审计职业声誉损害、独立性与市场反应

独立审计是降低信息不对称程度和缓解委托代理成本的有效机制,其作用的发挥取决于审计质量,而职业声誉是市场衡量审计质量的便捷标准,注册会计师职业声誉的损害是否会削弱社会公众对审计质量的评价,进而影响市场对公司价值的判断?文章以2002年3月中国注册会计师协会发布的未通过年检的五家会计师事务所作为切入点,研究声誉受损对其主审上市公司累计异常回报率的影响,结果发现异常回报率显著为负,而且这种负面反应的程度与上市公司的委托代理成本相关,但与独立性不存在显著关系。

Shredded Reputation, Independence and Market Reaction

Audit is an effective mechanism to decrease the information asymmetry and release agency cost,which depends on the quality of audit. And professional reputation is one of simple criteria to judge the audit quality,so we wonder whether shredded reputation of CPA damages audit credibility and accounting information quality,and affects markets' judgment on firm value. Using five accounting firms punished by CSRC in 2002,this paper studies the effect of shredded reputation on cumulative abnormal return of liste...