비적정 감사의견 공표에 따른 시장반응에 관한 연구

In this study we investigate the information content of qualified audit opinions in stock market. The first hypothesis of this study is that the shareholders respond to the issue of qualified audit opinions negatively. The second hypothesis is that the stock prices of firms where the stock market's assessment of firms' financial condition is improving respond more negatively than those of firms where market expect that the firm's financial condition is deteriorating. To examine those hypotheses, we apply event study methodology and multiple regression analysis. Our empirical results are as follows. First, firms received qualified audit opinion experience significantly negative average excess returns in the analysis period surrounding audit opinion release date. Therefore we accept the first hypothesis. Second, the multiple regression analysis in which cumulative abnormal returns surrounding audit opinion release data are placed as dependent variable and market expectation proxy variable and control variables are placed as independent variable shows insignificant results. The results are contrary to the anticipated results of the market expectation approach. Therefore we reject the second hypothesis Third, the stock price reaction to the issue of qualified opinion in 2000 is more negative than that in 1999. Firms received qualification opinion experience less negative excess returns than firms received inappropriateness opinion or opinion refusal. This result demonstrates that the information effect of qualified audit opinion increases as time passes.