존속의문감사의견으로 인한 도산확률의 변화와 기업가치간의 련성에 대한 연구

초록

Financial Statement users' perception and previous studies argue that the going-concern audit opinion is useful as a bankruptcy predictor. Thus, the usefulness of the going-concern opinion can be provided by examining capital market reactions to the bankruptcy predicting ability of the going-concern opinion. For companies listed in U.S. from 1999 through 2003 this study assesses the association between abnormal security returns and changes in unexpected bankruptcy probabilities due to going-concern opinions. Analyses find that changes in unexpected bankruptcy probabilities due to going-concern opinions are significantly associated with negative abnormal security returns. Further, the association is more significant for companies receiving first-time going-concern opinions than for companies receiving first-time clean opinions. These findings suggest that for companies with substantial doubt about the ability to continue as a going-concern auditors' going-concern opinions become more relevant to the valuation of equity securities. Results provide the economic factors of the value relevance of the going-concern opinion and support the usefulness of the information perspective of the opinion.

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