财务困境公司审计意见购买行为研究——来自持续经营审计意见的经验证据

财经论丛 ›› 2021, Vol. 37 ›› Issue (3): 71-81.

财务困境公司审计意见购买行为研究——来自持续经营审计意见的经验证据

刘瑶瑶, 路军伟

山东大学管理学院,山东济南 250100

收稿日期:2020-09-12 出版日期:2021-03-10 发布日期:2021-03-17
通讯作者: 路军伟(1978-),男,江苏徐州人,山东大学管理学院教授,博士
作者简介:刘瑶瑶(1993-),女,山东潍坊人,山东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(72072102;71572095);山东大学人文社科青年团队项目(IFYT2001)

Do Financial Distressed Firms Successfully Engage in Opinion Shopping to Avoid a Going Concern Audit Opinion?

LIU Yaoyao, LU Junwei

School of Management, Shandong University, Jinan 250100, China

Received:2020-09-12 Online:2021-03-10 Published:2021-03-17

摘要/Abstract

摘要： 公司持续经营是学术界和实务界日益关注的重要话题。本文从持续经营审计意见角度,对财务困境公司的审计意见购买行为进行了研究,结果发现:财务困境公司不仅会为规避非标审计意见而进行审计意见购买,还会进一步为规避持续经营审计意见而进行审计意见购买。相对而言,财务困境公司规避非标审计意见的动机弱于非财务困境公司,而规避持续经营审计意见的动机强于非财务困境公司。进一步研究发现,财务困境公司为规避持续经营审计意见而进行审计意见购买后,股票市场表现变好、可获得贷款增加,但经营业绩却持续恶化。这表明,审计意见购买虽可暂时帮助财务困境公司“摆脱”持续经营疑虑,但却会损害审计意见的决策有用性、降低资本市场资源配置效率。本文从持续经营审计意见角度,进一步拓展和细化了审计意见购买的相关研究,研究结论对于政策制定部门完善持续经营审计准则,以提高审计师对上市公司尤其财务困境公司持续经营风险评估的准确性,遏制其审计意见购买行为具有一定启示。

关键词: 持续经营审计意见, 财务困境, 审计意见购买, 资本市场效率

Abstract: Going concern is an increasingly important topic in academia and practice. This paper aims to study whether the financial distressed firms engage in opinion shopping(OS) to avoid a going concern opinion(GCO). It is found that distressed firms engage in OS not only to avoid modified audit opinions(MAOs), but also to avoid GCOs. Comparatively, their motivation to avoid MAOs(GCOs) is weaker(stronger) than that of non-distressed firms. Further research shows that distressed firms engaging in OS present better stock performance, get more loans, but exhibit worse operating performance. These results indicate that although OS can temporarily dissipate doubt of going concern, it will damage the decision-making usefulness of the audit opinion and impair the efficiency of the capital market. Overall, these findings have enriched the literature on OS from the aspect of GCO. The conclusions also contribute to the revision of auditing standards, in order to prevent such OS behaviors to avoid GCOs.

Key words: Going Concern Opinion, Financial Distress, Opinion Shopping, Efficiency of Capital Market

中图分类号:

F239

刘瑶瑶, 路军伟. 财务困境公司审计意见购买行为研究——来自持续经营审计意见的经验证据[J]. 财经论丛, 2021, 37(3): 71-81.

LIU Yaoyao, LU Junwei. Do Financial Distressed Firms Successfully Engage in Opinion Shopping to Avoid a Going Concern Audit Opinion?[J]. , 2021, 37(3): 71-81.

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