持续经营审计意见与上市公司价值评估——基于公司财务报表估值的角度
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国家社会科学基金项目(15BGL051);审计署重点科研课题项目(15SJ01001);天津市财政局重点会计科研项目(kjkyxm152801)


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    摘要:

    从财务报表估值的角度,利用我国2000—2015年沪深A股上市公司数据,采用PSM倾向得分匹配法,研究持续经营审计意见作为权益市场的风险传递机制,其对上市公司价值评估产生的影响。研究发现,持续经营审计意见能够导致公众对财务困境公司的市场价值认可方式的转变,即随着首次持续经营非标意见的出具,公众对上市公司估值采取的双报表关注转变为重视资产负债表、轻视利润表的偏向关注,且这种关注是伴随着持续经营审计意见骤然出现的,而非随着财务困境的加深逐渐出现。进一步研究发现,持续经营审计意见的出具导致我国资本市场看低存货和无形资产,重视固定资产和长期负债的影响,因此持续经营非标意见为公司的清算或者调整风险提供了增量信息。

    Abstract:

    This paper is proposed to test the market reaction to the financial statements by going concern opinions. We use Chinas Shanghai and Shenzhen A share listed companies data from 2000 to 2015 to study the going concern audit opinions as an equity market risk transfer mechanism. Study found that going concern audit opinions can lead the public change the way of appraising the company s market value with financial distress. Along with the continuous operation of non standard opinion GCO for the first time, the public attention to valuation of listed companies change from focusing on both the balance sheet and the income sheet to only on the balance sheet, and this concern with the going concern audit opinions appears abruptly rather than gradually. Further study found that the going concern audit opinions can cause the capital market in our country to despise the inventory and intangible assets, while valuing the fixed assets and long term liabilities. So GCO as a kind of important risk transfer mechanism can cause the shift of market valuation about the financial distress companies.

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邢春玉,曾铁兵.持续经营审计意见与上市公司价值评估——基于公司财务报表估值的角度[J].审计与经济研究,2017,(1):

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  • 在线发布日期: 2017-01-05
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