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本文研究了会计准则、审计准则改革导致的信息环境变化、审计师特征以及二者的交互效应对投资者保护的影响。研究结果发现,信息环境的变革改善了上市公司的信息披露质量,信息分布更加对称,知情交易概率下降,投资者利益得到更好保护。审计师出具的非标准意见具有信息传递效应,审计师对投资者的保护作用与其特征有关,不同审计任期的审计师在信息环境变革后的治理效应变化不同。
This paper studies the impact of changes in the information environment, the characteristics of auditors, and the interaction effects between the accounting standards and auditing standards on investor protection. The research found that the change of the information environment has improved the quality of information disclosure of listed companies, the distribution of information is more symmetrical, the probability of informed transactions has decreased, and the interests of investors have been better protected. The non-standard opinion issued by the auditor has the effect of information transmission. The auditor’s protection effect on investors is related to its characteristics. Auditors of different audit tenures have different changes in the governance effect after the information environment changes.