發(fā)布時間：2018-06-18 00:46

  本文選題：上市公司 + 會計師事務所變更��； 參考：《西南財經(jīng)大學》2012年碩士論文

【摘要】：我國資本市場存在嚴重的信息不對稱現(xiàn)象,外部投資者只能通過企業(yè)公開的財務報告來了解企業(yè)的財務狀況,因此,財務報表的可靠性就顯得尤為重要。我國上市公司必須聘請獨立的第三方即會計師事務所對公司財務報表進行審計,以保證會計信息的可靠性。會計師事務所對上市公司進行財務報表審計是一個市場化的過程,在這一過程中,會計師事務所、公司管理層以及公司股東形成一個相互制約的關系。股東大會作為公司的最高權力機構擁有選擇會計師事務所的權力,但現(xiàn)實中,大多數(shù)上市公司的股東大會流于形式,會計師事務所的選擇都是由管理層決定。當管理層受到某種利益驅動時,管理層可利用聘請選擇權,通過變更會計師事務所來達到其自利的目的。近年來,上市公司變更會計師事務所的現(xiàn)象越來越多,有些公司甚至在一年內(nèi)頻繁更換事務所,這不得不引起我們的關注。變更會計師事務所背后很可能存在潛在的利益驅動,被審計公司管理層可能會通過變更事務所來規(guī)避不利的審計意見,或者以解聘來威脅注冊會計師滿足管理層盈余管理的目的,會計師事務所出于生存考慮,不得不與管理層合謀,這些都嚴重影響財務報表的審計質(zhì)量,阻礙審計市場的健康發(fā)展。 早在1993年中國證監(jiān)會就明確規(guī)定：變更會計師事務所應當作為重大事件編制重大事件公告書向社會披露。對于這一重大事件,市場將做出如何反應,如果存在市場反應,這其中的原因是什么,不同的變更原因是否會引起不同的市場反應。對這些問題的深入研究,有助于相關部門制定相關政策來保證資本市場和審計市場的長期穩(wěn)定發(fā)展,還可以幫助廣大投資者通過上市公司變更會計師事務所這一事件獲得更多的信息,以降低自身的信息不對稱,保護自身的利益。 本文主要分為七個部分,第一部分介紹文章的研究意義和目的、對以往的研究進行總結評述。第二部分介紹會計師事務所變更的相關的理論知識,包括委托—代理理論和信息不對稱理論,第三部分介紹市場反應的相關理論知識,這些理論知識為本文的研究奠定了基礎。第四部分對我國2008年到2010年變更會計師事務所的上市公司的數(shù)量和信息披露情況進行了總結,結果顯示,排除2009年會計師事務所合并浪潮的影響,三年的變更數(shù)基本持平,但相對于國外發(fā)達市場,變更數(shù)量還是偏多。對于信息、披露情況,總結發(fā)現(xiàn)我國對變更會計師事務所的事件披露內(nèi)容不全面,披露制度不完善,披露的及時性差,原因披露不明確等。第五部分對研究方法進行了介紹并提出本文的研究假設,第六部分運用事件研究法進行實證研究,第七部分總結文章結論并給出建議。 本文主要運用事件研究法對變更會計師事務所帶來的市場反應進行研究,事件研究法是研究市場反應最常用的方法,主要計算研究事件窗口股票的超額收益率,進而得到市場對研究事項是否做出了反應。本文選取2008年到2010年三年中變更會計師事務所的A股上市公司為樣本,以董事會公告日為事件日,得到如下結論： (1)在董事會公告日前后十個交易日,市場對變更會計師事務所事項反應很微弱,未達到顯著性水平,且市場反應符號為正。 (2)按上市公司不同情況對研究樣本進行分組的研究,結果表明只有按照審計意見類型分組的市場反應有顯著性差異,其余按財務狀況分組和變更意愿分組的樣本分組之間差異不顯著。 (3)將分組標準進行結合的研究,在按財務狀況和審計意見分組的基礎上,進一步按變更意愿分組,分析得到,市場中的投資者對變更前一年的審計意見類型的重視程度要高于財務狀況和變更意愿,對于財務狀況和變更意愿,投資者更注重財務狀況。財務狀況良好的上市公司和前一年為標準審計意見的上市公司,其自愿變更會計師事務所會帶來正的市場反應。 通過以上一系列的研究,我認為我國資本市場還未達到半強勢有效市場,受我國宏觀政策的影響較大,公告信息的信息含量不足。研究結果顯示對投資者最重要的變更原因的披露沒有得到重視,這可能與我國的信息披露制度不健全有關,上市公司的公告中大多沒有關于變更原因的有價值的信息。財務狀況良好和標準審計意見公司自愿變更帶來正的市場反應,證明我國投資者認為這兩組公司自愿變更事務所有助于企業(yè)的發(fā)展,會提高企業(yè)的價值。 針對以上結論,本文提出如下建議：首先,要督促上市公司完善治理結構,在董事會下設立審計委員會,對審計活動起到監(jiān)督作用。其次,要不斷完善我國的信息披露制度,其中包括規(guī)范報告形式,規(guī)定報告的主要內(nèi)容,加強實質(zhì)性信息的公布；取消雙重公告日制度,設立會計師事務所變更專項報告制度；加強信息公告的及時性等。最后,要強化對上市公司的監(jiān)管,增加實質(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.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

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