Corporate Strategic Difference,Environmental Uncertainty And Going-Concern Opinion

In recent years,with the advancement of the world economic integration,as the mainstay of market economy,enterprises not only face competitive pressure that from domestic market,but also need to deal with various challenges which from international market.The fierce market competition and the changing external environment have brought huge risks and uncertainties to enterprises,and also make enterprises face the problem of continuous operation uncertainty,which between continuous operation and interrupted operation.At the end of 2016,CICPA launched a new auditing standard,which was fourth revised the part of continuous operation,in the new parts,it proposed that the auditors should add a separate paragraph in financial report to strengthen risk alert functiont of enterprises' continuous operation risk.The release of the new standard has led to a wide discussion of the issue of corporate sustainability,which extending the going-concern-opinion(hereinafter referred to as GCO)has also attracted the attention of scholars.GCO is a non-standard audit opinion which means aduits according to use a series of audit procedures and concludes that the audited entity has significant uncertainties in its ability to continue operations for the foreseeable future,so,they disclose the nature and impact of the uncertainties in the audit report,in order to remind users of financial statements.By combing the existing literature,we find that the current research on the influencing factors of GCO mainly focuses on the internal and external aspects of the enterprise.The external aspects are more related to the characteristics of the firm,while the internal aspects are more focused on the discussion of the financial characteristics of the enterprise.There are few literatures explores the path that affects GCO from the perspective of non-financial aspects of the enterprise,espencially strategic aspect.In fact,as an important part of business management,strategy is the source of enterprises' competitive advantage and the key to the survival and development of enterprises.Different strategies will have different impacts on the sustainable operation of enterprises,which will further affect the auditor's decision.Based on the above considerations,this paper first reviews relevant literatures about domestic and abroad,analyzes the relevant institutional background,and based on the theory of signal transmission theory,strategic management theory,and bounded rational decision theory,we took the 2007-2017 Shanghai and ShenzhenA-share listed companies as a research sample and used Logit regression method,from the strategry point of view to discuss the relationship between the strategic deviance of the enterprise on the GCO and the regulation of environmental uncertainty.In addition,from the perspective of the enterprise life cycle,studying the relationship between strategic deviance and GCO.The study found that:(1)The greater of the strategic deviance,the higher risk of the enterprise.The auditor is more likely to issue a GCO to the audited entity through professional judgment and professional caution.(2)When the external environment uncertainty faced by enterprises is high,enterprises will choose a strategy which is close to the industry's conventional strategy,thus reducing the probability of the GCO being issued by the auditor.That is,the environmental uncertainty negatively adjusts the relationship between strategic deviance and GCO.(3)Further distinguishing the enterprise life cycle,we find that in the growth and recession period,strategic deviance is significantly related to the GCO,while the mature enterprise has no significant relationship between the two.