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如何持续提升资本市场的配置绩效是投资者和其他利益各方关注的重大问题.在对国外审计师稳健性经济后果模型修正的基础上,着重从诉讼风险角度,分析了审计师稳健性与投资者投资效率和客户公司市场价值的关系.结果发现:在法律法规健全且有效实施的条件下,审计师的鉴证类型(稳健或激进、中性)决定了投资者的投资效率和公司的市场价值.反之,激进型审计策略成为审计师的主流特征,结果导致投资者过度投资和投资不足并存、公司价值低估与高估同在的格局.然后,结合我国投资者长期投资不足、公司价值低微的现实,予以印证.主要创新是按照法律制度是否健全和实施力度分析了审计稳健性与投资效率和公司价值的关系.
How to continuously improve the allocation performance of capital markets is a major issue that investors and other stakeholders pay attention to.On the basis of amending the robust economic consequences model of foreign auditors, this paper analyzes the auditor’s robustness and investment from the perspective of litigation risk The relationship between the investment efficiency and the market value of the client company.The results show that under the conditions of sound and effective laws and regulations, the type of auditor’s certification (steady or radical, neutral) determines the investor’s investment efficiency and the company’s market value On the contrary, aggressive auditing strategy has become the mainstream characteristic of auditors, resulting in over-investment and under-investment, coexistence of undervaluation and overvaluation of corporate value.Then, combined with the long-term under-investment of Chinese investors, the value of the company is low Reality, to be confirmed.The main innovation is in accordance with the soundness of the legal system and the implementation of the analysis of the relationship between audit robustness and investment efficiency and corporate value.