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报告题目:PCAOB International Inspections and the Market Value of Cash Holdings

报 告 人:朱鑫东

报告时间: 2022年12月23日(周五)15:30-17:00

报告地点:腾讯会议(会议号 699 247 869)



This study examines whether and how Public Company Accounting Oversight Board (PCAOB) international inspections mitigate the market value discount in cash holdings. We find that shareholders value internal cash holdings more highly for the non-U.S.-listed clients of inspected auditors after the public disclosure of the auditors’ inspection reports. We also find that the effect of PCAOB international inspections on the market value of cash holdings is stronger in countries with weaker legal institutions and less sound information environment. Since investors’ valuation of cash mirrors how they expect the cash to be used, our results suggest a unique role of PCAOB oversight in mitigating unresolved agency problems and safeguarding corporate resources, thereby lessening investors’ markdowns of cash assets. Our findings also help identify the real economic impacts of PCAOB oversight in enhancing global stock market confidence.


朱鑫东,香港城市大学商学院会计系副教授,博士生导师。会计期刊Asia-Pacific Journal of Accounting and Economics副主编。研究领域包括审计、公司治理、财务报告等。在Journal of Accounting and Economics、 Contemporary Accounting Research、 Review of Accounting Studies、Journal of International Business Studies、 Accounting Horizons、Auditing: A Journal of Practice and Theory等国际学术期刊发表论文10余篇。





撰稿:曲琦 审核:许浩然 单位:会计学院