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基于国际“四大”的高审计质量理论以及信号传递理论,以2007-2014年间A股上市公司为样本,本文探究了高质量审计对证券市场投资者定价的影响。研究发现,国际“四大”审计提高了盈余总额的持续性,将盈余总额进一步细分为应计盈余和现金盈余的实证结果表明,国际“四大”的审计增加了应计盈余持续性,降低了投资者对应计盈余持续性的高估,表现出治理功能,与高审计质量理论相一致;此外,国际“四大”审计增加了现金盈余的持续性,却加剧了市场对现金盈余持续性的高估,与信号传递理论相一致。
Based on the high auditing quality theory and signal transmission theory of international “big four ”, taking the A-share listed companies from 2007 to 2014 as samples, this paper explores the impact of high-quality auditing on the pricing of securities market investors. The study found that the international “Big Four” audits increased the sustainability of the total surplus, and the empirical results of subdividing the total surplus into accruals and cash surpluses showed that the audit of the international “Big Four” increased accruals The persistence of earnings has reduced investors’ overestimation of sustainability of accruals, demonstrated their management functions and are consistent with the theory of high auditing quality. In addition, the international “big four” audits increased the sustainability of cash surpluses but exacerbated them The overestimation of the sustainability of cash surpluses in the market is consistent with the theory of signal transmission.