不利审计意见对管理层业绩预告的影响

Based on a sample of Chinese listed companies which have received unfavorable audit opinion from 2006 to 2014, we examine the impact of unfavorable audit opinion on managers' subsequent earnings forecasts by comparing the change in management earnings forecast specificity, horizon and bias before and after receiving unfavorable audit opinion. Empirical results show that compared to control firms, companies which have received unfavorable audit opinion exhibit a decreased propensity to issue more information in the year earnings forecasts following the event. It has a worse quality with a less precise, less timely and less optimistically biased earning forecast in the following period. Overall, our results suggest that, rather than increasing voluntary disclosure in the form of forecasts, managers tend to exhibit risk-averting forecasting behavior following the unfavorable audit opinion.