作者：林志伟
摘要/Abstract
本文分析中国上市公司年度报告被注册会计师出具非标准无保留意见比例居高不下的原因。我们研究了非标意见的经济后果，发现非标意见对企业的融资约束、借款能力以及债务期限结构都没有显著影响，表明被出具非标意见的潜在损失有限。我们分析了中国特殊的制度背景，发现企业盈余管理的潜在收益以及非标意见的有限成本是非标意见比例居高不下的主要原因。
We analyze why there are relatively higher rates of modified audit opinions (MAOs) in Chinese stock market. We conclude the basic causes are the potential benefits from earning management and the limited economic consequences of receiving MAOs. Based on annual data of listed companies from 1998 to 2004, we find MAOs have no significant effect on financial constraints, loans from banks or debt maturity. Our findings are consistent with the notion that within such a long period MAOs have no significant economic consequences for Chinese listed companies.