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运用2002-2014年中国资本市场的数据,检验了审计师声誉与股价崩盘风险之间的关系。研究发现:审计师声誉与股价崩盘风险呈显著的负相关关系;在市场化程度较低的地区,在会计信息透明度较低、经营业绩较差、成长性较低的公司,审计师声誉与股价崩盘风险皆呈更显著的负相关关系。研究结果表明,发挥审计师声誉的外部监控作用、加快市场化进程、提高会计信息透明度、提高公司经营业绩、增强公司的成长性等有助于降低股价崩盘风险,进而助力新常态下中国资本市场的良性运行与健康发展。
Using the data of China’s capital market from 2002 to 2014, we test the relationship between the auditor’s reputation and the stock price crash risk. The study finds that the reputation of auditors is significantly negatively correlated with the stock price crash risk. In areas with low marketability, auditors’ reputation and stock price are lower in companies with lower transparency of accounting information, poor business performance and lower growth rate. The risks of a crash were all significantly negatively correlated. The results of the research show that giving full play to the external monitoring role of auditor’s reputation, speeding up the process of marketization, improving the transparency of accounting information, improving the performance of the company and enhancing the growth of the company can help to reduce the risk of the share price collapse and help the Chinese capital market The benign operation and healthy development.