金融与财务学系系列讲座之313期

时   间：2024年11月19日14:00-15:30

地   点：政立院区A401教室

主   题：Disclosed Analyst Corporate Site Visits: Audit Adjustments and the Quality of Financial Statements and Analyst Forecasts

主讲人：Bernard Yeung Southern University of Science and Technology and the National University of Singapore

摘   要：Using DiD regressions, we exploit the impact of mandatory and timely full disclosure of an analyst’s corporate site visit in China. We find robust evidence that the regulation improves the quality of auditing, financial statements, and analyst forecasts. First, after the full disclosure regulation, audit adjustments are significantly greater for a client firm with analyst site visits (i) when the client firm’s auditors have more pressure to avoid audit failures, or (ii) when more forward-looking information and accounting and finance topics are discussed during the visits. These results support the idea that detailed public disclosure of analyst site visits on an open-access website can press auditors to examine company financial records with extra care and can also reveal useful information. Second, the disclosure also raises audit adjustments for client firms in the same industry audited by the affected auditor or her peer auditors working in the same audit firm. Finally, these affected client firms, conditioned on having audit adjustments, issue higher-quality financial reports than other client firms: they have less discretionary accruals and a lower likelihood of issuing restatement. It also follows that these client firms have lower average analyst forecast errors and dispersion after the issuance of higher-quality financial reports. Overall, the evidence supports the notion that full disclosure of analyst site visits via a public digital platform improves the quality of financial reporting by improving auditing services and, thus, improves analyst forecasts.

简   介：杨贤教授现任南方科技大学讲席教授兼院长顾问。亚洲金融经济研究局名誉主席兼首任主席，新加坡国立大学商学院名誉教授，**学者。历任亚伯拉罕·克拉斯诺夫特聘教授，纽约大学中国研究院院长，北京大学光华管理学院战略系荣誉联席主任，新加坡国立大学商学院院长等职务。杨教授在金融、经济和战略领域的顶级学术期刊上发表了大量文章，他的Google引用次数超过33,000次。

金融与财务学系

2024-11-14