会计学院知识库

摘  要

浑水公司成立以来，中概股企业一直是其主要的做空目标，它总能精准地找到企业光鲜亮丽财务报表后的“骗局”，在此情况下我国也多次出现了中概股审计失败的案例，导致会计师事务所以及中概股企业形象一落千丈，因此防范做空背景下中概股审计失败迫在眉睫。

本文通过对现有文献的研究发现对于审计失败问题国外学者更偏于实证研究对微观问题提出具体解决方式，国内学者通常从案例分析的角度进行研究并给出制度上的建议，但国内外学者们大多没有将做空与审计失败进行结合分析。企业的财务舞弊行为为审计失败提供了环境更是重大错报的来源，基于此本文运用委托代理理论及GONE舞弊理论，结合做空背景析辉山乳业审计失败问题并总结出以下导致审计失败的原因：1.会计师事务所审计程序执行不到位过于依赖过往数据，且存在“旋转门”的现象。2.中概股企业为了美化利润进行财务造假，且公司内控失效导致大股东私用公司资产。

为了提高中概股企业市场活跃度，本文针对辉山乳业如何在做空背景下防范审计失败提出对策，一方面会计师事务所学习做空机构的方法调整自身审计程序，同时证监会进一步加强监管环境使审计师保持实质独立和职业怀疑；另一方面中概股企业提升信息披露质量并适当激励管理层做好公司治理，同时做好做空预案及审计失败后的形象恢复。本文不仅对辉山乳业自身发展提供建议参考，而且为如何使做空机构在我国监管环境中发挥 “鲶鱼效应”提供借鉴，为我国会计师事务所提升审计质量减少审计失败提供动力又有利于中概股持续发展丰富我国资本市场。

Abstract

Since the establishment of Muddy Waters, China capital stock has always been its main short target, which can always accurately find the scam behind the brilliant financial statements of enterprises. In this case, there have been many cases of audit failure of China capital stock, leading to the sharp decline of the image of accounting firms and China capital stock. Therefore, it is urgent to prevent audit failure of China capital stock under the background of short sale. Through the study of the existing literature, this paper finds that foreign scholars prefer empirical research to propose specific solutions to micro problems. Domestic scholars usually study from the perspective of case analysis and give institutional suggestions, but most scholars do not combine short with audit failure. So this paper uses the Principal-agent Theory and GONE fraud theory , taking Huishan Dairy as the object to study the prevention of audit failure by combining short sale with audit failure, and summarizes out the following reasons: 1. The audit procedures of accounting firms are not implemented in place and rely too much on the past data, and the “revolving door” exists. 2. In order to beautify profits, Chinese stock enterprises conduct financial fraud, and the failure of internal control of the company leads to the private use of the company’s assets by major shareholders.

In order to improve the market activity of China stock enterprises, this paper puts forward countermeasures on how to prevent audit failure under the background of short selling of Huishan dairy. About the measures, on one hand, accounting firms should learn from short institutions to adjust their own audit procedures, meanwhile, China Securities Regulatory Commission should further strengthen the regulatory environment so that auditors could maintain substantial independence and professional skepticism. On the other hand, Chinese stock companies should improve the quality of information disclosure and motivate the management appropriately to do a good job in corporate governance, meanwhile, they should prepare properly for short plan and image recovery after audit failure. This paper not only provides suggestions for Huishan dairy’s own development, but also provides a reference for how to make short agencies play catfish effect in the regulatory environment of our country. It also can provide impetus for our accounting firms to improve audit quality，and is conductive to the sustainable development of China’s capital market.