投资者审计需求与审计声誉关注——来自行业首次债券违约的证据
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国家自然科学基金项目(72302105、72362023);江西省社会科学基金项目(22GL42)


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    摘要:

    债券违约改变了投资者风险意识,进而提升了投资者对会计信息和审计的需求。研究发现,投资者审计需求提升后,投资者更关注审计声誉,表现为聘请声誉受损会计师事务所的发行人债券融资成本显著提升;发行人更关注审计声誉,表现为声誉受损的会计师事务所更易被更换。当投资者面临更高的债券投资风险时,审计声誉受损导致的债券融资成本增加更为显著;当债券融资对发行人越重要时,声誉受损导致的会计师事务所变更越显著。此外,投资者审计需求提升后,发行人和审计联合供给的产品——财务报告的质量显著提高,且这一效应在此前聘请声誉受损事务所的发行人中更为显著。这些结果表明,投资者审计需求提升后,投资者和发行人对审计声誉的关注显著增强,进而促进高质量审计服务的持续供给和资本市场信息环境改善。

    Abstract:

    The default of bonds has changed investors risk awareness, thereby increasing the demand for accounting information and auditing. Research has found that after the increase in investors auditing demand, investors pay more attention to audit reputation, which is manifested by a significant increase in bond financing costs for issuers audited by accounting firms with damaged reputations; issuers pay more attention to audit reputation, which is manifested by the fact that accounting firms with damaged reputations are more likely to be replaced. When investors face higher bond investment risks, the increase in bond financing costs caused by damaged audit reputation is more significant; when bond financing is more important to the issuer, the replacement of accounting firms caused by damaged reputation is more significant. In addition, after the increase in investors auditing demands, the quality of financial reports, a product jointly supplied by issuers and auditors, significantly improves, and this effect is more significant among issuers who previously employed firms with damaged reputations. These results indicate that after the increase in investors audit demand, both investors and issuers pay significantly more attention to audit reputation, which in turn promotes the continuous supply of highquality audit services and the improvement of the information environment in capital markets.

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陶然.投资者审计需求与审计声誉关注——来自行业首次债券违约的证据[J].审计与经济研究test,2025,40(3):39-47

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  • 在线发布日期: 2025-05-15
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