頁籤選單縮合
題 名 | 事務所規模、盈餘管理與資訊不對稱=Audit Firm Size, Earnings Management, and Information Asymmetry |
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作 者 | 陳小林; 孔東民; 王玉濤; | 書刊名 | 中國會計與財務研究 |
卷 期 | 16:1 2014.03[民103.03] |
頁 次 | 頁1-60 |
分類號 | 494.7 |
關鍵詞 | 事務所規模; 盈餘管理; 可操控應計額質量; 信息不對稱; Auditor size; Earnings management; Discretionary accruals; Information asymmetry; |
語 文 | 中文(Chinese);英文(English) |
中文摘要 | 本文以 2001至 2009年上市公司 8,788個年度觀察值為研究樣本,研究了不同規模事務所審計的公司的可操控應計額的資訊含量差異。本文的研究發現,可操控應計額與知情交易概率、買賣價差成正相關,可操控應計額越高,知情交易概率越高,買賣價差越大,資訊不對稱程度越高。更為重要的是,文章的研究結果還發現,“十大”和“非十大”審計的公司的可操控應計額與知情交易概率、買賣價差關係的顯著性不同,由“十大”審計的公司的可操控應計額與知情交易概率和買賣價差的正相關關係顯著更弱。這表明“十大”更好地抑制了機會主義盈餘管理,其審計的公司的可操控應計額的資訊含量更高,資訊不對稱程度更低。這一研究結論有助於理解基於傳遞價值相關資訊和基於機會主義兩類不同目的的操控應計額的盈餘管理行為。 |
英文摘要 | Using a sample of 8,788 observations from Chinese listed firms from 2001 to 2009, we investigate the difference in the information content of discretionary accruals between those audited by Top 10 and non-Top 10 accounting firms. We find that discretionary accruals are positively related to the probability of informed trading (PIN) and bid-ask spreads; the larger the discretionary accruals, the higher will be PIN, the level of information asymmetry, and bid-ask spreads. Furthermore, we argue that the significance level of the correlation between discretionary accruals and PIN/bid-ask spreads differs between companies audited by Top 10 and by other firms. The positive relationship between discretionary accruals and PIN/bid-ask spreads is significantly weaker in companies audited by the Top 10. This indicates that the Top 10 firms are better at restraining opportunistic earnings management, and also that the information content of their clients’ discretionary accruals is higher and their information asymmetry lower. Our study contributes to a better understanding of the two types of earnings management through manipulating discretionary accruals; one is based on delivering value-related information and the other arises from opportunism. |
本系統中英文摘要資訊取自各篇刊載內容。