审计师行业专长对股价同步性的影响研究

财经论丛 ›› 2019, Vol. 35 ›› Issue (7): 64-73.

审计师行业专长对股价同步性的影响研究

高增亮¹, 张俊瑞¹, 胡明生²

1.西安交通大学管理学院,陕西西安 710049;
2.华中科技大学管理学院,湖北武汉 430074

收稿日期:2018-11-12 出版日期:2019-07-10 发布日期:2019-07-08
作者简介:高增亮(1979-),男,陕西米脂人,西安交通大学管理学院博士生;张俊瑞(1961-),男,陕西西安人,西安交通大学管理学院教授;胡明生(1990-),男,湖南衡阳人,华中科技大学管理学院博士生。
基金资助:
国家自然科学基金面上项目(71472148);财政部会计名家培养工程(财会〔2015〕14号)

The Effect of Auditor Industry Specialization on Stock Price Synchronicity

GAO Zengliang¹, ZHANG Junrui¹, HU Mingsheng²

1.School of Management, Xi'an Jiaotong University, Xi'an 710049, China;
2.School of Management, Huazhong University of Science and Technology, Wuhan 430074, China

Received:2018-11-12 Online:2019-07-10 Published:2019-07-08

摘要/Abstract

摘要： 利用中国A股上市公司2003~2016年的数据,实证检验了审计师行业专长对股价同步性的影响。研究发现:审计师行业专长(事务所层面、审计师个人层面)与股价同步性显著负相关,在控制了计量偏差与内生性问题后该结论依然稳健;进一步研究发现,具备行业专长的审计师对盈余管理等机会主义行为的抑制是上述关系的内在机制;此外,部分审计师个人特征对主要结果具有显著的调节作用。研究结论对提升我国资本市场信息效率、充分认识审计师在完善上市公司信息披露中的重要作用具有一定的实践价值。

关键词: 审计师行业专长, 股价同步性, 机会主义行为, 审计师个人特征

Abstract: Using the data from 2003 to 2016 in Chinese A-share market,this article tests the effect of auditor industry specialization on stock price synchronicity. We find that auditor industry specialization(auditor firm level and individual auditor level)is negatively associated with stock price synchronicity. This result remains robust after the estimation bias and the endogeneity issues are controlled. Furthermore,we find that the restriction of high-quality auditor on opportunistic earnings management is the internal mechanism of the above relationship and that some individual characteristics have significant moderating effects on the main result. Our findings have important practical implications for improving the efficiency of the stock marke and can help people better understand the important role of auditors in the process of completing information disclosure.

Key words: Auditor Industry Specialization, Stock Price Synchronicity, Opportunistic Behaviors, Individual Auditor Characteristics

中图分类号:

F239.0

高增亮, 张俊瑞, 胡明生. 审计师行业专长对股价同步性的影响研究[J]. 财经论丛, 2019, 35(7): 64-73.

GAO Zengliang, ZHANG Junrui, HU Mingsheng. The Effect of Auditor Industry Specialization on Stock Price Synchronicity[J]. , 2019, 35(7): 64-73.

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