An Empirical Study On The Effect Of "Non-standard Auditing Opinions" On The Excessrate Of Stock Price Exchanges

Since 2006,the issuance of "Accounting Standards" and "Audit Standards" has marked the perfection of China's capital market supervision system.After the new standard system has increased the supervision of public information disclosure of listed companies,the information disclosure is more standardized and the data More realistic,the introduction of the concept of fair value and risk-oriented audit concept,so that listed companies financial statements and operating conditions can be more truly reflected in the audit response to the market to provide the basis for the response.With the development of China's capital market,the public information of enterprises has been paid more and more attention by investors.The audit opinion is the result of the identification of public financial information of listed companies,which is of great importance to investors' investment strategy effect.2012 to the present,in the new capital of the market conditions,China's non-standard audit opinion can be given enough attention to investment decision-makers,non-standard audit opinion disclosure will lead to the negative impact of the excess rate of stock price is a study The problem.This paper first reviews and reviews the impact of non-standard audit opinions and stock market issued by domestic and foreign scholars on listed companies,and clarifies the ideas of this paper.Secondly,this paper introduces the definition of non-standard audit opinion,and obtains the transmission mechanism of non-standard audit opinion on stock market influence through principal-agent theory,asymmetric information theory and effective market hypothesis theory.Through the interactive development of audit and stock market and the historical trend of non-standard audit opinion,this paper analyzes the conduction effect of non-standard audit opinion on stock market and the interaction between them.In this paper,the empirical study on the impact of non-standard audit opinion on the stock market is carried out by using the Excessive Earnings Method and the Regression Analysis Method.The listed companies that have issued non-standard audit opinions from 2012 to 2015 are selected as the research objects.202 samples,of which 101 study samples and 101 control samples(standard unqualified opinion),the study of non-standard audit opinion announcement 10 days before and 30 trading days of the average excess rate of return and the cumulative average excess rate of return The degree of change and the degree of impact.The conclusion is that the non-standard audit opinion has a negative impact on the stock market as a whole;there is no reservations about the emphasis on the matter,and the reservation has a significant negative impact on the stock market.Different types of non-standard audit opinions will have different negative effects on the stock market;Different stock markets will have different levels of negative impact on non-standard audit opinion;during the event study time window,the company's asset size and accounting earnings information is the factor that affects the excess return on the stock.Finally,this paper puts forward the countermeasures to understand the non-standard audit opinion in the new capital market development situation through three aspects: supervision from listed company,supervision of third party auditing institution and promotion of investor 's investment quality.