The Study On The Unqualified Opinion With Matters Paragraphs Produced By CPA And Its Impact On The Investors

On January1，2012， China implemented the new "China to register poursaccountant to audit criterion"， among them， the1503th criterion in the audit reportincrease events-focused phase and other matters section "made significant substantiverevision，not only expanded the scope of events-focused phase increases，and allowcertified public accountants by adding other matters section to transfer the necessarysupplementary information to remind financial statement users attention. Takeevents-focused phase and other matters section of the unqualified opinion for， thepremise is unqualified opinion， since is unqualified opinion， it shows certifiedpublic accountants think the auditees’ financial statements in accordance with theapplicable in all major financial report of foundation establishment and implement theappropriate reflect， this also shows that the auditees financial accountinginformation material misstatement， but， certified public accountants but again inthe audit report increased events-focused phase and (or) other matters section， thisobviously and standard opinion there is notable difference. Therefore， to takematters section of the unqualified opinion of the meaning， characteristic andinfluence， is very necessary.This paper first from home and abroad in two aspects of predecessors about theauditing opinions of literature market reaction are reviewed， at the same time makereview， think to will non-standard audit opinion as a whole research ideas， not toall sorts of audit opinion market reaction separate measurement and research， andthen can neither to audit report theory for effective inspection，and unable to practiceall kinds of issuance of the auditing opinions provide necessary improvements，therefore， the study has apparent tendency， failed to deep into the essence of auditing opinions. But these research results in this paper， the belt matters section ofthe unqualified opinion research laid the foundation.Secondly， this paper take matters section of the unqualified audit opinionstandards， the author discusses the historical evolution of belt matters sectionunqualified audit opinion of the meaning and characteristics of the necessaryinstructions and explained. Think with matters section unqualified opinion first is akind of unqualified opinion， namely financial reports are not material misstatementrisk; Matters of issuance of the period， warning business risks， and help to reportusers correctly understand accounting information; In addition， events-focusedphase unqualified opinion helps to reduce or remove the responsibility of theregistered accountant， to evade the risk of registered accountants.Again， this paper USES signal display theory to take matters sectionunqualified opinion to the stock market influence to carry on the analysis， thoughttake matters section unqualified opinion helps to remind investors pay close attentionto the auditee accounting information， avoid investment risks， so as to optimize theinvestment decision; From the deep pocket a theoretical perspective analysis this kindof certified public accountants audit opinion， the influence of the auditing opinionsthat helps to reduce or remove the responsibility of the registered accountant， torealize the risk aversion.Finally， this paper USES method of excess earnings and multiple regressionanalysis method， studies the a-share market in China in2011Annual report takematters section of the unqualified audit opinion reaction， and the results show thatthe market of2011annual report matters section of the unqualified audit opinion havesignificantly negative reaction， i.e. take matters section of the unqualified opinionhas certain information content， our country capital market for matters section of theunqualified audit opinion announcement reaction has consistency.