Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

你“管”好你的上司了吗？

一个人的工作环境包括软环境与硬环境,它主要是指工作范围内的人际关系、工作条件、政策规定、组织纪律等。工作环境有七项因素,即直接上司、更上一级领导、组织、同事、下属、工作条件、提高条件。这七项因素中前五项是精神因素,即软环境,后两项是物质因素,即硬环境。硬环境受到很多客观条件的限制,但软环境却是一个互动的过程,你播种的是一个快乐的工作环境,那你收获的就是一个快乐的工作环境,反之,如果你播种的是个消极的工作环境,那你收获的同样是一个消极的工作环境。软环境和职业经理人的关系,就好比是气候与树木的关系。气候风调雨顺…     

对银行营业网点存款盈亏的分析

该通过对银行某一时期的经营成果进行分析，建立营业网点存款盈亏的计算模式，以此考核营业网点的经营管理水平。     

润滑情报站

日本石油公司拟大幅 增加在亚洲和中国的 润滑油销量 “中国润滑油网”消息,日本石油公司表示,该公司计划到2005年将在中国和亚洲其他国家的汽车用润滑油的批发销售量翻一番。最近几年,汽车数量的快速增长,使中国对汽车用高质量润滑油的需求快速增长。日本石油公司计划到2005年,把在中国的润滑油销售量从2001年的400千升提高到1000千升。同时,公司还计划,一旦中国在2004年年底向外国公司开放零售石油市场,日本石油公司将进入这一市场目前,该公司正对中国的零售石油市场进行调查研究。 在亚洲其他地方,日本石油公     

农村老人的幸福生活

"没想到俺这老头子也涨'工资'了,这日子真是越过越好".东营市辛店街道茶坡村84岁的农民王道兴高兴地领取了60元的"养老月薪".如今,在辛店街道像王道兴这样享受养老补贴的老人达4821人.     

润滑情报站

高活性聚异丁烯 需求高速增长 “中国润滑油网”消息,20世纪90年代中期以来,随着高活性聚异丁烯(HR—PIB)技术开发的成功和工业化装置的建成,这种分散性能和低温性能俱佳且不含卤素的产品备受用户的青眯,几乎渗透到低分子量聚异丁烯(LPIB)所有的应用领域,逐步占领了中高档润滑油以及燃料油添加剂的部分市场,在乳化炸药、表面活性剂、清洁剂及防锈剂等领域也得到广泛应用,市场前景广阔。 预计今后几年高活性聚异丁烯产品市场需求以两位数的速度增长,到2005年世界高活性聚异丁烯需求量可达到约18.2万吨。未来几     

安溪县提升竞争力的三个关键

当前,面对国内外新的形势,提升安溪县域竞争力问题显得十分必要而紧迫。关键是要紧紧抓住“增强产业竞争力、增强外向带动力、增强环境吸引力”三个环节,实现重点突破,从而将整个县域的力量更加有效地动员和组织起来,在积极主动地参与国际国内的分工与合作中,加快发展、壮大自己。 一、加快经济结构调整,进一步增强产业竞争力     

中小企业成长的理论

概根据相关文献资料对中小企业成长的理论观点,本文作了归纳、整理,目的在于识别影响和决定其成长的关键因素,理解和把握其生存发展的规律,以有助于从事创业的企业家和中小企业经营管理者借鉴,为政府制订面向中小企业的支持体系建设提供理论依据。     

Asymmetric volatility in the foreign exchange markets

We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous component of realized volatility rather than the jump component.