证券信息交流家乡偏误及其对股票价格的影响:来自股票论坛的证据

本文选用沪深A股中注册地在四川和辽宁两省的109家上市公司数据和东方财富网股吧发贴数据,对信息交流中"家乡偏误"的存在性、影响因素及其对资产定价的影响进行了研究。实证结果表明:证券信息交流中存在"家乡偏误"现象,股票论坛中投资者以更大的概率参与本地股票信息的交流;在有限注意作用下,公司基本面、业务本地化程度对信息交流"家乡偏误"产生影响,每股收益对本地交流比例具有显著负向影响,而公司业务的本地化比例对本地交流比例有显著正向影响;信息交流"家乡偏误"对股票价格有显著影响,信息交流的本地投资者比例越大,股票价格越高。     

审计人员知识结构对审计判断绩效的影响——基于Agent的审计判断系统

本文分析了审计判断在审计工作中的重要性,回顾了国内外学者关于审计人员的知识结构对审计判断绩效影响的研究工作,提出了审计判断系统是复杂适应系统的概念,给出了基于Agent的审计判断系统的仿真框架,以期用仿真的方法研究审计人员的知识结构时审计判断质量的影响.     

噪音交易、认知偏误与市场波动--基于一个状态可变经济

以世代交叠模型为基本框架,引入理性交易者与噪音交易者来考察股票市场的波动性.真实经济过程在两种状态之间转换,但由于噪音交易者存在认知偏误,他们对不同状态下的随机经济发生概率具有错误的主观信念,而且不同的信念也对期望方差有影响.在市场达到均衡时,根据不同状态的价格差发现首先,经济中的波动性均来自噪音交易者对真实经济的认知偏误,当市场只存在理性交易者时,市场均衡价格保持不变且与经济状态无关,也即市场不存在波动;其次,通过对模型进行的数值模拟可以发现,噪音交易者的认知偏误度、经济状态发生概率和各主体市场份额都对波动有不同影响,因此模型为资产的波动性提供了新的解释.还对进行经验检验的可行性进行了探讨.     

下属的“揣摩逢迎”与领导的“决策偏误”——一个制度体系模型及其均衡分析

本文以贝叶斯决策理论为基础,构建了一个制度体系模型来模拟威权体制的决策过程,并通过求解均衡条件方法分析威权体制内“下属揣摩逢迎领导意图现象”的原因、危害及应对措施.分析结果表明,对上负责的制度设计是导致“下属揣摩逢迎领导意图现象”的根本原因;“下属揣摩逢迎领导意图现象”会造成两种类型的领导决策偏误,即“I型决策偏误”和“Ⅱ型决策偏误”.进一步的研究表明,单向透明的信息传递机制和领导自身的“勤政”努力对于缓解因“揣摩逢迎偏误”而引发的“决策偏误”都有正向作用.但是,如果要从根本上解决因“揣摩逢迎偏误”而引发的“决策偏误”,则需要改变威权体制内下属业绩评价及职业命运由领导主观决定的制度安排,并引入客观的评价标准.     

不公平厌恶偏好、股权结构与管理层薪酬激励效果--一个实验分析

传统经济学理论建立在自利的人性假设之上,但事实上在许多情形下,公平意识会影响人的行为。以薪酬激励合约为中介,构建不同产权基础的公司与不同经理人员特质的内生配置模型,把不公平厌恶偏好的异质性纳入到配置模型中,以310位企业经理人员作为实验对象,通过一组独裁者博弈实验和两组策略博弈实验共9014次分配决策,检验被试几种主要类型的社会偏好,从中甄别出经理人员不公平厌恶偏好的相对强度,结合调查问卷的数据证实经理人员不公平厌恶偏好、努力水平、公司股权结构和公司绩效之间由薪酬激励契约联结起来的内生配置关系。研究结果表明,具有不同公平性偏好的行为人对于等额的薪酬不公平的反应有所不同,从而影响合约的履行效果,控制权收益对薪酬的浮动部分具有替代效应,产生反向的激励效应,替代程度越大,反向激励效果越大。     

中国审计判断质量的实验研究

近年来,审计质量问题引起了社会的广泛关注,审计判断作为影响审计质量的主要因素之一,日益受到我国审计理论界和实务界的重视。本文以我国注册会计师审计为背景,以内部控制风险评估为案例,采用实验的方法对我国注册会计师的审计判断质量进行了检验。研究结果表明,我国注册会计师的共识、稳定性和自我洞察力已经达到了相当高的水平,但与国外的相似实验研究结果相比,还存在着明显的差距,需要继续提升；在判断过程中,我国注册会计师的判断模型明显呈线性化。     

谈审计的独立性

审计是有专职机构和专业人员根据有关法规和审计标准,采用相应的审计方法对被审计单位在一定时期内会计报表的合法性、公允性进行审核、鉴定和评价,并做出审计结论。审计的独立性包括两层含义：一是形式的独立;二是实质上的独立。实质上的独立是指在发表意见时其专业判断不受影响,公正执法．保持客观和专业怀疑;     

治理人监督与战略绩效信息偏误的情境依赖

将治理人、经理人以及制度环境多个要素纳入一个系统,以代理理论为基础,仿真模拟权力发展和惩罚力度两种环境因素对治理人监督与经理人操纵战略绩效信息行为间的交互过程的影响.研究发现,1)经理人处于权力累积阶段时,无论惩罚制度如何,治理人适合选择监督强度的小幅度变化,由此带来的战略绩效信息偏误程度最小;2)经理人处于权力稳定阶...     

审计人员谈判绩效及影响因素研究

审计谈判的结果直接影响财务报告的质量,进而影响资本市场的健康发展.审计人员作为审计谈载的一方,他们的谈判绩效对审计谈判的结果有直接影响.本文在给出审计谈判绩效含义的基础上,分别从审计谈判人员的个体因素、审计谈判双方的相互因素、审计谈判的任务因素和审计谈判的环境因素4个方面分析对审计人员谈判绩效的影响.     

浅谈存货审计风险及防范措施

存货项目的审计是最难的最复杂的。为避免企业的舞弊造价行为，审计人员应提高自身的经验及审计技巧，在审计过程中应充分关注存货项目的异常现象，判断它的真实性、可靠性及其完整性；同时也要对存货本身进行分析，以评价企业存在的经营风险，从而控制审计风险，通过审计人员敏锐的专业判断和对异常现象的综合分析能力对存货审计做出正确的判断。     

注册会计师审计风险计量模型的研究

注册会计师(CPA)在进行每一个审计项目时,都要进行专业判断,都要承担一定的责任和风险。因此,整个审计活动都可以看作是一个审计风险的管理过程。对审计风险实施有效管理的前提是风险的计量,它决定着审计工作的成败。通过构造审计风险计量模型,为审计风险要素的计量提供方法和依据,缩小主观判断与实际水平之间的差异,更有效的保证审计质量和提高审计效率。     

The Effects of Hindsight Bias on Jurors' Evaluations of Auditor Decisions*

Hindsight bias refers to the tendency of individuals with outcome knowledge (hindsight) to alter their perception of an event such that, ex-post, one's assumed ability to predict an event is greater than one's ex-ante ability. Auditors must make decisions without knowledge of an eventual outcome, but auditor liability is determined from a perspective that includes outcome knowledge. A behavioral experiment was conducted with 92 prospective jurors. Jurors were presented with a case in which auditors performed an audit of a client company and subsequently issued the standard, favorable audit report. Outcome knowledge was manipulated as: (1) no outcome (control group), (2) negative outcome (bankruptcy and subsequent lawsuit), and (3) negative outcome with a debiasing strategy. Results indicate that outcome knowledge biased jurors' evaluations of the auditor's judgment. Additional analysis revealed that the results are consistent with a cognitive interpretation of hindsight bias. The debiasing strategy was found to be effective in mitigating hindsight bias.     

Toward an Understanding of the Factors Affecting the Quality of the Audit Process*

The accounting profession has faced increasing pressure from external parties to monitor and improve the quality of the audit process. Similar to other service oriented industries, the accounting profession's ability to meet these pressures has been hampered by the lack of an objective means by which to evaluate process quality. In this research, groups of experienced auditors from two international accounting firms were used to develop and validate a set of key factors influencing the quality of the audit process and a corresponding set of measures for evaluating audit quality. The results support the belief that there exists a consensus among experienced auditors on a set of key audit quality factors which have a significant impact on overall audit quality. The results obtained go beyond those in prior audit quality research, in that the factors identified cover a broader scope and recognize the significant effect of the audit environment on process quality. The consistency between groups in the profession provides support for further use of the nominal group techniques in developing quality measures for processes in other service sector areas.     

审计师任期、事务所任期与审计质量

利用审计师对财务危机的公司是否出具持续经营的查核意见,以及企业的异常营运资本,作为研究衡量审计质量良莠的代理变量,分析了中国审计师任期与会计师事务所任期对审计质量的影响。如果以查核意见作为被解释变量,没有发现审计师任期或事务所任期与审计质量有关联性的证据。然而,一旦以异常营运资本作为分析对象时,则发现较长的审计师任期有助于提高审计质量的证据。此外,当企业有增加盈余的动机时,还发现会计师事务所内的审计师之间有审计经验传承的效果。进一步的分析则显示,前述的发现主要来自于非四大会计师事务所。换言之,审计师任期的经验效果对于非四大会计师事务所更为重要。     

Audit committee perspectives on mandatory audit firm rotation: evidence from Canada

This study examines audit committee (AC) members’ perspectives on mandatory audit firm rotation (MAFR), mandatory audit partner rotation, ways in which ACs monitor auditor independence and objectivity, and the costs associated with switching audit firms. In-person interviews with AC members in Canada were conducted to improve our understanding of the reasons underlying AC members’ positions on MAFR. All AC members interviewed in this study were adamantly opposed to MAFR. MAFR was perceived as a threat to their shareholder-granted authority to make audit firm appointment decisions. Participants believe that their professional judgment and observations are the most effective means of ensuring auditor independence and view MAFR as an unnecessary intervention. We explain these results using self-determination theory. Our findings were also used to develop a conceptual model of AC relationships with external auditors and financial management.     

中国证券市场审计任期与盈余质量关系的实证检验

安然事件以来,审计任期与盈余(经审计的)质量的关系成为了研究热点.本文运用中国证券市场1998-2004年上市公司的公开数据,同时从事务所任期与合伙人任期两大层面实证检验了审计任期与盈余质量之间的关系.实证结果显示:随着会计师事务所审计任期的增加,盈余质量显著地表现出先逐渐上升后逐渐下降的倒U型趋势,且拐点稳定在6-8年之间;而随着签字注册会计师审计任期的增加,盈余质量虽然总体逐渐上升,但此趋势尚不足够显著.     

How to manage corporate reputation? The effect of enterprise risk management systems and audit committees on corporate reputation

Research on corporate reputation has generally argued that reputational risk, or risk of reputation loss, stems from all company risks. As companies use enterprise risk management (ERM) systems to manage all their risks, we analyse the effect of ERM system quality on corporate reputation. Furthermore, as audit committees are in charge of supervising ERM systems, we analyse the effect of audit committee characteristics (i.e. independence and independent members' knowledge and diligence) on corporate reputation through their effect on ERM system quality. Our results for a sample of listed Spanish firms support consultants’ arguments that ERM system is a useful tool for managing corporate reputation. Our results also show that audit committee independence improves corporate reputation through the ERM system. Finally, our findings also reveal a positive relationship between the average educational level of independent directors of the audit committee and ERM system quality. These results provide evidence that ERM systems are platforms to manage corporate reputations and suggest the importance of the audit committee as a supervisor of ERM system and as guarantor of corporate reputation.     

“Good” corporate governance and the quality of internal auditing departments in Italian listed firms. An exploratory investigation in Italian listed firms

One of the most important issue relating to corporate governance reports refers to their ability to provide users with a complete set of information regarding the effective ability of an entity to achieve oversight objectives by the compliance to corporate governance practices required by a specific law or industry code. In addition, other features, such as the quality of the internal auditing function or the sensitivity of top management to issues relating to corporate internal controls and risk management, can also be taken into account when formulating a judgment on the quality of corporate governance practices. Is there an association between the compliance to codes and internal controls effectiveness? We propose to assess the quality of corporate governance through a proxy that considers several characteristics of internal audit departments and combines them to determine an Internal Audit Departments global quality index—IAD Index. To define IAD global quality we consider the effectiveness of an internal audit function analysing its operational aspects. The IAD Index is based on several signalling elements that previous literature assumed as proxies for quality of IADs which are grouped into four pillars: a formal quality index; a static quality index; an activity-related quality index; and a performance-linked quality index. We then test the IAD index on a sample of Italian listed firms and conclude that there are significant associations (positive and negative) between the degree of compliance to some corporate governance regulations for listed firms and the IAD Index for the sample being considered.     

Explaining the influence of time budget pressure on audit quality in Sweden

This paper is aimed at explaining how time budget pressure influences audit quality in the Swedish context. A hypothesis is deduced and tested through a survey sent to Swedish auditors. The Swedish context provides a special setting since audit firms and auditors have been facing new pressures due, for example, to the removal of statutory audits for a majority of the companies in Sweden. The findings show that time budget pressure lowers the quality of audits performed by Swedish auditors, but it is not the only explanation. Audit quality is also related to other factors such as gender, position, experience, number of clients, local office size and audit firm. Thus, the model is useful for explaining the factors influencing audit quality and could be used and expanded in future studies. The study also has practical implications showing that when trading-off between audit efforts and available resources and setting time budgets for each audit assignment, audit firms should also consider the personal characteristics of the auditors.