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Study On The Market Conducting Effect Of The Audit Opinions From Chinese Listed Companies

Posted on:2006-09-25Degree:MasterType:Thesis
Country:ChinaCandidate:S Q LiuFull Text:PDF
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As we all know, the security market is the most effective and most important channel that enterprises obtained necessary capital.So its healthy development will have a great influence on the healthy growth of enterprises,and then it will have an impact on the development of economic greatly.So how to build a security market which is canonical, high efficiency and full of competitions is the question that government departments relating to the security market pay much attention to.Only in this market can the optimum allocation of economic resources be realized.And at the same time the canonical security market is also the symbol that one country's market economy move to maturity gradually. It has proved that to administer the security market is much more difficult than to build it.And administrating the disclosure of accounting information is an important part of administering the security market.The audit opinions,as the result of auditor's auditing to the financial report,has played an important role in regulating the disclosure of the information of enterprises.So investors are very much concerned about the disclosure of audit opinions,then the audit opinions will have a strong influence on investors' decisions.Finally it will influence the growth of the security market. What characteristic on earth does the market conducting effect of audit opinions has? Until now there are no a unanimous conclusion on this question in either foreign or domestic documents. This is mainly caused by the difference of the design of the empirical research process and of the sample selection. Since 2001, our country strengthened the supervision of the information disclosure of listed company. This may improve the credibility of the financial statement. Under this background, what characteristic does the market conducting effect of audit opinions has again? This problem is worth thinking deeply and studying. This article attempts to select the data from 2001 to 2003 years of the listed companies as samples, and then study the characteristics of the market conducting effect of audit opinions on the foundation of the analysis of relevant documents and of the theoretical analysis. So as to offer all parties relating to the security market references. Six parts in this dissertation are as follows: In the first part, we mainly introduced some relevant documents, from which we have obtained some enlightments for the research of this text. And this helps to find the appropriate research method for this article. In the second part, we mainly analyzed the theories relating to the market conducting effect of audit opinions. We analyzed the agent theory,and other relative theories about audit opinions.Meanwhile we analyzed the decisions of the company and of the CPA on the audit opinions and the responses of the investors on the audit opinions. Then we analyzed the relations between the audit opinions and the changes of the stock price. All this theoretical analysis will help to the empirical research of this article. In the third part, we mainly analyzed the system background relevant to the conducting effect of audit opinions. We introduced the relevant policies and regulations issued by National People's Congress and the State Council, the relevant regulations issued by the Ministry of Finance and China's Securities Regulatory Commission,etc. In the fourth part, we mainly introduced the design of the positive research process. It mainly includes hypothesis, designing of studying method, including cumulative abnormal return analysis and multielement regression analysis and choosing of sample; In the fifth part, we mainly analyzed the result of empirical process. Through analysis we found that modified audit opinions in 2001 have significant negative reaction and the conducting effect of qualified audit opinions is obvious different from the unqualified audit opinions with explanatory notes; In the sixth part, we draw a conclusion that the change of system background has positive influence on auditing,and the audit quality has been improved in a certain extent. But as many companies obtained modified audit opinions repeatedly, it indicated that many listed companies should improve their disclosure of information, and supervision to the listed companies should be strengthened continuously. Certainly, for some reasons, this article has some deficiencies. This may reduced the validity of the empirical research of this article partly.
Keywords/Search Tags:Audit opinions, audit quality, disclosure of information, system background, modified audit opinions, the market conducting effect, qualified audit opinions, unqualified audit opinions with explanatory notes
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