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与国外证券市场不同,我国证券市场上的投资者拥有相互补充的两个关于公司持续经营不确定性的信息源:ST(特别处理)与GCO(持续经营不确定性审计意见)。本文以股权分置改革前的1998—2003年间处于财务困境的我国上市公司为样本,分别采用价格模型和回报模型对GCO的价值相关性和被出具GCO公司的盈余价值相关性进行了经验考察。研究发现,不论公司是否已经被ST,GCO都会促使投资者进一步降低对公司的价值认定和导致公司更低的盈余价值相关性。这一经验结果意味着,GCO能在我国所特有的ST风险警示制度的基础上提供增量的决策有用性,持续经营审计准则的持续改进将有利于提升审计师对公司持续经营风险评估的准确性。
Unlike foreign securities markets, investors in China’s securities market have two sources of information that supplement the uncertainty of the company’s continuing operations: ST (special treatment) and GCO (uncertainty of continuing operation). In this paper, a sample of Chinese listed companies in financial predicament between 1998 and 2003 prior to the non-tradable share reform is empirically investigated using the price model and the return model, respectively, to determine the relationship between the value of GCO and the earnings of GCO. The study found that regardless of whether a company has been ST, GCO will prompt investors to further reduce the value of the company identified and lead to the company’s lower earnings value relevance. This empirical result means that GCO can provide incremental decision-making usefulness based on the ST risk warning system peculiar to our country. Continual improvement of continuous operation auditing standards will help to enhance the auditor’s accuracy in assessing the going concern risk of the company Sex.