持续经营审计意见的市场反应研究

摘要

在我国，持续经营审计意见占总非标审计意见的绝大多数，对其市场反应的研究显得尤为重要。以2003-2013年上市 A股为研究对象，研究不同类型持续经营非标意见的信息含量。发现，被出具持续经营审计意见公司的 AR和CAR为负数，且被出具持续经营无法表示意见公司的AR和CAR的负值显著强于被出具持续经营无保留加事项段审计意见和持续经营保留意见。但是，持续经营无保留加事项段的审计意见与持续经营保留审计意见对 AR和CAR的影响并没有显著差异。表明，市场能很好地区分持续经营无法表示意见，但不能很好区分持续经营无保留加事项段和持续经营保留意见。%Going concern audit opinion is a dominating type of modified audit opinions in China,and the investigation of the market's reaction to such opinions is therefore critically important.By studying the data of A-share listed companies (2003-2013),this paper looks into the informativeness of different types of going concern audit opinions.The results show that the going concern audit opinions have negative impact on the companies'AR and CAR,and that the negative market reaction of audit reports with a disclaimer of opinions is much stronger than audit reports with qualified opinions and modified audit reports without qualified opinions.However there is no significant difference between audit re-ports with qualified opinions and modified audit reports without qualified opinions in terms of their in-fluence on AR and CAR.The research indicates that the market can differentiate the disclaimer of o-pinions from qualified opinions and modified audit reports without qualified opinions,but not between the latter two.