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将审计诚信纳入资本市场监管体系,研究审计诚信对中国资本市场运行效率的影响问题,不仅是我国资本市场监管的客观要求,同时也是资本市场运行效率理论与方法研究上的一种新尝试。本文运用回归分析法,对传统盈余/报酬模型增加6个解释变量进行了修正,选取沪、深两市343家上市公司2000至2002年有关数据进行回归检验,得出审计诚信与资本市场效率具有价值相关性。除个别年份外,盈余反映系数大小严格按照审计诚信度得分高低排列,且研究假设中的CPA失信责任,会计事务所规模和独立董事制度与我国资本市场运行效率具有显著相关性。
Integrating auditing integrity into the capital market supervision system and studying the impact of auditing integrity on the operating efficiency of China’s capital markets is not only an objective requirement of capital market regulation in our country but also a new attempt to study the theories and methods of capital market operation efficiency. In this paper, we use the regression analysis method to amend the traditional earnings / reward model by adding six explanatory variables. The regression analysis of the data of 343 listed companies in Shanghai and Shenzhen from 2000 to 2002 shows that the audit integrity and capital market efficiency have Value relevance. Except a few years, the size of earnings reflection coefficient is arranged in strict accordance with the audit integrity scores, and the hypothetical accountability of CPA, accounting firm size and independent director system have significant correlation with the capital market efficiency in China.