已审报表被重述影响审计质量吗?——基于签字注册会计师个体层面的研究
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摘要
财务重述代表财务报告的低质量与不可信,会对资本市场产生负面效应。通过构建双重差分模型,考察已审报表被重述的执业经历对签字注册会计师的审计质量的影响。研究结果发现,与已审报表未被重述的签字注册会计师相比,已审报表被重述的签字注册会计师在财务重述之后审计质量明显提高。研究进一步发现,已审报表被重述对审计质量的提升作用仅体现在核心指标重述的样本以及重述年度与签字年度的间隔期相对较短的样本中。此外,被重述年度的签字注册会计师未发生变更的财务重述公司在重述前后的审计质量存在明显差异,这为签字注册会计师已审报表被重述的执业经历对审计质量的影响提供进一步的经验证据。上述发现可为证券监管部门、投资者等利益相关者提供参考。
Financial restatement represents the low quality and unreliability of financial reports,which will have a negative effect on capital market. By constructing a DID model,the impact of practice experience of restatement of audited financial statements on signing CPA's audit quality is investigated. The research results show that compared with those free from restatement of audited financial statements,the signing CPA whose audited financial statements are restated improves the audit quality significantly after financial restatement. It is further found that the improvement of audit quality by restatement of audited reports is only reflected in the samples with restatement of core indicators and the samples with relatively short interval between restatement and signing year. Further,we have found that audit quality of the companies which do not change signing auditor after financial restatement is significantly different before and after the financial restatement,which can supplement the experiential evidence of the main test. The above findings can provide references for securities regulatory authorities,investors and other stakeholders.
Financial restatement represents the low quality and unreliability of financial reports,which will have a negative effect on capital market. By constructing a DID model,the impact of practice experience of restatement of audited financial statements on signing CPA's audit quality is investigated. The research results show that compared with those free from restatement of audited financial statements,the signing CPA whose audited financial statements are restated improves the audit quality significantly after financial restatement. It is further found that the improvement of audit quality by restatement of audited reports is only reflected in the samples with restatement of core indicators and the samples with relatively short interval between restatement and signing year. Further,we have found that audit quality of the companies which do not change signing auditor after financial restatement is significantly different before and after the financial restatement,which can supplement the experiential evidence of the main test. The above findings can provide references for securities regulatory authorities,investors and other stakeholders.
引文
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[13]袁诚,陆挺.外商直接投资与管理知识溢出效应:来自中国民营企业家的证据[J].经济研究,2005(3):69-79.
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[16]马晨,张俊瑞,杨蓓.财务重述对会计师事务所解聘的影响研究[J].会计研究,2016(5):79-86.
[17]MANDE V,SON M.Do financial restatements lead to auditor changes?[J].Auditing:A Journal of Practice and Theory,2013,32(2):119-145.
[18]IRANI A J,TATE S L,XU L.Restatements:do they affect auditor reputation for quality?[J].Accounting Horizons,2015,29(4):829-851.
[19]马晨,程茂勇,张俊瑞.事务所变更能帮助公司提升审计质量吗?---来自二次财务重述的经验证据[J].中国软科学,2014(10):109-120.
[20]毛丽娟,朱轶琳.审计质量,财务重述与审计机构变更---来自中国主板上市公司的经验证据[J].当代会计评论,2015(2):61-82.
[21]班杜拉.思想和行动的社会基础---社会认知论[M].林颖,译.上海:华东师范大学出版社,2001:145-382.
[22]KETCHEN JR D J,ADAMS G,SHOOK C L.Understanding and managing CEO celebrity[J].Business Horizons,2008,51(6):529-534.
[23]GRAHAM J R,LI S,QIU J.Corporate misreporting and bank loan contracting[J].Journal of Financial Economics,2008,89(1):44-61.
[24]李世新,刘兴翠.上市公司财务重述公告的市场反应与行业传递效应研究[J].管理评论,2012(5):137-143.
[25]魏志华,李常青,王毅辉.中国上市公司年报重述公告效应研究[J].会计研究,2009(8):31-39.
[26]姜英兵,崔刚,汪要文.上市公司财务报表重述的趋势与特征:2004-2008[J].上海立信会计学院学报,2010(2):17-27.
[27]唐清泉,曾诗韵,蔡贵龙,等.审计师提供并购尽职调查会影响财务报表的审计质量吗?[J].审计研究,2018(1):94-102.
[28]吴芃,吴奕颉,陈天平.财务重述会导致企业选择更具有行业专长的审计师吗?---来自中国证券市场的证据[J].审计与经济研究,2017(5):30-41.
(1)如若i公司在t年发生的财务重述涉及之前n个连续年度(n>1)的财务报告,该期间内的签字注册会计师未变更的情况下,选取最近的年度作为签字年度。
[2]KC D,STAATS B R,GINO F.Learning from my success and from others'failure:evidence from minimally invasive cardiac surgery[J].Management Science,2013,59(11):2435-2449.
[3]GU Q,Wang G G,Wang L.Social capital and innovation in R&D teams:the mediating roles of psychological safety and learning from mistakes[J].R&D Management,2013,43(2):89-102.
[4]KIM J Y,MINERK A S.Organizational learning from extreme performance experience:the impact of success and recovery experience[J].Organization Science,2009,20(6):958-978.
[5]FRANK R H.Passions within reason:the strategic role of the emotions[M].New York:WW Norton&Co,1988.
[6]MARQUIS C,TILCSIK A.Imprinting:toward a multilevel theory[J].Academy of Management Annals,2013,7(1):195-245.
[7]ARDICHVILI A,CARDOZO R,RAY S.A theory of entrepreneurial opportunity identification and development[J].Journal of Business Venturing,2003,18(1):105-123.
[8]VISSING-JORGENSEN A.Perspectives on behavioral finance:does“irrationality”disappear with wealth?Evidence from expectations and actions[J].NBER Macroeconomics Annual,2003,(18):139-194.
[9]CUSTODIO C,METZGER D.How do CEOs matter?The effect of industry expertise on acquisition returns[J].The Review of Financial Studies,2013,26(8):2008-2047.
[10]CUSTODIO C,METZGER D.Financial expert CEOs:CEO’s work experience and firm’s financial policies[J].Journal of Financial Economics,2014,114(1):125-154.
[11]逯东,王运陈,付鹏.CEO激励提高了内部控制有效性吗?---来自国有上市公司的经验证据[J].会计研究,2014(6):66-72.
[12]李维安,刘振杰,顾亮.IPO定价:中庸思维还是团队极化[J].中国工业经济,2014(5):96-108.
[13]袁诚,陆挺.外商直接投资与管理知识溢出效应:来自中国民营企业家的证据[J].经济研究,2005(3):69-79.
[14]PALMROSE Z V,RICHARDSON V J,SCHOLZS.Determinants of market reactions to restatement announcements[J].Journal of Accounting and Economics,2004,37(1):59-89.
[15]HENNES K M,LEONE A J,MILLER B P.Determinants and market consequences of auditor dismissals after accounting restatements[J].The Accounting Review,2014,89(3):1051-1082.
[16]马晨,张俊瑞,杨蓓.财务重述对会计师事务所解聘的影响研究[J].会计研究,2016(5):79-86.
[17]MANDE V,SON M.Do financial restatements lead to auditor changes?[J].Auditing:A Journal of Practice and Theory,2013,32(2):119-145.
[18]IRANI A J,TATE S L,XU L.Restatements:do they affect auditor reputation for quality?[J].Accounting Horizons,2015,29(4):829-851.
[19]马晨,程茂勇,张俊瑞.事务所变更能帮助公司提升审计质量吗?---来自二次财务重述的经验证据[J].中国软科学,2014(10):109-120.
[20]毛丽娟,朱轶琳.审计质量,财务重述与审计机构变更---来自中国主板上市公司的经验证据[J].当代会计评论,2015(2):61-82.
[21]班杜拉.思想和行动的社会基础---社会认知论[M].林颖,译.上海:华东师范大学出版社,2001:145-382.
[22]KETCHEN JR D J,ADAMS G,SHOOK C L.Understanding and managing CEO celebrity[J].Business Horizons,2008,51(6):529-534.
[23]GRAHAM J R,LI S,QIU J.Corporate misreporting and bank loan contracting[J].Journal of Financial Economics,2008,89(1):44-61.
[24]李世新,刘兴翠.上市公司财务重述公告的市场反应与行业传递效应研究[J].管理评论,2012(5):137-143.
[25]魏志华,李常青,王毅辉.中国上市公司年报重述公告效应研究[J].会计研究,2009(8):31-39.
[26]姜英兵,崔刚,汪要文.上市公司财务报表重述的趋势与特征:2004-2008[J].上海立信会计学院学报,2010(2):17-27.
[27]唐清泉,曾诗韵,蔡贵龙,等.审计师提供并购尽职调查会影响财务报表的审计质量吗?[J].审计研究,2018(1):94-102.
[28]吴芃,吴奕颉,陈天平.财务重述会导致企业选择更具有行业专长的审计师吗?---来自中国证券市场的证据[J].审计与经济研究,2017(5):30-41.
(1)如若i公司在t年发生的财务重述涉及之前n个连续年度(n>1)的财务报告,该期间内的签字注册会计师未变更的情况下,选取最近的年度作为签字年度。