作者：朱红军，吕伟，何贤杰
摘要/Abstract
本文以我国资本市场上引人瞩目的“科龙电器事件”作为切入点，研究了我国的投资者是否关注审计师的职业声誉。研究结果显示，当审计师的声誉受损时，市场会对其审计质量产生怀疑，并且通过股价机制体现出来。在本文研究的对德勤职业声誉造成严重影响的两个事件点，市场对经德勤和其他“四大”会计师事务所审计的上市公司都做出了负面的市场反应，且投资者对两者的反应程度并没有显著的差别，即市场把“四大”当作一个整体看待，德勤的声誉受损对其他“四大”事务所具有负面溢出效应。进一步的研究还发现，在声誉受损事件中，对于不同公司，投资者做出的负面市场反应并不相同，当公司存在盈余管理的可能性越大，市场的负面反应也越强烈。
This paper examines whether investor in China care auditors’ reputation based on the case of “KeLong Electric”. The results show that when the auditors’ reputation has been damaged, the public will undermine their quality, which in turn affect the market value of its client firms. At both of the event days when Deloitte’s reputation was shredded, the clients of Deloitte, as well as the clients of the other “big four”, experienced significantly negative market abnormal return. Moreover, there are no significant differences of abnormal return between the clients of Deloitte and the other “big four”. This means there existing spillover effects among the “big four”. Further analysis shows investor also care the characteristics of the shredded auditors. When the firm’s earnings quality is lower, such as having the high probability of earnings management, they would experience more negative abnormal return.