| Since the establishment of the first stock exchange in1990, China’s capital market has developed rapidly in recent years. Due to the instability in domestic and international economic development, more and more domestic and international economic instability tends more and more, resulting in China’s securities market almost stagnant in recent years, leading to the development of our country would have been inadequate mature stock market still has many flaws. The current Chinese capital market investors still do not cultivate a certain maturity. Because the securities market regulatory system, asset prices, or stock issuanceare inadequate to establish in China’s capital market is still not perfect, the seller has more information about the value of capital assets inside information, as the buyer of outside investors mostly on the value of assets can only be estimated capitalization of listed companies through public information. Outside investors want to know the fundamentals of listed companies information, annual reports of listed companies to disclose information is the most important source of information channels, and because small investors the ability and experience are limited, so the listed companies from independent third parties identification of the financial statements is particularly important. Theory and practice show that high-quality third-party independent audit services can effectively reduce information asymmetry, investors, owners, operators, regulators, stakeholders, etc. between the buyer and seller are increasingly dependent audit opinion corporate financial information to make a judgment, and therefore has been associated audit opinions related research studies are a hot issue. In the process of implementing the specific audit procedures, the audit is not fully the risks inherent aversion, even high-quality audit is still not completely avoid the risks of material misstatement of the financial statements. Under Therefore, in theory, even in the CPA meet full independence and CPA have perfectly adequate professional competence of the case, because the risks inherent in the existence of the audit, the CPA is still not preparing the financial statements of listed companies and relevant disclose whether fair access to fully guaranteed, and can only obtain reasonable assurance. Therefore, CPA audit opinion expressed various stakeholder groups can get the recognition, how to market on the CPA audit opinion issued by the reaction, then consider becoming a certified public accountant audit opinion issued by the availability of widely accepted objective measure. Although theorists and practitioners have been exploring how the capital markets to evaluate CPA audit opinion, but research is still lackluster domestic-related, everyone will focus on the impact of CPA audit opinion expressed reasons, CPA published degree of concern audit opinion and the results of the economic impact, but not enough, this article from the above reality, hoping to make up for the research paper related research gaps, provide a basis for reference for future research and theoretical arguments and empirical analysis to draw meaningful conclusions provide useful suggestions for the practice.In this paper, by introducing new variables and new methods, based on the previous model was improved on the depth of the capital market reaction and stock returns after the implementation of the new accounting standards of China’s listed companies have been certified public accountants non-standard audit opinion, you want to achieve the research objectives include:first, a comprehensive model of previous studies to investigate the new period, the non-standard audit the implementation of the new accounting standards that impact on the listed company’s share price published opinions;Second, different types of non-standard audit opinions are grouped regression, intended to be more reliable empirical results; Third, the introduction of other factors that influence the views of non-standard audit information from the perspective of a number of new non-standard audit opinions announcement market reactions to be more robust and reliable empirical results and empirical evidence.The main content of the framework of this paper are:Introduced in the first chapter with the introduction of non-standard audit opinions announcement reaction of the capital markets-related research background to explain the significance, purpose, research contributions and lack of ideas, research methods and this article;In the second chapter introduces literature review of relevant research results of the primary literature, review research situation, grasp the context of previous studies of the literature, identify gaps that exist in the current study, found research in related fields. Looking at previous research, research on methods development context is clear, from the early positive excess returns univariate analysis, the variable accounting earnings response coefficients analysis, multiple regression analysis and then later, the market reaction stage audit opinion Empirical research methods has been toward more mature stage. However, research in the field of research focused on the study of foreign and domestic innovation in research methods obvious deficiencies, and the empirical results obtained in our research literature related to the presence of inconsistency, the main problems in the selected study period, the literature select studies generally narrow window, unable to conduct a comprehensive understanding and analysis on the capital market response before and after the announcement of non-standard audit opinions, often sweeping, one-sided conclusions drawn. Furthermore, our research focuses on the late1990s, recent studies and empirical evidence is extremely scarce in the new era of research on non-standard audit opinions on China’s capital market reaction is particularly important;The third chapter is part of the theoretical basis, highlighting the important theoretical response and market research related to the audit opinion, including the type of audit opinion introduction discusses the behavior of stock market investors and audit motivation theory and other theories of interpretation;The fourth chapter is part of the study design, this paper focuses on empirical research methods and procedures, data sources and processing, sample selection and description, and describes the calculation method and model selection excess returns and multiple regression analysis model selection;The fifth chapter describes the empirical analysis, respectively, from excess earnings analysis and multiple regression analysis empirical analysis on two levels, of which the excess earnings method tested from2007to2012audit opinion nonstandard market reaction to the situation of the whole sample and separately by listed company trading status, audit opinions were disclosed and different types of non-standard audit opinion will be grouped as a standard empirical analysis of the full sample is divided into different sub-samples. After the excess earnings method, we further validate the use of multiple regression analysis concluded excess earnings method, in order to obtain a more robust and reliable empirical results;The sixth chapter conclusions and policy recommendations. By theoretical arguments and empirical analysis, the main conclusions of this paper are:(1) Disclosure of Listed Companies with non-standard audit opinions information content, but this information content is influenced by other factors, such as whether the company listed in the normal transaction status, non-standard type of audit opinion, disclosure and accounting audit opinions time earnings information, company size and other factors can significantly affect the content of the non-standard audit opinions;(2) not all of the non-standard audit opinions have information content. Market transactions in the normal state of listed companies and listed companies in accordance with the timely disclosure of information audit opinion was very dull;(3) the market for more serious non-standard audit opinions will exhibit more rapid and strong response, while the non-the vast majority of standard audit opinion with emphasis on audit opinions matter paragraph, market reaction is relatively slow;(4) China’s capital market is far from reaching the level of semi-strong efficient market response to information generally modified audit opinions dull, is not sensitive enough information audit opinion in the market is very slow conduction, China’s capital market investors have more speculation exists, therefore, the development of China’s capital market is still long way to go.In this paper, the implementation of the new accounting standards after the capital market investors to evaluate the perspective of non-standard audit opinions departure information to listed companies in Shanghai and Shenzhen A-share market in China has been issued by the non-standard audit of2007-2012as the sample, the main significance of this theory have:after the first use of a new study classical model of non-standard audit opinions issued during a listed company’s share price performance of the capital markets; followed by improvements in the classical model to explore more research model fit the new era Chinese audit market and capital market development. Practical significance include:(1) study the non-standard audit opinions reactions can participate in the main market for investors, CPAs and other capital markets to provide valuable information for decision making;(2) through the capital market information on non-standard audit opinion evaluation study after the implementation of the new standards and auditing of China’s capital market development market;(3) for the regulators of the securities market supervision and management of the audit market and provide valuable empirical evidence to make management decisions for regulators and policy makers to provide reasonable policy recommendations.The main contribution of this paper are:(1) extend previous studies in a shorter period of inadequate study, this paper will examine the period of non-standard audit opinions for the30days prior to the announcement of non-standard audit opinions after60days to be issued by non-CPA listed company ’s stock standard audit opinion, the existence of the underlying stock by significant excess returns investigate whether the transfer of non-standard audit opinions for the capital markets function information;(2) different from previous literature, this paper investigated in addition to the announcement of non-standard audit opinions in future outside the capital market response, also focused on the non-standard audit opinions issued investigated the case before the performance of the capital markets in order to examine whether there is the phenomenon of information being leaked in advance before the relevant information bulletin;(3) with previous literature only a single sample is different, in this paper, in addition to earnings performance before and after the study of non-standard audit opinion announcements related stocks, also were normal according to whether the listed company, the type and date of the audit report announcement of non-standard audit opinions for the standard will be the full sample is divided into a number of sub-samples for each child empirical analysis grouped samples were investigated under different conditions of non-standard audit opinion market reactions. |
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