关键审计事项语调对于股价的影响研究

Research on the Impact of Key Audit Matters Tone on Stock Price

摘要

基于2016年新审计报告准则强化关键审计事项（KAM）披露的背景，本文以信息不对称、信号传递理论为基础，引入信息过载理论与信号替代效应作竞争性分析框架，探究关键审计事项文本净语调（Tone）对股价波动性（VAR）的影响及边界条件。以2018 - 2023年A股上市公司为样本构建多元回归模型实证检验，发现文本净语调（Tone）与股价波动性（VAR）显著负相关，支持审计语调有市场稳定功能。文章还探究媒体关注度对语调效应的调节作用，剖析公司透明度对语调效应的影响。本研究从理论揭示审计语调信号传递有效性受外部信息环境与公司固有信息质量制约，实践中为上市公司信息披露、监管机构优化审计沟通机制提供启示。

Abstract

Against the backdrop of the 2016 New Auditing Report Standards that strengthened disclosures of key audit matters (KAM), this study employs information asymmetry and signaling theory as a framework, incorporating information overload theory and signal substitution effects to conduct competitive analysis. It investigates the impact of textual net tone (Tone) in KAM reports on stock price volatility (VAR) and its boundary conditions. Using A-share listed companies from 2018 to 2023 as a sample, a multiple regression model was constructed for empirical testing, revealing a significant negative correlation between textual net tone (Tone) and stock price volatility (VAR), supporting the stabilizing function of audit tone in the market. The study further examines the moderating role of media attention on tone effects and analyzes how corporate transparency influences tone effects. The research theoretically demonstrates that the effectiveness of audit tone signaling is constrained by external information environments and inherent corporate information quality. These findings provide practical insights for improving information disclosure by listed companies and optimizing audit communication mechanisms by regulatory authorities.

关键词

关键审计事项 / 文本语调 / 股价波动性 / 信息过载 / 信号替代效应

Key words

key audit matters / text tone / stock price volatility / information overload / signal substitution effect

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