Research About Investor Response On Going-concern Opinion Based On Information Disclosure Perspective

For listed companies,in order to obtain core competitiveness and maintain competitive advantage in the long run,they must first have the ability to be going concern.Going concern status of enterprises is concerned by the academic and practical circles.Since the bankruptcy of a large number of companies in the global financial crisis in 2008,some investors have questioned that auditors have insufficient disclosure of information on major issues such as going concern in audit reports.In 2016,China's auditing standards were revised extensively,and the audit reporting model has undergone major changes.The relevant standards for going concern auditing have been revised again,strengthening the accountant's responsibility.Whether the disclosure of corporate information and audit information is effective,sufficient,and relevant will directly affect the decisions made by investors.Audit information disclosure can promote listed companies to improve the quality of accounting information disclosure,and reduce information asymmetry.Therefore,in this context,it is of practical significance to study the disclosure status of going concern opinion and whether investors can identify the information content of audit opinions.Based on the perspective of information disclosure,this paper uses the event research method and case study method,combined with the specific case of Nanning Chemical Industry Co.,Ltd.,to study the disclosure status and investor reaction of going concern opinions,and finds out the questions of audit information disclosure and investor reaction and gives suggestions.According to the above research ideas,the paper is divided into the following seven parts: The first part is the introduction,which mainly introduces the research background and significance,research methods and framework,contributions and deficiencies of this paper.The second part combs and summarizes the relevant research results of audit information disclosure and going concern opinions,providing theoretical basis for the later research.The third part is the definition of the relevant concepts of the assumption of going concern,relevant auditing standards and the model of going cncern.The fourth part is the theoretical analysis,using principal-agent theory,information asymmetry theory and efficient market hypothesis to explain the important role of audit information disclosure on investors and capital markets.The fifth part analyzes the disclosure of going concern opinions and market reaction in the rencent five years from 2013 to 2017.The sixth part analyzes the case in detail.It is further found that the continuous disclosure of audit opinions is likely to affect the relevance of audit information and weaken the information content.In addition,investors are more concerned about the business information mentioned in the audit opinion,and have not paid enough attention to the problems of the ability of going concern,leading to the audit opinion of continuing operations failed to show obvious negative reaction.The last part summarizes the paper and makes recommendations.The contribution of this paper is to count the disclosure status of going concern opinion in the past five years,and analyze the market reaction of investors.Then this paper analyzes the specific case,and finds the inadequacies of the disclosure of going concern opinion,and the insufficient investor reaction.And suggestions for improvement are provided to provide reference for policy makers to modify auditing standards.The shortcoming of this paper is that the process of organizing and collecting data by means of manual collection may not be accurate enough.Secondly,due to the characteristics of case studies,the suggestions and measures proposed in this paper on the basis of individual cases have certain limitations.