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Earnings Management, Audit Adjustments, and the Financing of Corporate Acquisitions: Evidence from China

Clive S. Lennox

University of Southern California

Zi-Tian Wang

Shanghai University of Finance and Economics

Xi Wu

Central University of Finance and Economics

Abstract:Acquirers are motivated to overstate earnings prior to stock-financed acquisitions. We hypothesize that audits help to detect and correct such overstatements. We test this using a difference-in-differences design, which compares audit adjustments to earnings for stock-financed and cash-financed acquirers before versus after the acquisitions. Consistent with our hypothesis, we find larger downward adjustments in the audits immediately before stock-financed acquisitions. Further analysis of regulatory sanction suggests the downward adjustments are in fact warranted, rather than auditors being overly conservative. Moreover, modifications in audit reports suggest that downward adjustments do not correct all of the reporting irregularities in audited financial statements.

作者简介

1Clive S. Lennox

Professor Clive Lennox

BA, PhD

Job Title:

Professor

Division:

Accounting, Finance & Law

Key Research Interests:

Auditing, disclosure, fraud, bankruptcy, empirical research methods, and Chinese accounting and auditing.

Research Interests

My research interests are in auditing, disclosure, fraud, bankruptcy, empirical research methods, and Chinese accounting and auditing. 

I have published 25 articles in the top five accounting journals and I am Editor at Contemporary Accounting Research and a member of the editorial board at the Journal of Accounting Research.

PhD Supervision

Zitian Wang (NTU), expected to graduate in 2013. Committee chair. First placement at Shanghai University of Finance & Economics.

Bing Li (NTU), graduated in 2012. Committee chair. First placement at City University of Hong Kong.

Rui Ge (HKUST), graduated in 2009. Committee chair. First placement at SunYat Sen University, Guangzhou, China. Rui’s dissertation paper was published in the Review of Accounting Studies.

Hou Qingchuan (HKUST), graduated in 2007. Co-chair with Peter Chen. First placement at Shanghai University of Finance and Economics.

Publications

Leading Refereed Journal Papers

Lennox, C. & Defond, M., 2017. Forthcoming. Do PCAOB inspections improve the quality of internal control audits? Journal of Accounting Research.

Lennox, C. & Kausar, A., 2017. Forthcoming. Estimation risk and auditor conservatism. Review of Accounting Studies.

Lennox, C., 2016. Did the PCAOB's restrictions on auditors' tax services improve audit quality? The Accounting Review, 91(5), 1493-1512.

Lennox, C., Zhang, T. & Wu, X., 2016. How do audit adjustments affect earnings quality? Evidence from China. Journal of Accounting and Economics, 61(2-3), 545-562.

Lennox, C., Bin Ke, B. & Xin, Q., 2016. The effect of China's weak institutional environment on the quality of Big Four audits.The Accounting Review, 90(1591-1619).

Lennox, C., Dhaliwal, D., Lamoreaux, P. & Mauler, L., 2015. Management influence on auditor selection and subsequent impairments of auditor independence during the post-SOX period. Contemporary Accounting Research, 32, 575-607.

Lennox, C., Zhang, T. & Wu, X., 2014. Does mandatory rotation of audit partners improve audit quality? The Accounting Review, 89, 1775-1803.

Lennox, C. & Li, B. 2014. Accounting misstatements following lawsuits against auditors. Journal of Accounting and Economics, 57, 58-75.

Lennox, C., Hui, K-W & Zhang, G., 2014. The market's valuation of fraudulently reported earnings. Journal of Business Finance and Accounting, 41, 627-651.

Lennox, C., Dedman, E. & Kausar, A., 2014. The demand for audit in private firms: Recent large sample evidence from the UK. European Accounting Review, 23, 1-23.

Lennox, C., Carson, E., Fargher, N., Geiger, M., Raghunandan, K. & Willekens, M., 2013. Audit reporting for going-concern uncertainty: A research synthesis, Auditing: A Journal of Practice and Theory, 32, 353-384.

Lennox, C., Lisowsky, P., & Pittman, J. 2013. Tax aggressiveness and accounting fraud. Journal of Accounting Research, 51(4): 739-778 DOI: 10.1111/joar.12002.

Lennox, C., & Li, B. 2012. The consequences of protecting audit partners’ personal assets from the threat of liability.Journal of Accounting and Economics, 54(2-3): 154-173, DOI: 10.1016/j.jacceco.2012.06.002.

Lennox, C., Francis, J. R., & Wang, Z. 2012. Selection models in accounting research. Accounting Review, 87(2): 589-616, DOI: 10.2308/accr-10195.

Lennox, C. 2012. Racial integration, ethnic diversity and prejudice: Empirical evidence from a study of the British National Party. Oxford Economics Papers, 64(3): 395-416, DOI: 10.1093/oep/gpr058.

Lennox, C., & Pitman, J. 2011. Voluntary audits versus mandatory audits. Accounting Review, 86(5): 1655-1678, DOI: 10.2308/accr-10098.

DeFond, M., & Lennox, C.  2011. The effect of SOX on small auditor exits and audit quality. Journal of Accounting and Economics, 52(1): 21-40, DOI: 10.1016/j.jacceco.2011.03.002.

Ge, R., & Lennox, C. 2011. Do acquirers disclose good news or withhold bad news when they finance their acquisitions using equity? Review of Accounting Studies, 16(1): 183-217, DOI: 10.1007/s11142-010-9139-y.

Lennox, C., & Pittman, J. 2010. Big Five audits and accounting fraud. Contemporary Accounting Research, 27(1): 209-247, DOI: 10.1111/j.1911-3846.2010.01007.x.

Lennox, C., & Pittman, J. 2010. Auditing the auditors: Evidence on the PCAOB’s inspections of audit firms. Journal of Accounting and Economics, 49(1-2): 84–103, DOI: 10.1016/j.jacceco.2009.04.002.

Dedman, E., & Lennox, C. 2009. Perceived competition, profitability and the withholding of information about sales and the cost of sales. Journal of Accounting and Economics, 48(2-3): 210-230, DOI: 10.1016/j.jacceco.2009.07.003.

2王子田

上海财经大学，会计学院，助理教授

研究方向:税务，审计，信息披露

E-mail:[e-mail]

研究成果：

[1]Selection Models in Accounting Research (with Clive Lennox and Jere Francis). The Accounting Review, 2012, 87 (2): 589-616

[2]Earnings Management, Audit Adjustments, and the Financing of Corporate Acquisitions: Evidence from China.Journal of Accounting & Economics (JAE), Vol. 65, No. 1, 2018

3吴 溪

中央财经大学会计学院，博士，教授，博士生导师

电子邮箱：[e-mail]

一、主要学习经历

2002-2005中央财经大学，管理学（会计学） 博士

1999-2002中央财经大学，管理学（会计学） 硕士

1995-1999浙江财经学院，经济学（会计学） 学士

 二、主要工作经历

2006-至今  中央财经大学会计学院

2002-2006  财政部中国注册会计师协会专业标准部

三、学术研究兴趣与领域

注册会计师审计执业行为与质量；

会计师事务所内部管理与治理；

会计与审计的公共政策、监管及后果；

会计选择行为

四、科研成果

截至2016年6月共完结科研及教改课题9项，其中中国注册会计师协会委托项目6项，中央财经大学研究生精品教程项目1项，国家自然科学基金面上项目1项，财政部全国会计科研重点课题1项。

先后出版学术专著5本，在《会计研究》、《审计研究》、《The Accounting Review》、《Journal of Accounting and Economics》、《The International Journal of Accounting》等国内外知名期刊上发表论文六十余篇。

担任匿名评审的期刊有《The Accounting Review》 (SSCI)、《Management Science》 (SSCI)、《Contemporary Accounting Research》 (SSCI)、《Auditing: A Journal of Practice & Theory》 (SSCI)、《Abacus》 (SSCI)、《Accounting & Business Research》 (SSCI)、《European Accounting Review 》(SSCI)、《Advances in Accounting 》(SSCI)、《Asia-Pacific Journal of Accounting & Economics》 (SSCI)、《Asia-Pacific Journal of Financial Studies》 (SSCI)、《International Journal of Auditing》、《Managerial Auditing Journal》、《Pacific Accounting Review》、《China Journal of Accounting Research》、《China Accounting and Finance Review》、《Asia Pacific Management Review》、《管理世界》、《会计研究》、《审计研究》、《南开管理评论》、《金融研究》、《中国会计评论》、《当代会计评论》、《财经研究》、《南方经济》

编辑 | 万通

审核 | 杨阳

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