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.docVIP

网络首发时间：2016-12-28 20:57 审计与经济研究2017,01（32）,49-58 持续经营审计意见与上市公司价值评估 一一基于公司财务报表估值的角度 邢春玉曾铁兵 北京交通大学经济管理学院中国注册会计师协会 导出/ 关注 分享 收藏打印 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，研宄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。研宄发现，持续经营审计意见能够导致公众对 财务网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。 关键词： 持续经营审计意见;公司价值评估;财务报表;财务困境;企业市场价值;盥 计质量;会计佶息; 邢春玉（1986一），女，山东烟台人，北京交通大学经济管理学院博士研 宄生,从事审计理论研宄； 曾铁兵（1965—），男，北京人，中国注册会计师协会发展研究部主任， 从事审计理论研宄。 2016-03-28 基金：国家社会科学基金项目（15BGL051） Going Concern Opinions and the Value Evaluation of Listed Companies:An Empirical Study Based on Chinas A-share Market XING Chunyu ZENG Tiebing School of Economic Management，Beijing Jiaotong University; Chinese Institute of Certified Public Accountants; Abstract： This paper is proposed to test the market reaction to the financial statements by going concern opinions. We use China’s 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 ancl 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. Keyword: going