并购中关键审计事项的沟通价值:绩效承诺的影响

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Xiang Luo , Yi Luo , Jianan Zhou
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引用次数: 0

摘要

以往的研究表明,在并购(M&As)中加入绩效承诺合同(PCs)会增加收购后商誉减值的风险。使用2017年至2022年的中国公司样本,我们发现,与pc一样,不仅导致审计师更有可能在审计报告中披露与并购相关的关键审计事项(KAMs),而且导致这些披露不那么样板化。此外,与M&;与个人电脑相关的KAMs更具信息性,这表现为更高的累积绝对异常收益、更大的异常交易量和更低的股价同步性。我们的研究结果进一步表明,当审计师面临更高的问责风险,或者当他们更谨慎或优先考虑自己的职业声誉时,个人信息与并购相关的资产管理信息披露之间的负相关关系尤为明显。此外,与M&; a相关的kam信息更详细,吸引了分析师和机构投资者的更多关注。综上所述,我们的研究结果表明,审计师在专业尽职的驱动下,通过披露非模板信息,提升了注册会计师的沟通价值,从而促进了风险信息在资本市场上的有效传递。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The communicative value of key audit matters in M&As: The effect of performance commitments
Previous research suggests that including performance commitment contracts (PCs) in mergers and acquisitions (M&As) increases the post-acquisition risk of goodwill impairment. Using a sample of Chinese companies from 2017 to 2022, we find that M&As with PCs not only lead auditors to be more likely to disclose M&A-related key audit matters (KAMs) in audit reports but also result in these disclosures being less boilerplate. Moreover, KAMs related to M&As with PCs are more informative, as evidenced by higher cumulative absolute abnormal returns, greater abnormal trading volume, and lower share price synchronisation. Our findings further indicate that the negative relationship between PCs and the disclosure of boilerplate M&A-related KAMs is particularly pronounced when auditors face higher accountability risks or when they are more prudent or prioritise their professional reputations. Additionally, M&A-related KAMs with more detailed information attract greater attention from analysts and institutional investors. Overall, our results suggest that auditors, driven by professional diligence, enhance the communicative value of KAMs by disclosing non-boilerplate information, thereby facilitating the effective transmission of risk information in the capital market.
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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