【作者】 肖序； 周志方；

【Author】 Xiao-Xu Zhou-Zhifang (Business college,Central South University,Changsha,Hunan 410083)

【机构】 中南大学商学院；

【摘要】 本文以沪深两市2001-2004年期间获得非标准审计意见的上市公司为样本,运用logistic模型和审计意见预测模型,分年度段考察了非标准审计意见的投资决策价值有效性。研究发现:1、非标准审计意见与股价超额收益增量呈负的弱价值相关性,且远弱于其与净资产收益率变化率的联合价值相关性;2、首次出具和连续出具的非标准审计意见分别与股价超额收益增量存在负和正的弱价值相关性,且前者的相关性低于后者;3、非标准审计意见具有显著的预测价值;4、2003年审计报告准则修订对非标准审计意见的投资决策价值有效性提升作用明显。更多还原

【Abstract】 By selecting the data of Listed Company samples from 2001 to 2004 in China stock market,using logistic regress analysis model and audit opinion forecast model,researching the Validity of Invest Decision- making Value of modified audit opinions,The results of research shows:1st, between modified audit opinions and excess earnings of stock price,an weak negative correlation is found,while the compound correlation to return ratio on net assets is more than the only one; 2nd,There have negative weak value relevance between initial modified audit opinions and excess earnings of stock price,while modified audit opinions which continuously report are positive;3rd,the modified audit opinions have predicting value remarkably;4th,the promotion function is obvious to the Validity of Invest Decision- making Value of modified audit opinions,as the revision of audit report criterion in 2003.更多还原