上市公司年报非标准审计意见与行业差异分析——基于2000~2003行业样本的实证研究

本文基于国外的相关研究和中国股市及上市公司的特征,提出七个研究假设,然后构建Logistic回归模型,依据我们所选择的四个行业样本进行假设检验。基于样本总体的回归分析结果表明,在同等条件下,未预期盈利高、审计迟滞时间短、财务杠杆低、现金比率高、非ST、上一年度未被出具非标准审计意见以及未更换会计师事务所的上市公司年报被出具非标准审计意见的可能性小。但是,行业差异是现实存在的,文中基于2000~2003年行业样本的研究较为可靠的揭示了中国上市公司行业之间的差异以及某些行业中上市公司盈余管理的状况。在对行业差异和盈余管理进行分析的基础上我们还提出了相关建议以资参考。

Analyses on Modified Audit Opinions and Industry Difference of Listed Companies' Annual Reports--Empirical Research Based on Industry Samples from 2000 to 2003

In this paper, we develop seven hypotheses based on overseas relevant researches and characteristics of Chinese stock market and listed companies, and do hypotheses testes with Logistic regression models based on four industry samples. Regression results based on total samples show that ceteris paribus, the frequency of receiving modified audit opinions is positively associated with audit delay, finical leverage, ST institution, receiving modified audit opinions in last year and auditor switching, and negatively associated with unexpected earnings and cash ratio. However, industry difference indeed exists, and the researches in this paper, on the base of annual reports published by Chinese listed companies from 2000 to 2003, exactly expose industry difference and earnings management existing in Chinese listed companies. Furthermore, we propose some suggestions based on analyses of industry difference and earnings management only for reference.