自愿性审计师变更原因与投资者反应

本文选取2001￣2004年发生自愿性审计师变更的公司作为样本,采用事件研究法考察投资者对审计师变更公告中所披露不同变更原因的反应。研究发现,市场对于不同原因的审计师变更反应存在差异,投资者根据变更原因判定审计师变更为好消息的反应显著大于判定其为坏消息的反应。由此可知,投资者对于披露的变更原因信息具有一定的识别能力,不同类型的审计师变更会影响公司的价值。监管部门强制披露审计师变更原因有助于提高市场有效性。

The Investors' Response to the Reason of Voluntary Auditor Changes

Reasons of auditor changes are not only one of the main considerations for clients choosing success auditors,but also the principle of investors judging the nature of auditor changes and making decisions.It is important for us to investigate on the market response to the reason of the auditor change and the serviceability of disclosure.However,few researches investigate on the market response to auditor changes,especially the reason of them.With a sample of voluntary auditor changes during 2001 and 2004,this paper investigates how auditor changes affect capital market participants' perception of firms from which the auditor resign.The results indicate that investors can identify different incentives of auditor changes and make different reaction.Market reactions to changes perceived as good news are significantly higher than that perceived as bad news.The results suggest that auditor changes play valuation role in capital market by affecting investors perceptions,and regulations on disclosing reasons of auditor change can promote the efficiency of capital market.