CAJ | 학술논문

股改完成后内部人交易日益常态化，内部人交易受到监管层和市场各方的关注。为了降低事后被查处的可能性，发生内部人交易的财务困境类上市公司可能会要求审计师签发更好的审计意见。基于2007至2013年上市公司内部人交易数据，研究发现：财务困境类上市公司内部人交易与持续经营审计意见显著负相关；审计师对上市公司经济依赖的程度越高，内部人卖出交易与持续经营审计意见负相关关系越显著。更进一步地，内部人交易与持续经营审计意见负相关的关系主要体现在股权制衡度较低、分析师跟进数量较少以及机构投资者持股比例较低的上市公司，表明上述公司治理机制有效地遏制了财务困境类上市公司发生内部人交易后胁迫审计师签发干净审计报告的行为。
고개완성후내부인교역일익상태화，내부인교역수도감관층화시장각방적관주。위료강저사후피사처적가능성，발생내부인교역적재무곤경류상시공사가능회요구심계사첨발경호적심계의견。기우2007지2013년상시공사내부인교역수거，연구발현：재무곤경류상시공사내부인교역여지속경영심계의견현저부상관；심계사대상시공사경제의뢰적정도월고，내부인매출교역여지속경영심계의견부상관관계월현저。경진일보지，내부인교역여지속경영심계의견부상관적관계주요체현재고권제형도교저、분석사근진수량교소이급궤구투자자지고비례교저적상시공사，표명상술공사치리궤제유효지알제료재무곤경류상시공사발생내부인교역후협박심계사첨발간정심계보고적행위。
Insider trading is becoming normal after the non-tradable shares reform, and which is concerned by the governors and participants. Distressed companies have incentives to avoid receiving going-concern opinions after their insider trading to reduce the risk of on, This paper finds that a higher level of insider selling is associated with a lower likelihood of receiving going-concern report based on listed firms from 2007 to 2013. This paper also in- dicates that the negative relation between insider trading and the probability of receiving a going-concern opinion is stronger for firms that are more economically important to their auditors. Moreover, the negative relationship between insider trading and going concern report is primarily reflected on the subsample of lower level of ownership balance, without financial analyst following, and lower proportion of institutional investors. This result shows that those gov- ernance mechanises effectively prevent distressed firms exert a greater influence on auditors to avoid receiving a go- ing-concern report.