CAJ | 학술논문

与国外证券市场不同，我国证券市场上的投资者拥有相互补充的两个关于公司持续经营不确定性的信息源：ST（特别处理）与GCO（持续经营不确定性审计意见）。本文以股权分置改革前的1998-2003年间处于财务困境的我国上市公司为样本．分别采用价格模型和回报模型对GCO的价值相关性和被出具GCO公司的盈余价值相关性进行了经验考察。研究发现，不论公司是否已经被ST，GCO都会促使投资者进一步降低对公司的价值认定和导致公司更低的盈余价值相关性。这一经验结果意味着．GCO能在我国所特有的ST风险警示制度的基础上提供增量的决策有用性．持续经营审计准则的持续改进将有利于提升审计师对公司持续经营风险评估的准确性。
여국외증권시장불동，아국증권시장상적투자자옹유상호보충적량개관우공사지속경영불학정성적신식원：ST（특별처리）여GCO（지속경영불학정성심계의견）。본문이고권분치개혁전적1998-2003년간처우재무곤경적아국상시공사위양본．분별채용개격모형화회보모형대GCO적개치상관성화피출구GCO공사적영여개치상관성진행료경험고찰。연구발현，불론공사시부이경피ST，GCO도회촉사투자자진일보강저대공사적개치인정화도치공사경저적영여개치상관성。저일경험결과의미착．GCO능재아국소특유적ST풍험경시제도적기출상제공증량적결책유용성．지속경영심계준칙적지속개진장유리우제승심계사대공사지속경영풍험평고적준학성。
The investors of Chinese capital market can have two complementary information sources on corporations＇ going-concern uncertainties： special treatment （ST） and going-concern opinion （GCO）, which is different from that of foreign capital market. This paper, based on the sample of financial distressed public companies of the year 1998-2003, empirically tests the value relevance of GCO and GCO-companies＇ EPS by using both the price model and return model. The empirical result shows that whether the company is under the state of ST or not, GCO can reduce the value of this company and the value relevance of its EPS. Therefore, this result implicates that GCO can provide further decision usefulness over the particular risk hint ST, and the continuous improvement on going-concern audit standard will increase auditor＇s accuracy on going-concern risk evaluation.