal information to the market, reducing the information asymmetry and agency costs so as to meet the regulatory requirements or the management’s own purposes. This paper selects 60 listed companies in the A-share market of Shenzhen Stock Exchange as the research sample and examines the influence of CPAs on the stock price when they issue different audit opinion reports on the internal control of listed companies and financial reports. The empirical study finds that the opinions of Shenzhen Stock Exchange on disclosure of internal control in 2007-2009 are informative, and the capital market has a significant positive response to the stock price of listed companies that CPA issued the standard internal control review opinion, while the non-standard audit opinion is the opposite. After that, based on the theoretical and empirical research results, some policy recommendations to the relevant departments.