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资本市场定价效率关系着资本市场资源配置效率,股票价格对企业特质性信息的反映程度是影响股价定价效率的关键。本文采用2013-2015年中国非金融类A股上市公司数据,基于股价同步性的角度,理论分析和实证考察了审计质量对资本市场定价效率影响。实证研究发现,审计质量越高,股价同步性越低,资本市场定价效率越高。本文研究结论表明:应充分发挥独立审计治理机制的作用,使得股票价格反映更多的公司异质性信息,提高股票价格机制在资源配置中的效率。
The efficiency of capital market pricing is related to the efficiency of resource allocation in capital markets and the reflection of the stock price on the firm’s characteristic information is the key to the efficiency of stock pricing. In this paper, we use the data of China’s non-financial A-share listed companies from 2013 to 2015 to examine the impact of audit quality on capital market pricing efficiency from the perspective of price synchronization. The empirical study found that the higher the audit quality, the lower the stock price synchronization, the higher the capital market pricing efficiency. The conclusion of this paper shows that the function of independent audit governance mechanism should be given full play to make the stock price reflect more company heterogeneous information and improve the efficiency of stock price mechanism in resource allocation.