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Empirical Research of the Market Reaction to Modified Audit Opinion in China’s Stock Market

Author: JiaoZuoZuo
Tutor: WuLi
School: Shenyang University of Technology
Course: Accounting
Keywords: Audit opinion Excess earnings method Regression Analysis Market reaction
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 424
Quote: 4
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Abstract


To ensure the quality of financial information, the need to conduct an independent audit of the financial statements. The audit opinion is a certified public accountant to complete the final results of the audit work. The announcement of the audit opinion, especially modified unqualified audit opinion announcement of the authenticity, accuracy and legitimacy of the judge the financial reports of listed companies on the stock market has played a crucial role. Issued for certified public accountants audit opinion \Compared with previous research, this study features: consider the impact on stock prices excluding dividend distribution plan released in conjunction with the audit opinion; annual study sample data points, sub-type of audit opinion research; conventional window and very The rules window combined method. Annual report announced the date for the event day, the study observation period of 10 days before and after the event date, a total of 21 days, select 103 of the 2002 Annual Report nonstandard no reservations about the sample and the 2003 Annual Report of the 61 non- the standard unqualified samples, use of excess earnings method and multiple regression analysis to examine the following four assumptions: Suppose modified audit opinions with standard audit opinion reaction there are significant differences; assumption 2, reserved, unable to express an audit opinion standard audit opinion reaction there are significant differences; Hypothesis 3 with stressed matter paragraph unqualified opinion with standard audit opinion reaction exist significantly with differences; assumption 4, relating to the going concern with stressed significant matter paragraph unqualified opinion with standard audit opinion reaction exist differences. The results of this study show that: 2002 sample test results accepted assumptions 1,2003 the year sample test results accepted assumption 1; 2002 sample test results accepted assumptions 2,2003 the year sample test results accept the hypothesis 2; 2002 samples accept the assumption 3,2003 annual sample test results rejected the hypothesis test results; 2002 sample test results accepted assumption 4,2003 annual sample test results rejected the hypothesis 4. Also found that, excluding accounting earnings and dividend distribution plan impact study is correct, different types of audit opinion on the extent and patterns of market reaction is different. Finally, make policy recommendations for China's securities regulatory authorities, the CPA industry as well as the majority of investors.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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