| The risk of stock price crash is a major explicit negative event of a company and the cumulative consequence of the opportunistic behavior of the management to cover up bad news.Once the stock price crash occurs,it will have a serious negative impact on the stock market.Therefore,the influencing factors of stock price crash risk have been widely concerned.In recent years,a number of countries and international organizations have increased their focus on sustainability,requiring auditors to disclose information related to sustainability.Going concern audit opinion is the disclosure and emphasis on the issues that will have a significant impact on the future going concern ability of the enterprise based on the basic types of audit opinion.Going concern audit opinion delivers negative information about the company's operation to the market,accelerates the concentrated outbreak of bad news hidden by executives,and reduces the confidence of investors,thus affecting the stock price crash risk of listed companies.In addition,the severity of going concern audit opinions based on different types of audit opinions also has different impacts on the risk of stock price collapse.Investor sentiment is an important factor affecting stock returns and fluctuations.Investor sentiment is regarded as a "thermometer" to measure the degree of "hot and cold" in securities market.Investors accept transfer to the auditor after negative information about the ability of sustainable operation of listed companies,it will be affected by investor sentiment in making decisions,investor sentiment is a kind of irrational factors,when the investor sentiment,continue as a going concern audit opinions are difficult to reverse the investors to the company's optimistic expectations,leading to continue as a going concern audit opinions on share prices collapse risk of been weakened.At present,there is little literature on the impact of audit opinions on stock price crash risk and the role of investor sentiment in it.This paper can further enrich the research results in this field,which has theoretical significance.It is also of practical significance to study the influencing factors of stock price crash risk for listedcompanies to timely improve corporate governance and investors to make more scientific decisions.On the basis of sorting out the relevant literature,this paper makes a theoretical analysis of the relationship among investor sentiment,the audit opinion of going concern and the risk of stock price crash,and puts forward the hypothesis.The empirical part in Shanghai and shenzhen two city in 2008-2018 a-share listed companies as samples,sample data are analyzed by descriptive statistics of the overall situation,the hypothesis of this article has carried on the preliminary verification,to continue as A going concern audit opinions are verified by OLS regression model and the relationship between the stock price crash risk,and analyzes the regulating effect of investor's emotion.This paper further studies the effect of going concern audit opinion based on different audit opinion types,and whether there is a difference in the risk of stock price collapse between the listed companies whose audit opinion is issued for the first time and continuously issued for the second time.Finally,the method of grouping regression was used to test the robustness of the research results,and the method of PSM's propensity distribution pair was used to solve the possible endogeneity problem.Through theoretical analysis and empirical test,the following conclusions are drawn :(1)the audit opinion of going concern is positively correlated with the risk of stock price crash.(2)classify the audit opinion of going concern according to the unqualified audit opinion,reserved opinion,unable to express opinion and negative opinion based on the highlighted item paragraph or other item paragraph.It is found that the more severe the audit opinion of going concern is,the more likely the company's stock price will crash in the next year;(3)compared with listed companies whose audit opinion on going concern is issued repeatedly,listed companies whose audit opinion on going concern is issued for the first time are more likely to have share price collapse;(4)the high level of investor sentiment will weaken the positive correlation between the audit opinion of going concern and the risk of stock price crash.Based on the above conclusions,this paper proposes relevant policy recommendations for investors,auditors,listed companies and regulators. |
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