内部人交易与持续经营审计意见——来自财务困境类上市公司的经验证据.docVIP

内部人交易与持续经营审计意见——来自财务困境类上市公司的经验证据 周冬华 康华 赵玉洁 江西财经大学会计学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 股改完成后内部人交易日益常态化, 内部人交易受到监管层和市场各方的关注。为了降低事后被查处的可能性, 发生内部人交易的财务困境类上市公司可能会要求审计师签发更好的审计意见。基于2007至2013年上市公司内部人交易数据, 研究发现:财务困境类上市公司内部人交易与持续经营审计意见显著负相关;审计师对上市公司经济依赖的程度越高, 内部人卖出交易与持续经营审计意见负相关关系越显著。更进一步地, 内部人交易与持续经营审计意见负相关的关系主要体现在股权制衡度较低、分析师跟进数量较少以及机构投资者持股比例较低的上市公司, 表明上述公司治理机制有效地遏制了财务困境类上市公司发生内部人交易后胁迫审计师签发干净审计报告的行为。 关键词： 内部人交易; 持续经营; 财务困境; 基金：国家自然科学基金项目 (项目批准号71462011 Insider Trading and Going-concern Opinions——Empirical evidence from the distressed companies Zhou Donghua Kang Hua Zhao Yujie Abstract： Insider trading is becoming normal after the non-tradable shares reform, and which is concerned by the governors and participants. Distressed companies have incentives to avoid receiving going-concern opinions after their insider trading to reduce the risk of litigation, This paper finds that a higher level of insider selling is associated with a lower likelihood of receiving going-concern report based on listed firms from 2007 to 2013. This paper also indicates that the negative relation between insider trading and the probability of receiving a going-concern opinion is stronger for firms that are more economically important to their auditors. Moreover, the negative relationship between insider trading and going concern report is primarily reflected on the subsample of lower level of ownership balance, without financial analyst following, and lower proportion of institutional investors. This result shows that those governance mechanises effectively prevent distressed firms exert a greater influence on auditors to avoid receiving a going-concern report. Keyword： insider trading; going-concern; financially distress; 一、引言 伴随着2006年股权分置改革的完成, 我国股市进入了全流通时代, 公司股票的全流通导致内部人买卖本公司股票的现象逐步增加, 很多上市公司出现了高管集体交易或者频繁交易本公司股票的现象。更甚之, 部分高管为了全额减持不惜辞职的现象也时常上演, 因此内部人交易备受监管层和市场各方的关注 (朱茶芬等, 2011) 。当公司财务状况恶化或发生其他导致持续经营疑虑的事项和情况时, 审计师将签发持续