研究不同类型持续经营审计意见市场反应的差异并检验机构投资者持股对其的影响，结果显示：被出具持续经营审计意见公司的累计超额收益率CAR显著为负，且被出具持续经营无法表示意见公司的CAR负值显著强于被出具持续经营无保留意见和保留意见公司的CAR的负值，但后两种审计意见对CAR的影响并无显著差异。另外机构投资者持股会加大不同类型持续经营审计意见市场反应的差异。结果表明，持续经营审计意见具有信息含量，并且机构投资者持股会加大该信息含量。%Through the study of different types of market reaction to going-concern audit opinions and the examination of the influence of institutional ownership on the market reaction to going-concern opinions, this paper discovers that CAR of the company issued by the going-concern audit opinion is significantly negative and CAR of the company issued by disclaimer of o-pinion is significantly stronger than modified audit reports without qualified opinion and qualified opinion, but there are no sig-nificant differences in the influence of the latter two audit opinions on CAR. We also find that institutional investors increase the differences of market reaction to different types of going-concern opinion. The results show that the going-concern audit o-pinion has information content and the institutional investors may increase the information content.
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