REVIEWOF ACCOUNTING STUDIES, DEC 2018
衡量市场对持续经营变化的反应：披露时机的重要性
作者：Myers,LA (Univ Tennessee);
Shipman,JE (Univ Arkansas);
Swanquist,QT (Univ Alabama);
Whited,RL (North Carolina State Univ)
摘要：审计师持续经营调整（GCM）旨在向市场参与者提供与财务困境相关的信息，之前的研究表明，GCM的披露引起了投资者的巨大负面市场反应。本研究调查了当前披露制度中市场对GCM的反应，并考虑观察到的市场反应是否被其他材料披露所混淆。研究发现大多数GCM与收益公告（EA）同时发布，并且新GCM年份的EA引发大量负累积异常回报（CAR）。此外，当使用EAS披露GCM时，围绕GCM的CAR明显比使用后续EAS时更为消极然，本文通过测量i）市场对EA之后公布的GCM的反应来评估GCM是否传达对EA披露增加的困境，以及ii）对于公布具有EA的GCM而不是EA之后的公司，EA CARs是否显着更负面。在这两种情况下，结果表明对GCM的增量市场反应在统计上较弱，并且在经济规模上比先前研究所建议的要小得多。最终，EA中的管理披露而不是GCM的存在似乎传达了投资者用来预测破产的信息。总之，这些研究结果表明GCM受到其他重要披露的困扰，GCM报告的信息效益明显小于先前的预期。
关键词：持续经营调整；市场反应；审计报告
Measuringthe market response to going concern modifications: the importance ofdisclosure timing
Myers,LA (Univ Tennessee); Shipman, JE (Univ Arkansas); Swanquist, QT (Univ Alabama);Whited, RL (North Carolina State Univ)
ABSTRACT
Auditor going concernmodifications (GCMs) are intended to provide market participants withinformation related to financial distress, and prior research suggests that thedisclosure of a GCM elicits a substantial negative market reaction frominvestors. In this study, we investigate the market reaction to GCMs in acontemporary disclosure regime and consider whether the observed marketreaction is confounded by other material disclosures. We find that the majorityof GCMs are issued concurrently with earnings announcements (EAs) and that EAsin the year of new GCMs elicit large negative cumulative abnormal returns(CARs). We also find that CARs surrounding GCMs are significantly more negativewhen GCMs are disclosed with EAs versus following EAs. We then evaluate whetherGCMs convey distress that is incremental to EA disclosures by measuring i) themarket reaction to GCMs disclosed following EAs, and ii) whether EA CARs aresubstantially more negative for companies disclosing GCMs with EAs as opposedto after EAs. In both cases, we find that the incremental market response toGCMs is statistically weak and much smaller in economic magnitude than issuggested by prior research. Finally, we find that management disclosures inEAs, rather than the presence of a GCM, appear to convey information thatinvestors use to anticipate bankruptcy. Taken together, these findings suggestthat GCMs are confounded by other significant disclosures and that theinformational benefits of GCM reporting are significantly smaller thanpreviously thought.
Keywords:GoingConcern Modifications; Market Reactions; Auditor Reporting
原文链接：
https://link.springer.com/article/10.1007/s11142-018-9459-x
翻译：谭丰林
