發(fā)布時(shí)間：2018-06-18 00:46

  本文選題：上市公司 + 會(huì)計(jì)師事務(wù)所變更　； 參考：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：我國(guó)資本市場(chǎng)存在嚴(yán)重的信息不對(duì)稱現(xiàn)象,外部投資者只能通過(guò)企業(yè)公開的財(cái)務(wù)報(bào)告來(lái)了解企業(yè)的財(cái)務(wù)狀況,因此,財(cái)務(wù)報(bào)表的可靠性就顯得尤為重要。我國(guó)上市公司必須聘請(qǐng)獨(dú)立的第三方即會(huì)計(jì)師事務(wù)所對(duì)公司財(cái)務(wù)報(bào)表進(jìn)行審計(jì),以保證會(huì)計(jì)信息的可靠性。會(huì)計(jì)師事務(wù)所對(duì)上市公司進(jìn)行財(cái)務(wù)報(bào)表審計(jì)是一個(gè)市場(chǎng)化的過(guò)程,在這一過(guò)程中,會(huì)計(jì)師事務(wù)所、公司管理層以及公司股東形成一個(gè)相互制約的關(guān)系。股東大會(huì)作為公司的最高權(quán)力機(jī)構(gòu)擁有選擇會(huì)計(jì)師事務(wù)所的權(quán)力,但現(xiàn)實(shí)中,大多數(shù)上市公司的股東大會(huì)流于形式,會(huì)計(jì)師事務(wù)所的選擇都是由管理層決定。當(dāng)管理層受到某種利益驅(qū)動(dòng)時(shí),管理層可利用聘請(qǐng)選擇權(quán),通過(guò)變更會(huì)計(jì)師事務(wù)所來(lái)達(dá)到其自利的目的。近年來(lái),上市公司變更會(huì)計(jì)師事務(wù)所的現(xiàn)象越來(lái)越多,有些公司甚至在一年內(nèi)頻繁更換事務(wù)所,這不得不引起我們的關(guān)注。變更會(huì)計(jì)師事務(wù)所背后很可能存在潛在的利益驅(qū)動(dòng),被審計(jì)公司管理層可能會(huì)通過(guò)變更事務(wù)所來(lái)規(guī)避不利的審計(jì)意見,或者以解聘來(lái)威脅注冊(cè)會(huì)計(jì)師滿足管理層盈余管理的目的,會(huì)計(jì)師事務(wù)所出于生存考慮,不得不與管理層合謀,這些都嚴(yán)重影響財(cái)務(wù)報(bào)表的審計(jì)質(zhì)量,阻礙審計(jì)市場(chǎng)的健康發(fā)展。 早在1993年中國(guó)證監(jiān)會(huì)就明確規(guī)定：變更會(huì)計(jì)師事務(wù)所應(yīng)當(dāng)作為重大事件編制重大事件公告書向社會(huì)披露。對(duì)于這一重大事件,市場(chǎng)將做出如何反應(yīng),如果存在市場(chǎng)反應(yīng),這其中的原因是什么,不同的變更原因是否會(huì)引起不同的市場(chǎng)反應(yīng)。對(duì)這些問(wèn)題的深入研究,有助于相關(guān)部門制定相關(guān)政策來(lái)保證資本市場(chǎng)和審計(jì)市場(chǎng)的長(zhǎng)期穩(wěn)定發(fā)展,還可以幫助廣大投資者通過(guò)上市公司變更會(huì)計(jì)師事務(wù)所這一事件獲得更多的信息,以降低自身的信息不對(duì)稱,保護(hù)自身的利益。 本文主要分為七個(gè)部分,第一部分介紹文章的研究意義和目的、對(duì)以往的研究進(jìn)行總結(jié)評(píng)述。第二部分介紹會(huì)計(jì)師事務(wù)所變更的相關(guān)的理論知識(shí),包括委托—代理理論和信息不對(duì)稱理論,第三部分介紹市場(chǎng)反應(yīng)的相關(guān)理論知識(shí),這些理論知識(shí)為本文的研究奠定了基礎(chǔ)。第四部分對(duì)我國(guó)2008年到2010年變更會(huì)計(jì)師事務(wù)所的上市公司的數(shù)量和信息披露情況進(jìn)行了總結(jié),結(jié)果顯示,排除2009年會(huì)計(jì)師事務(wù)所合并浪潮的影響,三年的變更數(shù)基本持平,但相對(duì)于國(guó)外發(fā)達(dá)市場(chǎng),變更數(shù)量還是偏多。對(duì)于信息、披露情況,總結(jié)發(fā)現(xiàn)我國(guó)對(duì)變更會(huì)計(jì)師事務(wù)所的事件披露內(nèi)容不全面,披露制度不完善,披露的及時(shí)性差,原因披露不明確等。第五部分對(duì)研究方法進(jìn)行了介紹并提出本文的研究假設(shè),第六部分運(yùn)用事件研究法進(jìn)行實(shí)證研究,第七部分總結(jié)文章結(jié)論并給出建議。 本文主要運(yùn)用事件研究法對(duì)變更會(huì)計(jì)師事務(wù)所帶來(lái)的市場(chǎng)反應(yīng)進(jìn)行研究,事件研究法是研究市場(chǎng)反應(yīng)最常用的方法,主要計(jì)算研究事件窗口股票的超額收益率,進(jìn)而得到市場(chǎng)對(duì)研究事項(xiàng)是否做出了反應(yīng)。本文選取2008年到2010年三年中變更會(huì)計(jì)師事務(wù)所的A股上市公司為樣本,以董事會(huì)公告日為事件日,得到如下結(jié)論： (1)在董事會(huì)公告日前后十個(gè)交易日,市場(chǎng)對(duì)變更會(huì)計(jì)師事務(wù)所事項(xiàng)反應(yīng)很微弱,未達(dá)到顯著性水平,且市場(chǎng)反應(yīng)符號(hào)為正。 (2)按上市公司不同情況對(duì)研究樣本進(jìn)行分組的研究,結(jié)果表明只有按照審計(jì)意見類型分組的市場(chǎng)反應(yīng)有顯著性差異,其余按財(cái)務(wù)狀況分組和變更意愿分組的樣本分組之間差異不顯著。 (3)將分組標(biāo)準(zhǔn)進(jìn)行結(jié)合的研究,在按財(cái)務(wù)狀況和審計(jì)意見分組的基礎(chǔ)上,進(jìn)一步按變更意愿分組,分析得到,市場(chǎng)中的投資者對(duì)變更前一年的審計(jì)意見類型的重視程度要高于財(cái)務(wù)狀況和變更意愿,對(duì)于財(cái)務(wù)狀況和變更意愿,投資者更注重財(cái)務(wù)狀況。財(cái)務(wù)狀況良好的上市公司和前一年為標(biāo)準(zhǔn)審計(jì)意見的上市公司,其自愿變更會(huì)計(jì)師事務(wù)所會(huì)帶來(lái)正的市場(chǎng)反應(yīng)。 通過(guò)以上一系列的研究,我認(rèn)為我國(guó)資本市場(chǎng)還未達(dá)到半強(qiáng)勢(shì)有效市場(chǎng),受我國(guó)宏觀政策的影響較大,公告信息的信息含量不足。研究結(jié)果顯示對(duì)投資者最重要的變更原因的披露沒(méi)有得到重視,這可能與我國(guó)的信息披露制度不健全有關(guān),上市公司的公告中大多沒(méi)有關(guān)于變更原因的有價(jià)值的信息。財(cái)務(wù)狀況良好和標(biāo)準(zhǔn)審計(jì)意見公司自愿變更帶來(lái)正的市場(chǎng)反應(yīng),證明我國(guó)投資者認(rèn)為這兩組公司自愿變更事務(wù)所有助于企業(yè)的發(fā)展,會(huì)提高企業(yè)的價(jià)值。 針對(duì)以上結(jié)論,本文提出如下建議：首先,要督促上市公司完善治理結(jié)構(gòu),在董事會(huì)下設(shè)立審計(jì)委員會(huì),對(duì)審計(jì)活動(dòng)起到監(jiān)督作用。其次,要不斷完善我國(guó)的信息披露制度,其中包括規(guī)范報(bào)告形式,規(guī)定報(bào)告的主要內(nèi)容,加強(qiáng)實(shí)質(zhì)性信息的公布；取消雙重公告日制度,設(shè)立會(huì)計(jì)師事務(wù)所變更專項(xiàng)報(bào)告制度；加強(qiáng)信息公告的及時(shí)性等。最后,要強(qiáng)化對(duì)上市公司的監(jiān)管,增加實(shí)質(zhì)性的處罰措施,保證信息披露制度能夠更好的執(zhí)行。
[Abstract]:There is a serious information asymmetry in the capital market of our country. The external investors can only understand the financial situation of the enterprise through the public financial report of the enterprise. Therefore, the reliability of the financial statements is particularly important. To ensure the reliability of accounting information. Accounting firms' financial statements audit of listed companies is a market-oriented process. In this process, the accounting firm, the company management and the shareholders of the company form a mutually restrictive relationship. The shareholders' Congress, as the highest authority of the company, has a choice of accounting firms. In reality, in reality, the shareholders' meeting of most listed companies is in form, and the choice of the accounting firm is determined by the management. When the management is driven by some kind of interest, the management can make use of the right of choice and change the accounting firm to achieve its self-interest. In recent years, the listed company has changed the accounting firm. There are more and more phenomena, some companies even change their firms frequently in a year, which has to arouse our attention. There may be potential benefits driving behind the change of accounting firms. The audit company management may avoid adverse audit opinions by changing the firm, or threaten CPA by dismissal. To meet the purpose of managing earnings management, accounting firms have to conspire with management for their survival consideration. These all seriously affect the audit quality of financial statements and impede the healthy development of the audit market.
As early as 1993, the CSRC clearly stated that the change of the accounting firm should be disclosed to the society as a major event, and how the market will respond to this major event. If there is a market reaction, what is the reason and whether the different causes of the change will cause different markets. The in-depth study of these problems will help the relevant departments to formulate relevant policies to ensure the long-term and stable development of the capital market and the audit market. It can also help the majority of investors to obtain more information by changing the accounting firm of listed companies to reduce their information asymmetry and protect their own interests.
This article is divided into seven parts. The first part introduces the significance and purpose of the study and summarizes the previous research. The second part introduces the relevant theoretical knowledge of the change of the accounting firm, including the principal-agent theory and the information asymmetry theory, and the third parts of the relevant theoretical knowledge of the market reaction. The fourth part summarizes the number and information disclosure of the listed companies that change the accounting firms from 2008 to 2010 in China. The results show that the change of the three year's changes is basically flat, but the change of the accounting firms in 2009 is basically flat, but it changes relative to the developed foreign markets. In the fifth part, the fifth part introduces the research method and puts forward the research hypothesis in this paper, and the sixth part uses the event research method. The seventh part summarizes the conclusion and gives some suggestions.
This paper mainly uses the event study method to study the market response of the change accounting firm. The event research method is the most common method to study the market reaction. It mainly calculates the excess return rate of the stock of the event window, and then gets the market response to the research. This paper selects the three years from 2008 to 2010. The A shares listed companies of the accounting firms are taken as samples, and the board announcement date is the event day.
(1) on the ten day after the board of board announcements, the market reacts very weakly to the change of the accounting firm, and has not reached a significant level, and the market reaction symbol is positive.
(2) the research samples are grouped according to the different conditions of the listed companies. The results show that there is a significant difference in the market response of the group according to the audit opinion type, and the difference among the other groups according to the financial situation group and the change intention group is not significant.
(3) the study of the grouping standards, based on the financial situation and the audit opinion grouping, is further divided into groups according to the change will and analyzed. The investors in the market pay more attention to the type of audit opinion in the previous year than the financial situation and change will, and the investors will pay more attention to the financial situation and change intention. A heavy financial situation. A listed company with a good financial position and a listed company of the previous year is a standard audit opinion, and its voluntary change in the accounting firm will bring a positive market response.
Through a series of research, I think the capital market of our country has not yet reached the semi strong and effective market, which is greatly influenced by the macro policy of our country, and the information content of the announcement information is insufficient. The results show that the disclosure of the most important reasons for the investors is not paid much attention, which may be related to the unsound information disclosure system in China. Most of the listed companies have no valuable information about the cause of the change. The financial situation is good and the standard audit opinion company's voluntary change brings positive market reaction. It proves that the investors of our country think that the two groups of companies voluntarily change the firm to help the development of the enterprise, and will improve the value of the enterprise.
In view of the above conclusions, the following suggestions are put forward: first, we should urge the listed companies to perfect the governance structure, establish the audit committee under the board of directors, and play a supervisory role in the audit activities. Secondly, we should constantly improve the information disclosure system of our country, including the standard report form, the main contents of the report, and the strengthening of the substantive information. Announcements; the abolition of the double bulletin board system, the establishment of a special report system for the change of accounting firms, and the strengthening of the timeliness of information announcements. Finally, the supervision of the listed companies should be strengthened, and the substantive penalties should be increased so as to ensure the better implementation of the information disclosure system.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F233;F832.51;F224

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